Final NAVs May 2009
June 30 2009 - 10:00AM
UK Regulatory
TIDMDASL
RNS Number : 8143U
Dexion Alpha Strategies Limited
30 June 2009
Dexion Alpha Strategies Limited (the "Company")
May Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 29 May 2009 are as
follows:-
+--------------+--------------+-------------+-------------+
| Share Class | NAV | May | YTD |
| | |Performance |Performance |
+--------------+--------------+-------------+-------------+
| GBP Shares | 96.06 pence | +2.52% | +5.39% |
+--------------+--------------+-------------+-------------+
| EUR Shares | EUR 1.1594 | +2.52% | +2.77% |
+--------------+--------------+-------------+-------------+
| US$ Shares | US$ 1.6339 | +2.82% | +3.32% |
+--------------+--------------+-------------+-------------+
These valuations, which have been prepared in good faith by the Company's
administrator, are for information purposes only and are based on the unaudited
estimated valuations supplied to the Company's investment adviser by the
administrators or managers of the Company's underlying investments and such
valuations may not be considered independent or may be subject to potential
conflicts of interest. Both weekly manager estimates and monthly valuations may
be produced as at valuation dates which do not co-incide with valuation dates
for the Company, may be based on valuations provided as of a significantly
earlier date, may differ materially from the actual value of the Company's
portfolio and are unaudited or may be subject to little verification or other
due diligence and may not comply with generally accepted accounting practices or
other generally accepted valuation principles. The Company's investment adviser,
investment manager and administrator may not have sufficient information to
confirm or review the completeness or accuracy of information provided by those
managers or administrators of the Company's investments. In addition, those
entities may not provide estimates of the value of the underlying funds in which
the Company invests on a regular or timely basis or at all with the result that
the values of such investments may be estimated by the investment manager. In
the case of 4 of the Company's 51 investments, where no such formal valuation
has been received by today's date, an estimated valuation prepared by the
Company's investment adviser or by the manager or administrator of the
underlying funds has been used. Certain other risk factors which may be relevant
to these valuations are set out in the Company's prospectus dated 10 March 2006.
Monthly Portfolio Review
Investment Adviser Portfolio Outlook
Positive performance across all strategies led to an overall gain for the
Portfolio. As the global economic recovery theme grew in popularity and spread
across virtually all sectors, outstanding returns were recorded from the
underlying managers in the Portfolio's Healthcare and Emerging Market
strategies.
The Portfolio remains highly flexible with the underlying managers able to
extract alpha from directional and spread trades, while the significant long
volatility exposure within the portfolio should serve it well should market
conditions deteriorate significantly.
Market Overview
Asian Opportunities: +2.32%. Managers took advantage of the improved sentiment
towards Asia and a weakening US Dollar to deliver positive returns. Performance
was underpinned by strong gains from core positions in financial and consumer
discretionary sectors, especially in Hong Kong and China. One manager saw strong
price appreciation in some of its smaller cap names as the rally broadened to
less liquid stocks. Those managers with a more balanced portfolio, as well as
portfolios focusing more on South-East Asia and less on China and India,
produced lower but nevertheless positive returns. The only fund to report a loss
was a multi-strategy manager with long volatility exposure who was hurt by a
significant contraction of implied equity volatility and Asian credit spreads.
Healthcare Opportunities: +9.44%. The most significant position in the strategy
began the month with net exposure of +100%, providing the manager with ample
opportunity to capture the market moves and add alpha through security
selection. Two of the fund's top holdings, a medical device company and a
pharmaceutical company, appreciated +21% and +17% respectively.
Special Situations: +3.75%. Positive returns for all managers were led by a
manager who bounced back after last month's loss to post strong gains from gold
exposure, with one of its holdings, Anglo Gold Ashanti, rising 35%. As credit
markets experienced another strong month, the Portfolio's Distressed managers
were both up. One manager made money across all sub-sectors, profiting from a
reduction in short exposure and a subsequent increase in long exposure, with
strong returns out of the auto sector, particularly Chrysler Finance. The
Portfolio's other Distressed manager was slightly up, although it underperformed
its peers due to a macro hedge and illiquid positions which failed to
participate in the credit rally.
Emerging Markets Macro: +5.46%. Managers profited from the continued appetite
for risky assets. Long positions in credit and equities in developing countries
drove profits for two managers, while another manager profited from positions in
Brazilian and Mexican fixed income and currency markets, as well as a rally in
their legacy positions. The Portfolio's managers have gradually increased risk
during the month and are cautiously optimistic about the outlook for emerging
market investing.
