Factsheet November 2009
January 12 2010 - 11:22AM
UK Regulatory
TIDMBRAL
RNS Number : 4333F
Bramdean Alternatives Limited
12 January 2010
Factsheet November 2009
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 30 November
2009, unless otherwise stated.
+-------------------------------------+-------------------------------------+
| Overview | November Estimated Net Asset |
| Bramdean Alternatives Limited is a | Values |
| Guernsey closed-ended investment | Sterling shares: 83.96 pence |
| company listed on the London Stock | US Dollar shares: US$ 0.8006 |
| Exchange. The Company invests in a | As described in the Company's |
| diversified portfolio of Private | prospectus, and as has been the |
| Equity Funds, Hedge Funds and other | case since its launch, the net |
| Specialty Funds. | asset value ("NAV") and the NAV |
| On 19 November 2009, the | per share are both calculated |
| appointment of Aberdeen Asset | monthly by the Company's |
| Managers Limited as the investment | administrator based on the latest |
| manager of the Company in place of | published NAV for each underlying |
| Bramdean Asset Management LLP was | fund. |
| announced. | Investments in underlying funds |
| | for the month ended 30 November |
| | 2009 are valued using the values |
| | (whether final or estimated) as |
| | advised by their managers, general |
| | partners or administrators. The |
| | Company has therefore relied on |
| | valuation and reporting methods |
| | used by the managers, general |
| | partners or administrators of the |
| | underlying funds in deriving the |
| | 30 November 2009 NAV and NAV per |
| | share. |
| | For the avoidance of doubt the |
| | Directors have not exercised their |
| | discretion to depart from the |
| | above valuation policy with regard |
| | to the November 2009 NAV. |
| | |
+-------------------------------------+-------------------------------------+
+-------------------------------------+-------------------------------------+
| KEY FACTS | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Market Capitalisation | GBP74.1 million |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Investment Manager | Aberdeen Asset Managers Limited |
| | (with effect from 19 November 2009) |
| | Bramdean Asset Management LLP (in |
| | the period to 19 November 2009) |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Annual Management Fee | 1.5% |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Performance fee | 10% subject to an 8% return and a |
| | high watermark |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Company Brokers | Matrix Corporate Capital LLP |
| | JPMorgan Cazenove |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class share price on 30 | 50.00 pence |
| November 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class issue price (9 July | 100.00 pence |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of Sterling shares in issue | 90,825,782 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| US Dollar class share price on 30 | US$ 0.60 |
| November 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| US Dollar class issue price (9 July | US$ 1.00 |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of US Dollar shares in issue | 78,383,754 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Minimum investment | N/A |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Dealing | Daily |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Valuation | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| NAV publication | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| November Sterling Estimated NAV per | 83.96 pence |
| share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| November US Dollar Estimated NAV | US$ 0.8006 |
| per share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total common net assets | US$ 188,141,382.46 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total Estimated Net Asset Value | US$ 187,906,205.73 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Half-year end | 30 September |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Financial year end | 31 March |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Company Secretary and Administrator | RBC Offshore Fund Managers Limited |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Registrar | Capita Registrars (Guernsey) |
| | Limited |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Stock Exchange code (Sterling | BRAL |
| shares) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Stock Exchange code (U.S. Dollar | BRAU |
| shares) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sedol code (Sterling shares) | B1XCHB9 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sedol code (U.S. Dollar shares) | B1XCLF1 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| ISIN code (Sterling shares) | GG00B1XCHB94 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| ISIN code (US Dollar shares) | GG00B1XCLF11 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
NOVEMBER MARKET COMMENTARY
Data from the major economies continued to point to a global recovery and equity
markets progressed over the month. However, this recent advance in stocks is
beginning to show signs of abating. Dubai World's attempt to reschedule its debt
is not likely to mark a new phase in the global crisis, yet has compounded
investor focus on a series of stresses in other countries.
Gold reached US$1,195 an ounce in November, oil hit US$81 a barrel and the VIX
index of equity volatility fell back to its lowest level for a year.
