DCG IRIS Limited Interim Management Statement (1972E)
April 07 2014 - 4:35AM
UK Regulatory
TIDMIRIS
RNS Number : 1972E
DCG IRIS Limited
07 April 2014
7 April 2014
DCG IRIS LIMITED
INTERIM MANAGEMENT STATEMENT
This interim management statement relates to the period from 1
December 2013 to the date of publication of this statement and has
been prepared solely to provide additional information in order to
meet the relevant requirements 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. All
information is unaudited.
This statement provides:
1. An explanation of material events and transactions that have
taken place during the period under review and their impact on the
financial position of the Company; and
2. A general description of the financial position and
performance of the Company during the period under review.
Overview
DCG IRIS Limited (the "Company") is a Guernsey registered
closed-ended investment company and its shares are listed on the
Official List of the UK Listing Authority and admitted to trading
on the London Stock Exchange.
The Company's investment objective is to seek to achieve
positive returns through investing in insurance-linked contracts
and assets carrying exposure to risks related to insured event
risks. The Company pursues its investment objective by principally
investing its assets (to the extent not retained in cash) in CS
IRIS Low Volatility Plus Fund Limited (the "Master Fund") which
invests in a broadly diversified portfolio of insurance-linked
contracts, securities and derivatives as well as various types of
investments related to insurance risks over the long-term.
NAV performance
1 December
2013
to Annualised Annualised Sharpe
31 March 2014 Return(1) Volatility(1) Ratio(1,2)
DCG IRIS GBP NAV
(TR) +1.15% +4.76% 0.41% +10.22
----------------- -------------- ---------- -------------- -----------
3M GBP Libor +0.17% +0.54% - -
Source: Dexion Capital plc (calculation), Bloomberg (data)
1 Annualised return, volatility and Sharpe ratio are stated
since inception of the Company on 27 June 2012 to 31 March 2014 and
are based on monthly data.
2 Risk free rate is average 3M GBP Libor since inception of the
Company on 27 June 2012 to 31 March 2014.
The statistics shown in the table above are for illustrative
purposes only and do not represent forecasts of returns or
volatility.
The latest available and published estimated NAV as of 4 April
2014 was 99.37 pence per share.
Material Events and Transactions
The following material events and transactions occurred in the
period under review:
-- On 12 December 2013, the Company was notified by the manager
of the Master Fund that Winter Storm Xaver so far had no impact on
the performance of the Master Fund.
-- On 2 January 2014 the Company declared an interim dividend,
in respect of the period starting 1 October 2013 and ending 31
December 2013, of 1.25p per Sterling Share. The dividend was paid
on 11 February 2014 to holders of Sterling Shares on the register
on 10 January 2014. The ex-dividend date was 8 January 2014.
-- On 24 January 2014 the Company, in accordance with DTR 6.3.5,
released its Interim Financial Report for the period from 1 June
2013 to 30 November 2013.
-- On 30 January 2014 The Board of DCG IRIS Limited noted the
changes to the FCA rules relating to the restrictions on the retail
distribution of unregulated collective investment schemes and close
substitutes which came into effect on 1 January 2014, and following
the receipt of legal advice, the Board confirmed that it conducts
the Company's affairs, and intends to continue to conduct the
Company's affairs, such that the Company would qualify for approval
as an investment trust if it were resident in the United Kingdom.
It is the Board's intention that the Company will continue to
conduct its affairs in such a manner and that IFAs should therefore
be able to recommend its Ordinary Shares to ordinary retail
investors in accordance with the FCA's rules relating to
non-mainstream investment products.
-- On 20 February 2014, the Company was notified by the manager
of the Master Fund that the UK Floods so far had no impact on the
performance of the Master Fund.
-- On 14 March 2014, the Company was notified by the manager of
the Master Fund that Malaysian Airline flight MH370 had no impact
on the performance of the Master Fund as there is no exposure to
aviation risk.
-- On 2 April 2014 the Company declared an interim dividend, in
respect of the period starting 1 January 2014 and ending 31 March
2014, of 1.25p per Sterling Share. The dividend is payable on 13
May 2014 to holders of Sterling Shares on the register on 11 April
2014. The ex-dividend date was 9 April 2014.
-- On 4 April 2014, the Company was notified by the manager of
the Master Fund that as a result of the magnitude 8.2 earthquake
that occurred off the coast of Northern Chile on 1 April 2014 no
impact was expected on the performance of the Master Fund based on
the current estimated industry loss level (which is likely to be
less than $1bn).
Financial position and performance of the Company
As at 4 April 2014, the Company had estimated net assets of
GBP68.68 million, principally comprising investments in the Master
Fund valued at GBP67.79 million.
The NAV total return of the Sterling Shares for the period of 1
December 2013 to 31 March 2014 was +1.15%.
These returns were principally generated by the Company's
holding in the Master Fund. Monthly reporting for the Company
includes more information on the performance of the Master Fund
during the period, along with trading activity and exposures within
the Master Fund's portfolio.
Investor Information
The latest available portfolio information can be accessed by
eligible persons via www.dexioncapital.com/dcg-iris
Enquiries:
Chris Copperwaite
Dexion Capital (Guernsey) Limited
Tel: + 44 (0) 1481 743940
End of announcement
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSLIFVTSVIDIIS
DCG Iris (LSE:IRIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
DCG Iris (LSE:IRIS)
Historical Stock Chart
From Jul 2023 to Jul 2024
