Interim Management Statement (4531B)
February 17 2011 - 12:45PM
UK Regulatory
TIDMCQS TIDMCQSU
RNS Number : 4531B
CQS Diversified Fund Limited
17 February 2011
Interim Management Statement
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www.cqsdiversifiedfund.com
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Overview CQS Diversified Fund Limited (the "Company") is a
closed-ended investment company, registered and
incorporated in Guernsey on 27 October 2010
(registration number 52551). This interim
management statement relates to the period from 27
October 2010 (date of incorporation of the
Company) to the date of publication of this
statement and has been prepared solely to provide
additional information in order to meet the
relevant requirement of the UK Listing Authority's
Disclosure and Transparency Rules, and should not
be relied on by Shareholders, or any other party,
for any other purpose.
----------------------------- ---------------------------------------------------
Investment Objective The investment objective of the Company is to
achieve attractive risk-adjusted returns over the
medium to long term by primarily investing in
convertible and credit-related strategies. The
Company will seek to achieve its investment
objective by investing substantially all of its
assets in the Segregated Portfolio Alpha of CQS
Diversified Fund (SPC) Limited ("DVA") DVA is a
fund incorporated in the Cayman Islands with an
investment objective to generate attractive risk
adjusted returns over the medium to long term. DVA
seeks to mitigate the risks and volatility
associated with investing in individual strategies
by constructing a portfolio of underlying funds
across a range of strategies. These underlying
funds primarily invest in convertible and credit
related strategies and are all currently managed
by CQS Cayman LP.
----------------------------- ---------------------------------------------------
Share Capital The number of shares in issue in each share class
of the Company is summarised as follows:
Share 15 December 31 January
Class 2010 2010
------------ ------------ -----------
GBP Shares 65,025,567 65,025,567
------------ ------------ -----------
USD Shares 14,706,175 14,706,175
------------ ------------ -----------
Source: Citco Fund Services (Guernsey) Limited.
----------------------------- ---------------------------------------------------
Performance The NAV per share* and return information of
Summary each share class of the Company is summarised
as follows:
31 Financial Calendar
Share January YTD (since YTD
Class 2011 launch) Return
----------- ----------- ----------- ---------
GBP Shares
Net Asset
Value 100.37p +1.40% +1.40%
----------- ----------- ----------- ---------
USD Shares
Net Asset
Value USD1.0038 +1.42% +1.42%
----------- ----------- ----------- ---------
* NAV performance is provided for information
purposes only and is based on the estimated NAV
per share as at 31 January 2011. Shares in the
Company do not necessarily trade at a price equal
to the prevailing NAV per Share.
Performance review for DVA
Further detail of monthly performance information
of the Company and DVA can be obtained from the
Company's monthly shareholder report, copies
of which are to be found on the Company's website:
www.cqsdiversifiedfund.com
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Investment Profile As at 1 February 2011, the investment portfolio
of DVA was approximately allocated on the
following
basis:
Allocation
Underlying Fund %
--------------------------- -----------
ABS 22.00
--------------------------- -----------
Asia 16.00
--------------------------- -----------
Convertible and
Quantitative Strategies 24.25
--------------------------- -----------
Directional Opportunities 24.50
--------------------------- -----------
Credit Long Short 13.15
--------------------------- -----------
Cash 0.10
--------------------------- -----------
TOTAL 100.00
--------------------------- -----------
Source: CQS Cayman
LP
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Material Events The Company was incorporated on 27 October 2010.
and Transactions On 15 December 2010, the Company raised GBP74.4
million from a placing and offer for subscription,
comprising 65,025,567 Sterling Shares and
14,706,175 USD Shares, which were admitted to the
Official List and to trading on the London Stock
Exchange. The Company invested substantially all
of the net proceeds of the placing and offer for
subscription into DVA, in accordance with its
investment policy, on 31 December 2010. Other than
set out above, the Board is not aware of any
significant events or transactions that have
occurred between 15 December 2010 and the date of
publication of this statement which would have a
material impact on the financial position of the
Company
----------------------------- ---------------------------------------------------
Investor Information The latest available information on the Company
can be accessed via www.cqsdiversifiedfund.com
By order of the Board
CQS Diversified Fund Limited
17 February 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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