Interim Management Statement (1775Y)
February 27 2012 - 6:22AM
UK Regulatory
TIDMCQS TIDMCQSU
RNS Number : 1775Y
CQS Diversified Fund Limited
27 February 2012
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 October 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 October 2011 31 January 2012
GBP Shares 72,668,096 73,287,807
---------------- ----------------
USD Shares 14,292,683 13,306,987
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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: Share Class 31 Financial Calendar
January YTD YTD
2012 Return
---------
GBP Shares
Net Asset
Value 97.76p +3.84% +2.23%
---------- --------- ---------
USD Shares
Net Asset
Value USD0.9777 +3.85% +2.23%
---------- --------- ---------
* NAV performance is provided for information
purposes only and is based on the final NAV per
share as at 31 January 2012, as agreed with the
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 17 February
2012 was approximately 1% higher than the finalised
NAV from the 31(st) January 2012.
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 2012, the investment portfolio
of DVA was approximately allocated on the following
basis:
Underlying Fund Allocation
%
ABS 21.89
-----------
Asia 13.00
-----------
Convertible and
Quantitative Strategies 22.62
-----------
Directional Opportunities 19.47
-----------
Credit Long Short 19.97
-----------
European Distressed 1.73
-----------
Cash 1.32
-----------
TOTAL 100.00
-----------
Source: CQS Cayman LP
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Material Events
and Transactions
The Board is not aware of any significant events
or transactions that have occurred between 1
October 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
24 February 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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