Interim Management Statement (7323M)
August 19 2011 - 11:38AM
UK Regulatory
TIDMCQS TIDMCQSU
RNS Number : 7323M
CQS Diversified Fund Limited
19 August 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 1
April 2011 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.
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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.
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Share Capital The number of shares in issue in each share class
of the Company is summarised as follows:
Share Class 1 April 2011 29 July 2011
------------- ------------- -------------
GBP Shares 65,025,567 71,587,746
------------- ------------- -------------
USD Shares 14,706,175 16,065,332
------------- ------------- -------------
Source: Citco Fund Services (Guernsey) Limited.
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Performance The NAV per share* and return information of
Summary each share class of the Company is summarised
as follows:
29 Financial Calendar
Share July YTD (since YTD
Class 2011 launch) Return
----------- ----------- ----------- ---------
GBP Shares
Net Asset
Value 100.48p +0.48% +1.52%
----------- ----------- ----------- ---------
USD Shares
Net Asset
Value USD1.0038 +0.38% +1.41%
----------- ----------- ----------- ---------
* NAV performance is provided for information
purposes only and is based on the final NAV per
share as at 29 July 2011, as agreed with funds
administrator. Shares in the Company do not
necessarily
trade at a price equal to the prevailing NAV
per Share.
The latest estimated NAV per share as at 12 August
2011 was approximately 3% lower than the finalised
NAV from the 29(th) July 2011.
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 August 2011, the investment portfolio
of DVA was approximately allocated on the
following
basis:
Allocation
Underlying Fund %
--------------------------- -----------
ABS 21.93
--------------------------- -----------
Asia 14.58
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Convertible and
Quantitative Strategies 22.65
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Directional Opportunities 23.50
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Credit Long Short 15.84
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Cash 1.50
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TOTAL 100.00
--------------------------- -----------
Source: CQS Cayman
LP
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Material Events On 21(st) June 2011, the Company raised GBP7.6
and Transactions million from a placing of new ordinary shares
representing in aggregate up to 9.99 per cent of
each class of the Company's issued ordinary share
capital. This is comprised of 6,502,060 Sterling
Shares and 1,459,156 USD shares. The Company
invested substantially all of the net proceeds of
the placing into DVA, in accordance with its
investment policy, on 1 July 2011. Other than set
out above, the Board is not aware of any
significant events or transactions that have
occurred between 1 April 2011 and the date of
publication of this statement which would have a
material impact on the financial position of the
Company
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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
19 August 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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