ALTIN AG 
By ALTIN market review and portfolio holdings as of 1st January 2014
Baar, 20 January 2014 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, today discloses its entire hedge fund portfolio holdings as part of its policy of full transparency to investors. The portfolio, featuring more than 40 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of +191.36%[1] since its inception in December 1996.
Portfolio as at 1st January 2014 | Total Portfolio (%) |
Global Macro Strategy | 20.81% |
ABD Managers plc - Tactical Discretionary Macro UCITS Fund | 1.99% |
CCP Quantitative Fund ARISTARCHUS | 0.92% |
Civic Capital Currency Offshore Fund Ltd | 1.46% |
Fortress Macro Fund Ltd | 2.92% |
Hayman Capital Offshore Partners LP | 3.06% |
Merrill Lynch Investment Solutions - Fulcrum Alpha Macro UCITS | 0.99% |
Stone Milliner Macro Fund Inc | 1.97% |
The Tudor BVI Global Fund Ltd | 3.83% |
Two Sigma Compass Enhanced Cayman Fund Ltd | 3.67% |
Commodity Trading Strategy | 4.24% |
Atreaus Overseas Fund Ltd | 0.98% |
Goldfinch Capital Management Offshore Ltd | 1.80% |
Old Hickory Trading Partners Ltd | 1.46% |
Managed Futures Strategy | 1.80% |
BlueTrend Fund Limited | 1.80% |
Equity Long/Short Strategy | 21.01% |
CF Odey Absolute Return Fund | 1.70% |
Clearline Capital Partners Offshore Ltd | 3.11% |
Coatue Offshore Fund Ltd | 5.49% |
Perceptive Life Sciences Offshore Fund Ltd | 1.90% |
Pinpoint China Fund | 2.45% |
Verrazzano European Focus Fund PLC | 3.66% |
Zeal China Fund Limited | 2.70% |
Equity Long Bias Strategy | 8.80% |
Arrow Offshore Ltd | 3.08% |
Golden China Fund | 2.78% |
NPJ Global Opportunities Fund | 2.94% |
Event-Driven Strategy | 26.82% |
Aristeia International Ltd | 3.99% |
Castlerigg Ucits Funds plc - Castlerigg Merger Arbitrage UCITS Fund | 0.98% |
Jana Nirvana Offshore Fund Ltd | 5.33% |
LLSOF LP | 4.09% |
Marathon Special Opportunity Fund Ltd | 5.48% |
R3 (C) Ltd | 1.99% |
York European Focus Unit Trust | 4.96% |
Credit Long/Short Strategy | 3.48% |
Claren Road Credit Fund Ltd | 2.47% |
PAMLI Global Credit Strategies Offshore Ltd | 1.01% |
Convertible Bond Strategy | 3.13% |
LAMP Fds (Ire) 3 plc - Lazard Rathmore Multi-Strategy Fund | 3.13% |
Equity Market Neutral Strategy | 10.35% |
Atlas Enhanced Fund Ltd | 3.14% |
Tradeworx Ultra Select Offshore Fund Ltd | 0.98% |
Two Sigma Absolute Return Enhanced Cayman Fund Ltd | 2.06% |
ZP Offshore Utility Fund Ltd | 4.17% |
Interest Rate Strategy | 5.70% |
EMF Fixed Income Fund Ltd | 1.83% |
Providence MBS Offshore Fund Ltd | 3.87% |
Protection Strategies | 1.63% |
LAMP Fds (Ire) 1 plc - LAMP Conquest Customised Macro Master Fund | 1.63% |
Multi-Strategy Funds | 12.15% |
Millennium International | 3.92% |
Stratus Feeder Ltd | 3.21% |
The Segantii Asia-Pacific Equity Multi-Strategy Fund | 2.96% |
Visium Global Offshore Fund Ltd | 2.06% |
Private Equity | 0.32% |
Cerberus Asia Partners LP | 0.32% |
ALTIN AG | 4.67% |
Others | 1.81% |
Total | 126.72%[2] |
ALTIN: Q4 2013 commentary
The last quarter of 2013 saw most assets perform in a similar fashion as for the whole year, with developed equities strongly up (Japan and the United States leading the way), emerging equities generally flattish to down, emerging currencies mostly down, gold strongly down, the US Dollar down and rates up across the developed world (although Japanese rates did go slightly down over the year as Shinzo Abe's first arrow was shot). In other words, and to caricature a bit, markets acknowledged the end of the crisis in the developed world and started anticipating the beginning of monetary policy normalisation, but in contrast were unsure about the implementation and effectiveness of much-needed structural reforms in emerging markets. The main events that marked the quarter were the US government shutdown at the beginning of October (with no lasting impact), the unexpected rate cut by the European Central Bank, a large coalition deal in Germany, which should restart the crisis management and reform processes in Europe, the plenary session of the Communist Party of China Central Committee, which set a new era of structural reforms, and finally, just before the holiday season started, the announcement by the US Federal Reserve of the beginning of the tapering of its quantitative easing programme.
