DCG IRIS Limited DCG Iris Limited November 2013 Monthly Report (6301X)

TIDMIRIS

RNS Number : 6301X

DCG IRIS Limited

14 January 2014

DCG IRIS Limited (the "Company")

November Net Asset Values

As at 29 November 2013, the final net asset value of the Company's ordinary shares is as follows:-

Ordinary Shares

 
 Share class     Final NAV     MTD Performance   YTD Performance 
                 29 November    (Total Return)    (Total Return) 
-------------  -------------  ----------------  ---------------- 
 Sterling 
  shares           99.46p          +0.41%            +4.63% 
-------------  -------------  ----------------  ----------------

This valuation, which has been prepared in good faith by the Company's administrator, is for information purposes only and is based on the unaudited final valuation supplied by the administrators of the Company's underlying investment. Both a weekly estimate and a monthly valuation of the underlying investment may be produced as at valuation dates which do not coincide with valuation dates for the Company, may be based on a valuation provided as of a significantly earlier date, may differ materially from the actual value of the Company's portfolio and is 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 administrator may not have sufficient information to confirm or review the completeness or accuracy of information provided by the administrators of the Company's investments.

Other risk factors which may be relevant to this valuation are set out in the Company's prospectus dated 12 November 2012.

Monthly Portfolio Review

Portfolio Commentary (provided by Credit Suisse AG, the manager of the Master Fund)(1)

Performance: The Company returned 0.41% (total return, net of fees) in November. Performance in November was driven by our private transactions. The primary cat bond market saw several new deals announced that were set to close in December, including one from a first time issuer.

Large Catastrophic Events: November saw Super Typhoon Haiyan coming ashore in the Philippines as a category 5 typhoon and as one of the strongest typhoons ever recorded. With sustained winds of 195 mph and a storm surge approaching 6 meters, the humanitarian impact was devastating with in excess of 7,000 people left dead or missing, and over 26,000 people injured. More than 1.2 million homes were damaged or destroyed, and regional transportation and agricultural infrastructure was left in disarray. Initial estimates for the total economic loss are in the range of $5.8bn. Haiyan is likely to become one of the costliest natural catastrophes in the history of the Philippines. However, given the low insurance take-up rates in the region the insured loss is expected to be much lower. November also saw an unusually large number of tornadoes touch down in the US in the states of Indiana and Illinois. These events were devastating for the affected local communities and the insured losses are currently estimated at over $1bn. We do not anticipate an impact on fund performance from these events.

Trading: There was no trading with respect to the fund in November.

Outlook: November 30 marked the official end of a benign US hurricane season with no major landfall or losses. Our planning for the January 1 renewals is now in full swing. We will provide investors with a full update on the renewals over the next two monthly reports. Overall, the fund is on target to meet its performance expectations.

(1)Portfolio commentary compiled at the end of the month being reported on.

Supplementary Information

Click on, or paste the following link into your web browser, to view a full review of the DCG Iris portfolio.

http://www.rns-pdf.londonstockexchange.com/rns/6301X_-2014-1-14.pdf

This information is provided by RNS

The company news service from the London Stock Exchange

END

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