Factsheet January 2009
26 Febrero 2009 - 11:05AM
UK Regulatory
TIDMBRAL
RNS Number : 9731N
Bramdean Alternatives Limited
26 February 2009
RNS Announcement
26 February 2009
Factsheet January 2009
Bramdean Alternatives Limited
This Factsheet contains commentary and news for the calendar month
ended 30th January 2009, unless otherwise stated.
January Estimated Net Asset Values
Sterling shares: 96.14 pence
U.S. Dollar shares: US$0.8033
Overview
Bramdean Alternatives Limited, (the "Company") is a Guernsey-based Investment
Company listed on the London Stock Exchange. The Company invests in a
diversified portfolio of Private Equity Funds, Hedge Funds and other Specialty
Funds.
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| KEY FACTS | |
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| Market Capitalisation | GBP84.6 million |
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| Manager | Bramdean Asset Management LLP |
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| Annual Management Fee | 1.5% |
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| Performance fee | 10% subject to an 8% return and |
| | a high watermark |
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| Company Brokers | JPMorgan Cazenove |
| | Cenkos Securities Plc |
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| Sterling class share price on 30th | 46.75p |
| January 2009 | |
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| Sterling class issue price (9th July | 100.00p |
| 2007) | |
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| Number of Sterling shares in issue | 92,142,177 |
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| U.S. Dollar class share price on 30th | US$ 0.7850 |
| January 2009 | |
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| U.S. Dollar class issue price (9th | US$ 1.00 |
| July 2007) | |
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| Number of U.S. Dollar shares in issue | 76,116,060 |
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| Minimum investment | N/A |
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| Dealing | Daily |
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| Valuation | Monthly |
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| NAV publication | Monthly |
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| January Sterling Estimated NAV per | 96.14 pence |
| share | |
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| January U.S. Dollar Estimated NAV per | US$ 0.8033 |
| share | |
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| Total common net assets | US$191,399,981 |
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| Total Estimated Net Asset Value | US$188,852,589 |
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| Half-year end | 30th September 2009 |
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| Financial year end | 31st March 2009 |
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| Company Secretary and Administrator | RBC Offshore Fund Managers |
| | Limited |
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| Registrar | Capita Registrars (Guernsey) |
| | Limited |
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| Stock Exchange code (Sterling shares) | BRAL |
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| Stock Exchange code (US Dollar shares) | BRAU |
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| Sedol code (Sterling shares) | B1XCHB9 |
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| Sedol code (US Dollar shares) | B1XCLF1 |
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| ISIN code (Sterling shares) | GG00B1XCHB94 |
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| ISIN code (US Dollar shares) | GG00B1XCLF11 |
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JANUARY MARKET COMMENTARY
The year opened to a month of unrelenting gloom as the scale of the global
economic downturn became apparent. The International Monetary Fund projected
world growth will fall to 0.5% in 2009, its lowest rate since Word War II. The
IMF expects no recovery until the financial sector and credit markets'
functionality are restored, but currently expects a gradual return to growth in
2010 with global growth forecast at 3%.
The slump in global demand has resulted in considerable pressure on commodity
prices. The oil price continued to slide during January, falling another 6.5% to
US$41.7 a barrel. The IMF has revised downwards its forecast oil prices for 2009
and 2010 to US$50 a barrel and US$60 a barrel respectively from its previous
estimates for US$68 a barrel and US$78 a barrel for 2009 and 2010. Against this
backdrop gold shone, rising over 5% to US$928 per troy ounce during January.
Global inflation continues to decline as a consequence of the contraction in
economic activity and lower commodity prices. In developed economies, the IMF is
expecting headline inflation to fall to a record low of 0.25% in 2009 from 3.5%
in 2008 with a slow increase thereafter to 0.75% in 2010.
With negative data emerging from all quarters, the U.S. Dollar and Japanese Yen
stood out as gainers in January. The U.S. Dollar continued to advance against
both Sterling and the Euro, ending the month at $/GBP 1.44 and $/EUR 1.28.
Global equity markets remained under pressure throughout the month with negative
returns reported across the principal financial indices. The FTSE-100 Index
ended January down 6.4%; the FTSE Eurofirst 300 Index closed down 4.2%, while
the S&P 500 Index lost 8.5% and the MSCI Word Index lost 8.9%.