In this environment hedge funds generally performed positively with three positive months in a row for the global index. This was obviously supported by rising risk assets but also by the fact that the quarter more or less unfolded as expected by consensus forecasts and by the fact that stock dispersion remained high. Equity Long/Short and Event Driven funds were yet again amongst the best performers over the period, but this time Equity Market Neutral funds were the best performers, especially those in the ALTIN portfolio, which generated 7.2% on average over the quarter. Macro managers, both systematic and discretionary, were in general also able to produce positive returns, although with a lower amplitude and with more dispersion of returns. Finally, Relative Value strategies in the fixed income space had a harder time and ended the quarter only slightly up.
Changes in the portfolio slowed down in the last quarter, but were still aimed at increasing the risk and the expected return of the portfolio. In particular, Macro and Equity Long/Short managers were added, whereas the weight of the Protection and Managed Futures silos was reduced.
Top contributors YTD as 31.12.2013 (estimated data)
- Arrow Offshore Ltd: +1.03%
- ZP Offshore Utility Fund Ltd: +0.97%
- Two Sigma Compass Enhanced Cayman Fund Ltd: +0.95%
Top detractors YTD as 31.12.2013 (estimated data)
- LAMP Funds (Ire) 1 plc - Capstone Convexity Fund: -0.47%
- Goldfinch Capital Management Offshore Ltd: -0.34%
- BlueTrend Fund Limited: -0.29%
ALTIN: The bulk of the portfolio allocation shift has been completed
As of today it is fair to say that the bulk of the allocation shift, which began just over a year ago and was aimed at increasing expected returns in recognition that the environment had improved, has been completed. Although there are still planned changes ahead, they will be of a lesser magnitude and will not dramatically change the profile of the portfolio. It is to be emphasised that a significant portion of the portfolio is still liquid enough to quickly take advantage of new investment opportunities should they arise during the course of the year.
Asset Allocation according to redemption frequency (including remaining lock-ups)
as 1 January 2014
Daily | 8.00% |
Weekly | 3.96% |
Monthly | 52.94% |
Quarterly | 39.67% |
Longer than Quarterly | 22.15% |
Total | 126.72%2 |
ALTIN: not affected by redemption issues
ALTIN is a closed-ended and fixed capital fund and as such it is not faced with redemption requests. This provides the investment manager with the opportunity to select the best risk/reward opportunities in the hedge fund universe. Investors can freely buy and sell ALTIN shares on a daily basis on the London or Swiss stock exchanges, without the need to redeem at fixed redemption dates.
[1] Estimated NAV performance as at 31 December 2013
[2] ALTIN's gross exposure stands at 126.72% as at 1 January 2014, vs. 115.96% as 1 October 2013.
For further information, please contact:
Tony Morrongiello - Chief Executive Officer José Galeano - Investor Relations Manager Tel. +41 (0)41 760 62 60 info@altin.ch | Kinlan Communications David Hothersall Tel. +44 (0)20 7638 3435 davidh@kinlan.net |
| Provider | Channel | Contact | ||
|---|---|---|---|---|
|
Tensid Ltd., Switzerland www.tensid.ch |
newsbox.ch www.newsbox.ch |
Provider/Channel related enquiries marco@tensid.ch +41 41 763 00 50 |
