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Altin AG (AIA)

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Wednesday 23 April, 2014

Altin AG

Holding(s) in Company

Holding(s) in Company

Altin AG

ALTIN market review and portfolio holdings as of 1st April 2014

Baar, 23 April 2014 – ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, today discloses its entire hedge fund portfolio holdings as part of its policy of full transparency to investors. The portfolio, featuring more than 40 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of +194.76%1 since its inception in December 1996.

ALTIN continues to deliver consistent outperformance

After a +24.65% share price performance in 2013, ALTIN continued with this upbeat trend in 2014, posting a solid +6.00% increase during the first quarter. The share price discount to NAV fell significantly since the beginning of 2013, reducing from 34.5% to 20.1%2. These positive developments underline the renewed investor interest in ALTIN, following the successful share buyback programme implemented in September 2103 by the Board, as well as ALTIN's compelling intrinsic strengths in terms of alternative investment outperformance, full transparency and active fund management. ALTIN's permanent capital base allows the portfolio to be judiciously allocated to funds that require a slightly longer lock-up without incurring any liquidity mismatch. The portfolio remains sufficiently liquid, with 67.9% of assets invested in funds with monthly or better liquidity, allowing the manager to make allocation shifts when deemed necessary.

Portfolio as of 1st April 2014   Total Portfolio (%)
 
Global Macro Strategy   19.30%
ABD Managers plc Tactical Discretionary Macro UCITS Fund 2.42%
CCP Quantitative Fund ARISTARCHUS 1.42%
Civic Capital Currency Offshore Fund Ltd 1.88%
Fortress Macro Fund Ltd 2.69%
Merrill Lynch Investment Solutions - Fulcrum Alpha Macro UCITS 1.30%
Stone Milliner Macro Fund Inc 1.98%
The Tudor BVI Global Fund Ltd 3.68%
Two Sigma Compass Enhanced Cayman Fund Ltd 3.93%
 
Commodity Trading Strategy   7.51%
Atreaus Overseas Fund Ltd 1.38%
Cumulus Energy Fund 2.02%
Goldfinch Capital Management Offshore Ltd 2.11%
Old Hickory Trading Partners Ltd 2.00%
 
Managed Futures Strategy   3.67%
BlueTrend Fund Limited 1.68%
Quantica Managed Futures Fund Inc 1.99%
 
Equity Long/Short Strategy   18.25%
Clearline Capital Partners Offshore Ltd 3.11%
Coatue Offshore Fund Ltd 5.09%
Perceptive Life Sciences Offshore Fund Ltd 2.63%
Pinpoint China Fund 1.21%
Verrazzano European Focus Fund PLC 3.71%
Zeal China Fund Limited 2.50%
 
Equity Long Bias Strategy   9.04%
Arrow Offshore Ltd 3.17%
Golden China Fund 2.92%
NPJ Global Opportunities Fund 2.95%

 

Event-Driven Strategy   29.06%
Aristeia International Ltd 4.12%
Hayman Capital Offshore Partners LP 2.81%
Jana Nirvana Offshore Fund Ltd 5.34%
LLSOF LP 2.87%
Merrill Lynch Investment Solutions - Castlerigg Equity Event and Arbitrage UCITS Fund 1.97%
Marathon Special Opportunity Fund Ltd 5.76%
R3 (C) Ltd 0.92%
York European Focus Unit Trust 5.27%
 
Credit Long/Short Strategy   4.03%
Claren Road Credit Fund Ltd 2.53%
PAMLI Global Credit Strategies Offshore Ltd 1.50%
 

Equity Market Neutral Strategy

  11.07%
Atlas Enhanced Fund Ltd 3.34%
Tradeworx Ultra Select Offshore Fund Ltd 0.94%
Two Sigma Absolute Return Enhanced Cayman Fund Ltd 2.32%
ZP Offshore Utility Fund Ltd 4.47%
 
Interest Rate Strategy   3.75%
Providence MBS Fund Ltd 3.75%
 
Protection Strategies   0.95%
Conquest Macro Fund Ltd 0.95%
 
Multi-Strategy Funds   14.43%
Citadel Kensington Global Strategies Fund Ltd 3.00%
Millennium International 3.67%
Stratus Feeder Ltd 2.79%
The Segantii Asia-Pacific Equity Multi-Strategy Fund 2.91%
Visium Global Offshore Fund Ltd 2.06%
 
