ALTIN AG 
By MEDIA RELEASE
ALTIN market review and portfolio holdings as of 1st January 2013Baar, 18 January 2013 - 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 30 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of
+163.34%1 since its inception in December 1996.Portfolio as at 1st January 2013 Total Portfolio (%)
Macro Strategy 22.12%AlphaMosaic SPC - SP 127 Episteme Capital Partners LLP Systematic Quest Fund 3X | 1.11% |
AlphaMosaic SPC - SP 23 Rosetta Capital Management, LLC - Composite Program 2.5X | 0.53% |
Comac Global Macro Fund Ltd | 3.71% |
Goldfinch Capital Management Offshore Ltd | 2.04% |
LD Commodities Alpha Fund Ltd | 1.70% |
Omni Macro Fund I Ltd | 2.29% |
The Clive Fund Ltd | 3.53% |
The Tudor BVI Global Fund Ltd | 3.91% |
Two Sigma Compass Enhanced Cayman Fund Ltd | 3.30% |
AlphaMosaic SPC - SP 10 Welton Global Directional 2X | 0.64% |
LAMP Funds (Ire) 1 plc - LAMP NuWave Combined Futures Master Fund | 1.13% |
LAMP Funds (Ire) 1 plc - QIM Global Fund | 0.82% |
LAMP Funds (Ire) 1 plc - Welton Global Directional Portfolio GDP Master Fund | 0.46% |
Claren Road Credit Fund Ltd | 3.47% |
LAMP Funds (Ire) 1 plc - Marathon Opportunistic Credit Fund | 6.26% |
Marathon Special Opportunities Fund Ltd | 0.45% |
R3 (C), Ltd | 3.29% |
BlackRock UK Emerging Companies Hedge Fund Ltd | 3.62% |
Coatue Offshore Fund Ltd | 4.52% |
LAMP UCITS Funds (Ire) 2 plc - LAMP Visium Global Fund | 3.94% |
Arrow Offshore Ltd | 4.04% |
Golden China Fund | 1.04% |
Value Partners China Greenchip Fund Ltd | 1.07% |
1 Estimated NAV performance as at 31 December 2012
Equity Market Neutral Strategy 4.74% Atlas Leveraged Fund Ltd 2.44% ZLP Offshore Utility Fund Ltd 2.30% Event-Driven Strategy 13.80%LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund | 7.83% |
Omni Global Fund Ltd | 3.59% |
York European Opportunities Unit Trust | 2.38% |
Brevan Howard Fund Ltd | 1.40% |
Millennium International Ltd | 4.47% |
LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund | 6.41% |
QVT Overseas Liquidating Ltd | 0.27% |
QVT SLV Offshore Ltd | 0.73% |
QVT Special Investment Offshore Fund Ltd | 0.27% |
Stratus Feeder Ltd 1.5 Leverage | 3.63% |
The Segantii Asia-Pacific Equity Multi-Strategy Fund | 1.64% |
MPM Bio Ventures II 0.85%
ALTIN AG 3.53% Others 1.28% Total 121.3% ALTIN: Q4 2012 commentary
The last quarter of 2012 saw political issues continuing as the main market driver, much as in the previous three quarters. The year even ended in a dramatic fashion with a last minute agreement
on the so-called US fiscal cliff. However, with the result of the US election, the political transition in
China now complete and the stabilisation of the Eurozone's situation, many political uncertainties are now behind and markets have gradually started to re-focus on what should be at the core of
the markets' dynamic: the state of the global economy and the myriad of forces determining the
valuation of each security. As a result, volatility stabilised at close-to-normal levels and correlations declined as the prevalent risk-on/risk-off trade started to break down into a number of
more idiosyncratic trades. This is good news for active investment management in general and hedge funds in particular as they can start (and have started) allocating capital in a more normal manner and to use their skills and resources to take informed risks, long or short. Without claiming
that troubles are behind us, it can be said that, after remaining most of the year in capital preservation mode, managers are now looking to generate performance in line with what investors are rightfully expecting. In that context hedge funds ended the year on a positive note.
As a result of the above, ALTIN's allocation is gradually shifting back to deploy capital more closely in line with its overall mandate. More specifically, the exposure to Protection Strategies is being reduced, overall risk is being increased whilst at the same time re-allocating to less liquid strategies where expected returns are higher. There are very interesting opportunities in Credit Long/Short and Event-Driven, especially in Europe where corporate activity is expected to increase and banks will be required to deliver.
Top contributors YTD as 31.12.2012 (estimated data)
ƒ | BTR Global Opportunity Trading Ltd | +1.28% |
ƒ | LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund | +0.86% |
ƒ | Arrow Offshore Ltd | +0.73% |
Top detractors YTD as 31.12.2012 (estimated data)
ƒ | LAMP Funds (Ire) 1 plc - Capstone Convexity Fund | -1.52% |
ƒ | Rig III Fund Ltd | -0.40% |
ƒ | Comac Global Macro Fund Ltd | -0.39% |
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ALTIN: Gradually moving down the liquidity curveThe improvement in market dynamics and the reduction of tail-risk, coupled with a very appealing opportunity set, means that ALTIN can start taking advantage of its stable capital base to invest in less liquid strategies with higher expected returns. This allocation shift has already started to take place gradually.
ALTIN: not affected by redemption issuesALTIN 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.
For further information, please contact:
José Galeano - Head Investor Relations Manager Marc T. Clapasson - Investor Relations Manager Tel. +41 41 760 62 60
info@altin.ch
Kinlan Communications
David Hothersall
Tel. +44 (0)20 7638 3435 davidh@kinlan.net
Note to Editors
About ALTIN AG
ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland's leading alternative investment companies. Currently, ALTIN is invested in more than 30 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Owing to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement for all diversified portfolios.
ALTIN is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group.
www.altin.ch
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