PORTFOLIO NEWS
General
The underlying unaudited performance in January was -3.68% for the Sterling
Share class and
-1.89% for the U.S Dollar Share class. This compares to gains of +0.8% and
+1.09% for the HFRI Fund of Funds Composite Index and Credit Suisse/Tremont
Hedge Fund Index.
The discrepancy in performance between the two Share classes relates to
currency. The Company hedges at the Share class level and the tactical default
hedging ratio is currently zero with discretion to operate tactically within a
range -30% to +30%. During January, the Company's currency manager, Mesirow
Financial Currency Management, hedged the Company's Euro, U.S. Dollar and
Sterling exposure within both Share classes.
There were 30 holdings in the Company's overall Portfolio as at 30 January 2009,
following the write-down to zero of the holdings in Defender and Rye Select and
further hedge funds redemptions. During the month, proceeds were received in
relation to redemptions from Atticus European Fund Ltd., with the exception of a
residual sidepocket relating to Atticus's holding in Deutsche Borse; Hard Assets
2X Fund Ltd., and Renaissance Institutional Futures Fund International LLC.
As reported in the recently published Interim Management Statement, Deephaven
Capital Management LLC has made proposals to investors which relate to the
Company's holding in Deephaven Global Multi-Strategy Fund Ltd. to which RMF
Investment Management is responding. The Company also submitted a redemption
notice in November 2008 to Aarkad plc, proceeds from which are not due until May
2009, although the manager has suspended redemptions until further notice.
Aarkad is currently holding its NAV at the December 2008 valuation as a result
of its redemption suspension. It has been indicated, however, that the
performance in January was positive.
The Company continues its programme of tactically reducing its allocation to
hedge funds, a strategy that the investment manager started to implement in
December 2007. As a result, there have been partial redemptions during January
from certain holdings in the Strategic Hedge Funds portfolio, which have also
been made in order to maintain weightings within the overall allocation range
for that portfolio. Further partial redemptions will be made over the coming
months.
In December 2007, the Company's hedge fund holdings represented 86.3% of the
Company's overall Portfolio. As at the end of January 2009, they represented
37.6% of the overall Portfolio. As a result of the repositioning of the
Portfolio during the course of 2008, the Company holds 27.4% of its net assets
in cash as at the end of January. The investment manager intends to maintain
cash reserves in order to fund draw-downs from the Private Equity and Specialty
Funds and also to protect the NAV in these continuing volatile markets. The
investment manager also maintains a close dialogue with Mesirow regarding the
tactical use of currency hedging.
The stand-out performers during January were Kei Ltd. and Paulson Advantage Plus
Ltd., with positive returns also reported by Kaiser Trading Fund, Kaiser Trading
Diversified 2X Segregated Portfolio, King Street Capital Ltd., Evergreen MAC
Ltd., DE Shaw Oculus Members Interest and Alydar Fund Ltd. During January, the
sidepocket within Atticus European Fund Ltd., Deephaven Global Multi-Strategy
Fund Ltd. and Lansdowne UK Equity Fund reported negative returns.
Private Equity and Specialty Funds
The Company has now made commitments to eighteen underlying Private Equity Funds
and underlying Specialty Funds amounting to approximately $221.7 million, taking
into account the U.S. Dollar's appreciation over the month. No new commitments
have been made during January.
The total amount that has been drawn-down on the commitments made is
approximately
$90.3 million, with approximately $3.1 million of capital having been drawn-down
in January. The Company received one distribution during January of US$1.45
million from Goldman Sachs Capital Partners VI L.P. and has now received total
distributions of $3.8 million since inception.
Seven capital calls were received from underlying Funds. Revaluations were
received from four managers of the Company's Private Equity and Specialty Funds
and these have been incorporated into the January NAV calculations. Of these
four revaluations, one was revalued upwards and three were revalued downwards,
the most severe being Terra Firma Capital Partners III L.P. As stated in
previous communications, downward valuations are to be expected given the
exceptional market environment and it is likely that the Company will receive
further fair market valuation write-downs, including valuations as at 31
December 2008, from some of its managers.
Transitional portfolio
The portfolio held two Funds at the end of January 2009 following the write-down
of Defender in November 2008 and the redemption from Renaissance Institutional
Futures Fund LLC. These two Fund investments in the Transitional portfolio
represent 7.2% of the Company's overall Portfolio as at 30 January 2009.
The Transitional portfolio returned 0.1%, including cash, during January. Kaiser
Trading Fund reported a positive return, while Aarkad's return was held at the
December 2008 valuation as explained above.