Private Equity   0.27%
Cerberus Asia Partners LP 0.27%
 
ALTIN AG   4.88%
 
Others   1.62%
 
Total  

127.83%3

 

ALTIN: Q1 2014 commentary

The first quarter of the year was a period of contrasting forces and of irregular market dynamics. In the US and Europe, the economic situation kept on improving (assuming that the cold weather was responsible for the US slowdown), which led central banks in their respective countries to maintain their relatively optimistic stances. At the same time a succession of fears on the emerging market front, both with regards to the economy and to geo-political issues (namely the Ukrainian crisis), led to bouts of volatility. As far as Japan is concerned, enthusiasm for Abenomics seemed to fade as the date set to increase VAT approached and as household and business confidence suddenly dropped. In that context, equity markets tended to move sideways throughout the quarter, with the US and Europe ending the period slightly up, whereas Emerging Markets and more significantly Japan ended the period down. On the fixed income side, rates and credit spreads tended to go down albeit with some volatility across the quality spectrum. There was quite a bit of dispersion across the commodity sector with gold and agricultural products up, energy flat and industrial metals down. Finally, it is worth mentioning that towards the end of March equity markets went through a strong rotation that pushed down companies that had had a strong relative performance, such as some bio-tech stocks, and pushed up those that had been weaker, such as some utilities. It is unclear at this stage if this is only noise, or if it is the beginning of a paradigm shift amongst investor preferences.

In this environment hedge funds on average posted positive returns, with most strategies up for the quarter, but with a high level of dispersion amongst managers. Relative Value strategies led the way and managed to be relatively immune to the jigsaw moves of the market. Risk-seeking strategies were also able to perform positively over the quarter. This was particularly true for managers in the Event Driven space and with low equity exposure, as they were not impacted as much as some Equity Long/Short managers by the rotation mentioned above.

On the negative side, Macro managers suffered from the reversal of some popular themes as well as the absence of lasting trends. Noticeably however, Commodity Traders managed to post relatively strong performances after several years of disappointing returns. In the specific case of ALTIN’s portfolio this silo was among the top contributors to overall performance despite a relatively low allocation. Protection Strategies and Equity Market Neutral strategies also contributed strongly when compared to their respective weights in the portfolio.

Top contributors YTD as of 31.03.2014 (estimated data)

  • York European Focus Unit Trust +0.36%
  • Goldfinch Capital Management Offshore Ltd +0.34%
  • ZP Offshore Utility Fund Ltd +0.34%

Top detractors YTD as of 31.03.2014 (estimated data)

  • Coatue Offshore Fund Ltd -0.32%
  • Hayman Capital Offshore Partners LP -0.23%
  • Old Hickory Trading Partners Ltd -0.23%

ALTIN: Portfolio profile to remain stable

For the time being the portfolio is expected to remain fairly stable and at this stage anticipated hedge fund reallocations should not dramatically change the profile of the Fund. It is to be emphasised that a significant portion of the portfolio is liquid enough to quickly take advantage of new investment opportunities should they arise during the course of the year.

Asset Allocation according to redemption frequency (including remaining lock-ups)

as 1 April 2014

Daily   4.88%
Weekly 11.08%
Monthly 51.92%
Quarterly 44.33%
Longer than Quarterly 15.62%
 
Total   127.83%3
 

ALTIN: not affected by redemption issues

ALTIN is a closed-ended and fixed capital fund and as such it is not faced with redemption requests. This provides the investment manager with the opportunity to select the best risk/reward opportunities in the hedge fund universe. Investors can freely buy and sell ALTIN shares on a daily basis on the London or Swiss stock exchanges, without the need to redeem at fixed redemption dates.

For further information, please contact:

Tony Morrongiello - Chief Executive Officer   Kinlan Communications
José Galeano - Investor Relations Manager David Hothersall
Tel. +41 (0)41 760 62 60 Tel. +44 (0)20 7638 3435

[email protected]

[email protected]

 

Note to Editors

About ALTIN AG

ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland’s leading alternative investment companies. Currently, ALTIN is invested in more than 40 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Thanks to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement to all diversified portfolios.

www.altin.ch

1 Estimated NAV performance as at 31 March 2014

2 Based on SIX share price discount to NAV as at 31.01.2013 and 31.03.2014

3 ALTIN’s gross exposure stands at 127.83% as at 1 April 2014, vs. 126.72% as 1 January 2014.


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