April 2009 Final Net Asset Values
17 Junio 2009 - 2:12AM
UK Regulatory
TIDMAIDP TIDMAIDU TIDMAIDE
RNS Number : 0252U
Aida Fund Limited
17 June 2009
The Aida Fund Limited ("Aida")
April 2009 Final Net Asset Values
The Net Asset Values of Aida's Shares as of 30 April 2009 are as follows:
+------------------+------------------+------------------+------------------+
| | US Dollar | Euro |Sterling (pence) |
+------------------+------------------+------------------+------------------+
| NAV | 1.5973 | 1.5226 | 131.58 |
+------------------+------------------+------------------+------------------+
+------------------+------------------+------------------+------------------+
| | US Dollar | Euro | Sterling |
+------------------+------------------+------------------+------------------+
| Performance | | | |
+------------------+------------------+------------------+------------------+
| MTD | (0.97)% | (0.97)% | (0.90)% |
+------------------+------------------+------------------+------------------+
| YTD | (2.83)% | (1.18)% | (1.27)% |
+------------------+------------------+------------------+------------------+
| Rolling 12-month | (40.63)% | (41.48)% | (41.42)% |
+------------------+------------------+------------------+------------------+
| 5-Year | (14.41)% | (18.94)% | (12.28)% (1) |
+------------------+------------------+------------------+------------------+
| 5-Year | (3.07)% | (4.12)% | (2.69)% (1) |
| Annualised | | | |
+------------------+------------------+------------------+------------------+
(1) since inception in July 2004
These valuations, which have been prepared in good faith by Aida, are based
principally on formal valuations supplied to Aida by the administrators of
Aida's underlying investments. In the case where no such formal valuation has
been received, an estimated valuation prepared by the manager or administrator
of the underlying investments has been used. Valuations or estimates are
unaudited and may not comply with generally accepted accounting or valuation
principles. Other risk factors which may be relevant to this valuation are set
out in Aida's prospectus dated 4th March 2008.
Investment Manager Comment
During April 2009 the Aida Fund US$ class decreased by (0.97)%, the underlying
portfolio before leverage and costs decreased by (0.08)%, the S&P 500 increased
by 9.39% and the FTSE 100 increased by 8.09%.
Since inception until the end of April 2009 the Aida Fund US$ class has risen by
6.48%. Over the same period the S&P 500 has fallen (23.00)% and the FTSE 100 has
fallen (20.60)%.
Of the underlying funds that Aida fund invests in 9 of our funds who
have reported have declined during April whilst 12 of the funds that have
reported have increased.
On the 24th October 2008 the Aida Fund announced a change in its investment
strategy whereby it will reduce or completely eliminate leverage at the Aida
fund level. On 17th December 2008 shareholders approved the new strategy at an
EGM.
Considerable progress has been made to date in eliminating leverage. Redemption
proceeds of $92m have been received since the announcement of the change in
investment strategy on 24th October 2008 to date and net debt is estimated today
to be circa 18% of NAV. However, like a number of other fund of funds, certain
funds in which Aida invests have imposed gating restrictions which has resulted
in the need to reduce some other investments. In addition the hedging of the GBP
and Euro classes has resulted in a cash outflow of circa $4.9m over the period
from 24th October 2008 to date. As a consequence it is now anticipated that the
fund will cease to employ leverage for investment purposes with effect from the
end of June 2009.
The Aida Fund board is aware of the level of discount to NAV at which the
company's shares are currently trading and is working on proposals to address
this in parallel with the deleveraging timetable outlined above. It is
anticipated that further information on such proposals will be provided within
the next 7 days.
On 30 April 2009 side pockets accounted for 4.99% of the total assets
of Aida Fund and 5.77% of invested assets.
Aida Capital, the investment manager, remains available at all times to discuss
the fund and markets in general.
Aida Capital
+44 20 7600 7500
invest@aidacapital.com
Disclaimer
This announcement does not constitute an offer to sell, exchange or transfer any
securities of The Aida Fund Limited and is not soliciting an offer to purchase,
exchange or transfer such securities in any jurisdiction where the offer, sale,
exchange or transfer is not permitted or to any person or entity to whom it is
unlawful to make that offer, sale, exchange or transfer.
The registration document published on 4 March 2008 of The Aida Fund Limited
contains further details of the selling restrictions in such jurisdictions.
This announcement is not an offer of securities for sale in the United States.
The shares referred to herein have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "Securities Act") or with
any securities regulatory authority of any state or other jurisdiction of the
United States and may not be offered or sold within the United States or to, or
for the account or benefit of, US Persons (as defined in Regulation S under the
Securities Act) except in accordance with the Securities Act or an exemption
therefrom.
This information is provided by RNS
The company news service from the London Stock Exchange
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