The Federal Reserve confirmed its commitment to support accommodative monetary
policy for an 'extended period', and maintained a rate of 0-0.25% this month.
The Fed will closely watch resource utilisation, as well as inflation
expectations and trends in the coming months for signs that the real economy's
rebound is self sustaining.
In the US, the Institute of Supply Management's manufacturing surveys hit a
cycle high in November; however the new orders series is below its peak,
suggesting a decline of momentum in industrial production growth. In addition
unemployment rose to a fresh 26-year high of 10.2%, impacting confidence.
The European Central Bank kept rates on hold this month, citing that risks are
broadly balanced and long run inflationary expectations remain anchored. Trichet
confirmed that one year repo operations would be scaled back, and when the time
is right the general exit strategy will be 'timely and adequate, clear and
credible.'
The Euro-zone emerged from recession in Q3. However, the trade surplus continued
to widen, although a stronger currency is now threatening export
competitiveness. Rising unemployment across the region has put continued
downward pressure on consumer prices vindicating the European Central Bank's
current stance.
The Bank of England held rates at 0.5% this month which look set to remain at
this level for another year. They also announced an extra GBP25 billion of
additional Quantitative Easing, taking them to the limit recommended by the UK
Treasury. However, there had been speculation that Mervyn King may seek approval
for GBP50 billion additional Quantitative Easing to give the central bank more
flexibility should they feel it is necessary.
UK growth remains weak and the budget deficit remains top of the political
agenda. Housing market data is more encouraging showing the housing sector
moving forward more quickly than anticipated, whilst industrial production
surprised on the upside as the UK's car scrappage scheme had full impact.
The 0.1% policy target rate in Japan remained in place which could well extend
into 2011. The Bank of Japan reiterated its belief that the economy is 'picking
up', and GDP data certainly seems to support this, with an annualised expansion
rate of 1.3% recorded last quarter. However, consumer prices fell at a near
record pace, reinforcing the government's recent admission that the economy is
still in a 'mild deflationary phase'.
PORTFOLIO NEWS
General
The underlying unaudited performance in November was +0.55% for the Sterling
Share class and +0.11% for the US Dollar Share class. There were 22 holdings in
the Company's overall portfolio as at 30 November 2009.
As previously noted, the Company's redemption notice to Aarkad Plc ("Aarkad")
remains suspended and the Company continues to engage with the manager.
Within the Company's Hedge Fund portfolio, Paulson Advantage Plus Ltd, D.E. Shaw
Oculus International Members Interest and Deephaven Global Multi Strategy Fund
delivered positive performance during November.
The Company benefited from upward revaluations of five of its Private Equity &
Specialty holdings. The portfolios of underlying holdings with substantial
mark-to-market securities have continued to benefit from revaluations driven by
the current market recovery.
Hedging
Neither the Sterling Share class nor the US Dollar Share class currently has any
currency hedges in place. The Company's overcommitted status makes it difficult
to bear the mark-to-market volatility from passive currency hedges. Instead, the
Company continues to monitor its currency exposure to determine whether hedging
such exposure is in the Company's interests and will implement currency hedges
tactically as necessary to guard against currency volatility.
Private Equity & Specialty Funds
The Company has commitments to 17 Private Equity & Specialty Funds amounting to
approximately US$217 million; no new commitments were made during November.
The total amount that has been drawn-down on the commitments made is
approximately US$111.5 million, with two capital calls totalling approximately
US$2.3 million having been drawn-down in November. The Company has now received
total distributions of US$5.3 million since inception, with US$37,500.00
received in November.
Revaluations were received from five managers and these have been incorporated
into the November NAV calculations; all were upward revaluations to reflect
recovering values in the underlying portfolios.
Transitional portfolio
The portfolio holds one fund, Aarkad, which as noted, remains suspended.
Strategic Hedge Funds portfolio
Strategic Hedge Fund Performance was up for the month of November, with a return
of +1.97% as equity markets rallied during most of the period, then gave back
some of the gains with Dubai World delaying debt payments. Year to date the
portfolio has returned +11.69%.