Commodity Strategies: +3.49%. The majority of commodity sectors rallied during
the course of the month. In Canada the S&P/TSX materials sector rose 21%,
driving one manager's performance upwards through exposure to precious and base
metal mining stocks. Elsewhere, diversified funds with a directional bias were
up, with one manager benefiting from their bullish stance on energy. Base metals
were broadly positive, with managers making money on long copper calendar
spreads and long nickel option positions. While losses were limited, one manager
was caught on the wrong side of the commodity rally, losing from bear spread
positioning at the front ends of various commodity yield curves.
Energy & Emissions: +2.26. A continued decline in the US Dollar and stronger
energy prices, as Chinese demand and OPEC's apparent control of oil production,
helped maintain recent investor buying trends. After months of underperformance,
natural gas moved higher in tandem with the rest of the energy complex. One
manager, who has been bearish front month natural gas for a few months, was
negatively impacted. On the plus side, significant returns were derived from
investments oil and gas exploration companies and European utility stocks, where
long positions drove returns in an environment of share price strength.
Environmental Strategies: +2.34%. The continued recovery in global equity
markets provided a positive tailwind for the Portfolio's Environmental
long/short equity managers. The Portfolio's Asian-focused clean technology fund
held core positions in wind companies which rose sharply and contributed to the
managers +19% return. The water sector posted gains, with strong performance in
the Asian water space helping the Portfolio's water focused manager. Carbon
markets staged a solid rally with CER futures up 10.5% and EUAs up 5.2%. While
the spread narrowing did not have a negative impact on the carbon manager, the
manager's short positioning did detract from performance.
Short-Term Managed Futures: +3.37%. Bullish investor sentiment drove risk assets
higher, proving favourable for the Portfolio's short term traders. Strong
contribution came from one manager who took advantage of a sharp worldwide
downward move in mid-May 2009 and the subsequent strong recovery in equities a
week later. Another manager saw returns from a number of positions in
currencies, soft commodities and metals.
European Loan Opportunities: +4.49%. The leveraged loan market maintained
rallies from earlier in the year and posted strong gains. The secondary market
rally was not only limited to better performing credits or flow names but also
extended to names that had previously been untouched. As a consequence, bids
were registered from investors looking for value in performing, but more
illiquid, names.
+-------------------------+------------+----------+-----------+-------------+
| Strategy |Allocation | Number | Performance by |
| | as of 1 |of Funds | Strategy |
| | June | as of 1 | % |
| | % | June | |
+-------------------------+------------+----------+-------------------------+
| | | | May | YTD |
+-------------------------+------------+----------+-----------+-------------+
| Asian Opportunities | 21 | 6 | 2.32 | 4.72 |
+-------------------------+------------+----------+-----------+-------------+
| Healthcare | 4 | 3 | 9.44 | 3.37 |
| Opportunities | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Special Situations | 14 | 5 | 3.75 | 4.58 |
+-------------------------+------------+----------+-----------+-------------+
| Emerging Markets Macro | 4 | 3 | 5.46 | 14.69 |
+-------------------------+------------+----------+-----------+-------------+
| Commodity Strategies | 8 | 10 | 3.49 | 6.46 |
+-------------------------+------------+----------+-----------+-------------+
| Energy and Emissions | 19 | 12 | 2.26 | 6.28 |
+-------------------------+------------+----------+-----------+-------------+
| Environmental | 7 | 7 | 2.34 | 8.02 |
| Strategies | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Short-Term Managed | 15 | 4 | 3.37 | 3.84 |
| Futures | | | | |
+-------------------------+------------+----------+-----------+-------------+
| European Loan | 8 | 1 | 4.49 | 9.28 |
| Opportunities EUR | | | | |
+-------------------------+------------+----------+-----------+-------------+
| Total | 100 | 51 | | |
+-------------------------+------------+----------+-----------+-------------+
Strategy returns are in US$ (except where annotated) and net of underlying
manager fees only, and not inclusive of Dexion Alpha Strategies' fees and
expenses.
Voting Rights and Capital
The Company's share capital consists of 69,555,941 GBP shares (excluding
treasury shares) with voting rights, 15,898,020 EUR Shares (excluding treasury
shares) and 1,362,223 US$ Shares (excluding treasury shares) with voting rights.
All Shareholders have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is 86,816,184 and
this figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in the Company under the FSA's Disclosure and
Transparency Rules.
Supplementary Information
Click on, or paste the following link into your web browser, to view a full
review of the Dexion Alpha Strategies Limited portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/8143U_-2009-6-30.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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