Strategic Hedge Funds portfolio
The portfolio delivered a solid return amid heavy falls in global equity
markets, with strongest returns from the Event Driven style. January was
dominated by further weak economic data and fresh evidence that bank capital
positions remain impaired. The portfolio held 10 Funds and returned 2.4% during
January 2009.
Portfolio Highlights
Equity Hedged
The style was flat in an environment where the majority of regional indices
posted losses. The declining European equity markets made it difficult for the
UK manager to profit from any long exposure, as some of the large cap positions,
such as Deutsche Post and HSBC, saw their share prices fall heavily. The U.S.
manager's large short exposure to industrials paid off, as mounting poor
economic data from the sector pushed the S&P Industrials Index down over 12%.
The manager continues to run with a small net long positioning, but is
generating alpha from both the long and the short side, as demonstrated by its
positive return in a month when U.S. equities were down -8.5%.
Event Driven
It was a good start of the year for the style. A special situations manager
benefited from the continued deterioration of the banking sector, where
substantial short positions are in place. After profiting from shorts in U.S.
banks, the manager has been focusing on Europe in recent months, and profited
strongly from shorts in UK banks such as RBS, which saw large selling pressure.
The distressed manager manoeuvred through the generally strengthening credit
market, but maintained short credit exposure as part of its hedging programme.
Global Macro
Performance was positive during the month, with the manager employing a more
dynamic trading approach focusing on liquid instruments and short-term trades.
Largest performance contributors were in futures and foreign exchange asset
classes, where gains were realised from short U.S. Dollar exposure.
Managed Futures
The style posted a strong return despite the slowing tempo of recently
profitable trends, in particular the long bond rally. The strongest performer
was a short-term trader, which not only switched into the downtrend for bonds
early in the month, but also caught the negative mid-month reversal in the
equity market, shifting into short equity positions and benefiting from the
declines that followed. Elsewhere, another short-term trader posted a modest
gain, and a trend-following manager generated a small profit from currency
trading, where shorts in Sterling helped performance.
Relative Value
The style posted a loss. The multi-strategy manager ended the month slightly
down as illiquid positions continued to be a drag on performance. Increased
demand for convertible bonds and some liquid credit instruments did help
performance, however, illiquid positions failed to participate in the rally. The
manager continues to bring down exposure, and limited its flexibility during the
month.
Portfolio Highlights
Geographical Allocation
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| North America 62.6% |
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| Global |
| 17.4% |
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| Europe15.8% |
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| Asia & Other 4.2% |
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Portfolio Holdings Asset Allocation
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| Strategic Hedge Funds 30.3% |
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| Cash |
| 27.4% |
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| Private Equity |
| 23.5% |
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| Specialty |
| 11.6% |
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| Transitional 7.2% |
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PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 30th January 2009
+------------------------+---------------------+-------------+
| Manager | Type | Portfolio |
| | | Weighting |
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| Cash | Cash | 27.4% |
+------------------------+---------------------+-------------+
| Greenpark | Private Equity | 6.3% |
| International | | |
| Investors | | |
| III L.P. | | |
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| Paulson Advantage Plus | Strategic Hedge | 6.3% |
| Ltd. | Funds | |
+------------------------+---------------------+-------------+
| D.E. Shaw Oculus | Strategic Hedge | 5.4% |
| International Members | Funds | |
| Interest | | |
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| Alydar Fund Ltd. | Strategic Hedge | 5.0% |
| | Funds | |
+------------------------+---------------------+-------------+
| Oaktree OCM | Specialty | 5.0% |
| Opportunities Fund | | |
| VIIb L.P. | | |
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| Aarkad Plc | Transitional | 4.5% |
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| Lansdowne UK Equity | Strategic Hedge | 4.2% |
| Fund | Funds | |
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| Thomas H. Lee Parallel | Private Equity | 4.1% |
| Fund VI L.P. | | |
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| King Street Capital | Strategic Hedge | 3.1% |
| Ltd. | Funds | |
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| Coller International | Private Equity | 3.0% |
| Partners V L.P. | | |
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| Deephaven Global | Strategic Hedge | 2.9% |
| Multi-Strategy Fund | Funds | |
| Ltd. | | |