PORTFOLIO HIGHLIGHTS
Event Driven
The distressed fund was positive in November. Positive contribution came from
U.S. curve steepeners as yields at the front end of the curve declined
significantly and from long derivative positions in gold (inflation hedge).
The special situations manager performed very positively with most of the longs
attributing positively. Gold-related event names did very well and outperformed
the spot price strongly. Long financial positions also contributed positively,
but performance was limited slightly by hedges in this sector.
Global Macro
The fund posted a positive return for November. The discretionary macro strategy
was the largest contributor, with gains driven by a relative value theme that is
long high quality equities vs. low quality equities. The ABS strategy was flat
and re-insurance was modestly positive on premium accrual.
Relative Value
Returns during the month were driven by U.S. corporate credit, primarily the
aircraft-skewed ABS portfolio. A number of equity long-short positions performed
well. A positive performance was registered on the Asian and Japanese
convertibles book.
Outlook
We continue to see positive cyclical tailwinds driving risk assets higher,
however we are mindful of significant structural headwinds heading into 2010.
Given uncertainty over the timing of renewed market difficulties and the actions
of policy makers, we prefer to maintain significant exposure to those managers
with good trading capabilities.
Portfolio Highlights
Geographical Allocation
+--------------------------------+
| North America74.73% |
+--------------------------------+
| Europe14.67% |
+--------------------------------+
| Global 7.66% |
+--------------------------------+
| Asia & Other 2.94% |
+--------------------------------+
Portfolio Holdings Asset Allocation
+--------------------------------+
| Cash 39.30% |
+--------------------------------+
| Private Equity Funds27.32% |
+--------------------------------+
| Specialty Funds20.22% |
+--------------------------------+
| Strategic Hedge Funds 10.20% |
+--------------------------------+
| Transitional Portfolio2.96% |
+--------------------------------+
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 30 November 2009
+--------------------------------------------+------------------+-----------+
| Manager | Type | Portfolio |
| | | Weighting |
+--------------------------------------------+------------------+-----------+
| Cash | Cash | 39.3% |
+--------------------------------------------+------------------+-----------+
| Oaktree OCM Opportunities Fund VIIb LP | Specialty | 8.6% |
+--------------------------------------------+------------------+-----------+
| Greenpark International Investors III LP | Private Equity | 6.3% |
+--------------------------------------------+------------------+-----------+
| D.E. Shaw Oculus International Members | Strategic Hedge | 4.5% |
| Interest | Funds | |
+--------------------------------------------+------------------+-----------+
| Thomas H Lee Parallel Fund VI LP | Private Equity | 3.7% |
+--------------------------------------------+------------------+-----------+
| Coller International Partners V LP | Private Equity | 3.6% |
+--------------------------------------------+------------------+-----------+
| SVG Strategic Recovery Fund II LP | Specialty | 3.6% |
+--------------------------------------------+------------------+-----------+
| Aarkad Plc | Transitional | 2.9% |
+--------------------------------------------+------------------+-----------+
| MatlinPatterson Global Opportunities | Specialty | 2.8% |
| Partners III LP | | |
+--------------------------------------------+------------------+-----------+
| HIG Bayside Debt & LBO Fund II LP | Specialty | 2.7% |
+--------------------------------------------+------------------+-----------+
| Paulson Advantage Plus Ltd | Strategic Hedge | 2.6% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| DFJ Athena LP | Private Equity | 2.5% |
+--------------------------------------------+------------------+-----------+
| Silver Lake Partners III LP | Private Equity | 2.3% |
+--------------------------------------------+------------------+-----------+
| Terra Firma Capital Partners III LP | Private Equity | 2.2% |
+--------------------------------------------+------------------+-----------+
| Goldman Sachs Capital Partners VI LP | Private Equity | 2.0% |
+--------------------------------------------+------------------+-----------+
| Tenaya Capital V LP | Private Equity | 1.8% |
+--------------------------------------------+------------------+-----------+
| King Street Capital Ltd | Strategic Hedge | 1.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Deephaven Global Multi-Strategy Fund Ltd | Strategic Hedge | 1.4% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Thoma Bravo Fund IX LP | Private Equity | 1.4% |
+--------------------------------------------+------------------+-----------+
| Resonant Music LP | Specialty | 1.3% |
+--------------------------------------------+------------------+-----------+
| Pine Brook Capital Partners LP | Specialty | 1.2% |
+--------------------------------------------+------------------+-----------+
| AIG Brazil Special Situations II LP | Private Equity | 0.9% |
+--------------------------------------------+------------------+-----------+
| Rho Ventures VI LP | Private Equity | 0.7% |
+--------------------------------------------+------------------+-----------+
Cash: The Company currently has six approved cash deposit accounts.
Transitional Investments: The Company will seek to avoid return dilution caused
by holding amounts that are not committed or are committed, but not yet
drawn-down, on both underlying private equity funds and underlying specialty
funds by investing such amounts in a range of transitional investments, which
may include equity hedge, senior debt, mezzanine and market neutral funds.
Strategic Hedge Funds: The part of the Company's portfolio managed by Man
Investments (CH) AG).
DISCLAIMER
On 19 November 2009, the appointment of Aberdeen Asset Managers Limited
("Aberdeen") as the investment manager of the Company in place of Bramdean Asset
Management LLP was announced.
This Factsheet update has been produced by Aberdeen Asset Managers Ltd which is
authorised and regulated by the Financial Services Authority ("FSA"). Bramdean
Asset Management LLP was the Company's investment manager for the period 1st -
19th November 2009 and Aberdeen Asset Managers Ltd was the Company's investment
manager for the period 19th - 30th November 2009.
This material constitutes a financial promotion for the purposes of the
Financial Services and Markets Act 2000 (the "Act") and the handbook of rules
and guidance issued from time to time by the FSA (the "FSA Rules").
This material is provided for information purposes, is intended for your use
only and does not constitute an invitation or offer to subscribe for or purchase
any of the products or services mentioned. This material has been provided
specifically for the use of the recipient only and must be treated as
proprietary and confidential information. It may not be passed on, nor
reproduced in whole or in part under any circumstances without express written
consent from Aberdeen. The material provided is not intended to provide a
sufficient basis on which to make an investment decision. Information and
opinions presented in this material have been obtained or derived from sources
believed by Aberdeen Asset Managers Ltd and its affiliates to be reliable, but
Aberdeen makes no representation as to their accuracy or completeness. Aberdeen
accepts no liability for loss arising from the use of this material. Aberdeen
gives no representations or warranty that any indicative performance or return
will be achieved in the future or that the investment objectives and policies
from time to time of the Company will be achieved.
You should note that, if you choose to invest in the Company, your capital will
be at risk and you may therefore lose some or all of any amount that you choose
to invest. This material is not intended to constitute, and should not be
construed as, investment advice.
Potential investors in the Company should seek their own independent financial
advice. Aberdeen neither provides investment advice to, nor receives and
transmits orders from, investors in the Company nor does it carry on any other
activities with or for such investors that constitute "MiFID or equivalent third
country business" for the purposes of this FSA Rule.
PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.
Please note that up-to-date information on the Company, including its monthly
NAV and share prices, factsheets, Annual Report and Financial Statements,
Prospectus and portfolio information can currently be found at
www.bramdeanalternatives.com.
Capita Registrar's helpline is 0871 664 0300 (calls cost 10 pence per minute
plus network extras, lines are open 8.30am-5.30pm Monday-Friday). For callers
outside the UK, please dial: +44 20 8639 3399.
Registered Office: Canada Court, Upland Road, St. Peter Port, Guernsey, GY1 3QE,
Channel Islands.
CONTACT DETAILS:
Aberdeen Asset Managers Limited
Karen Drayton
Assistant Product Manager
E: karen.drayton@aberdeen-asset.com T: +44 20 7463 6525
This information is provided by RNS
The company news service from the London Stock Exchange
END
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