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| MatlinPatterson Global | Specialty | 2.9% |
| Opportunities Partners | | |
| III L.P. | | |
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| Kaiser Trading Fund | Transitional | 2.8% |
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| Goldman Sachs Capital | Private Equity | 1.9% |
| Partners | | |
| VI L.P. | | |
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| DFJ Athena | Private Equity | 1.9% |
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| Kaiser Trading | Strategic Hedge | 1.7% |
| Diversified 2X | Funds | |
| Segregated Portfolio | | |
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| Lehman Brothers | Private Equity | 1.5% |
| Venture Partners V | | |
| L.P. | | |
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| Silver Lake Partners | Private Equity | 1.3% |
| III L.P. | | |
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| Terra Firma Capital | Private Equity | 1.2% |
| Partners III L.P. | | |
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| SVG Strategic Recovery | Specialty | 1.1% |
| Fund II L.P. | | |
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| AIG Brazil Special | Private Equity | 0.9% |
| Situations II L.P. | | |
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| Pine Brook Capital | Specialty | 0.9% |
| Partners L.P. | | |
+------------------------+---------------------+-------------+
| Evergreen MAC Ltd. | Strategic Hedge | 0.8% |
| | Funds | |
+------------------------+---------------------+-------------+
| HIG Bayside Debt & LBO | Specialty | 0.7% |
| II Fund L.P. | | |
+------------------------+---------------------+-------------+
| Resonant Music I L.P. | Specialty | 0.7% |
+------------------------+---------------------+-------------+
| Thoma Bravo Fund IX | Private Equity | 0.7% |
| L.P | | |
+------------------------+---------------------+-------------+
| Rho Ventures VI L.P. | Private Equity | 0.7% |
+------------------------+---------------------+-------------+
| Kei Ltd. | Strategic Hedge | 0.6% |
| | Funds | |
+------------------------+---------------------+-------------+
| Atticus European Fund | Strategic Hedge | 0.1% |
| Ltd. | Funds | |
+------------------------+---------------------+-------------+
| LimeTree Emerging | Specialty | 0.1% |
| Beachfront Land | | |
| Investment Fund II | | |
| L.P. | | |
+------------------------+---------------------+-------------+
DISCLAIMER
This Factsheet update has been produced by Bramdean Asset Management LLP, which
is authorised and regulated by the Financial Services Authority ("FSA").
This material constitutes a financial promotion for the purposes of the
Financial Services and Markets Act 2000 (the "Act") and the handbook of rules
and guidance issued from time to time by the FSA (the "FSA Rules").
This material is provided for information purposes, is intended for your use
only and does not constitute an invitation or offer to subscribe for or purchase
any of the products or services mentioned. This material has been provided
specifically for the use of the recipient only and must be treated as
proprietary and confidential information. It may not be passed on, nor
reproduced in whole or in part under any circumstances without express written
consent from Bramdean Asset Management LLP. The material provided is not
intended to provide a sufficient basis on which to make an investment decision.
Information and opinions presented in this material have been obtained or
derived from sources believed by Bramdean Asset Management LLP and its
affiliates ("Bramdean") to be reliable, but Bramdean makes no representation as
to their accuracy or completeness. Bramdean accepts no liability for loss
arising from the use of this material. Bramdean give no representations or
warranty that any indicative performance or return will be achieved in the
future or that the investment objectives and policies from time to time of
Bramdean Alternatives Limited (the "Company") will be achieved.
You should note that, if you choose to invest in the Company, your capital will
be at risk and you may therefore lose some or all of any amount that you choose
to invest. This material is not intended to constitute, and should not be
construed as, investment advice.
Potential investors in the Company should seek their own independent financial
advice. Bramdean neither provides investment advice to, nor receives and
transmits orders from, investors in the Company nor does it carry on any other
activities with or for such investors that constitute "MiFID or equivalent third
country business" for the purposes of this FSA Rules.
PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.
Please note that up-to-date information on the Company, including its monthly
NAV and share prices, factsheets, Annual Report and Financial Statements,
Prospectus and portfolio information can be found at
www.bramdeanalternatives.com or via a link from www.bramdean.com.
Capita Registrar's helpline is 0871 664 0300 (Calls cost 10 pence per minute
plus network extras). For callers outside the UK, please dial: +44 (0)20 8639
3399.
Registered Office: Canada Court, Upland Road, St. Peter Port, Guernsey, GY1 3QE,
Channel Islands.
CONTACT DETAILS
Loretta Murphy, or lmurphy@bramdean.com
Bramdean Asset Management LLP. 35 Park Lane, London W1K 1RB, United Kingdom
T+44 (0)20 7052 9272 F+44 (0)20 7052 9273 W www.bramdean.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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