Factsheet August 2009
28 Septiembre 2009 - 3:00AM
UK Regulatory
TIDMBRAL
RNS Number : 7413Z
Bramdean Alternatives Limited
28 September 2009
Factsheet August 2009
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 28 August 2009,
unless otherwise stated.
+-------------------------------------+-------------------------------------+
| Overview | August Estimated Net Asset Values |
| Bramdean Alternatives Limited is a | Sterling shares: 82.16 pence |
| Guernsey closed-ended investment | U.S. Dollar shares: US$ 0.7787 |
| company listed on the London Stock | As described in the Company's |
| Exchange. The Company invests in a | prospectus, and as has been the |
| diversified portfolio of Private | case since its launch, the net |
| Equity Funds, Hedge Funds and other | asset value ("NAV") and the NAV |
| Specialty Funds. | per share are both calculated |
| | monthly by the Company's |
| | administrator based on the latest |
| | published NAV for each underlying |
| | fund. |
| | Investments in underlying funds |
| | for the month ended 28 August 2009 |
| | are valued using the values |
| | (whether final or estimated) as |
| | advised by their managers, general |
| | partners or administrators. The |
| | Company has therefore relied on |
| | valuation and reporting methods |
| | used by the managers, general |
| | partners or administrators of the |
| | underlying funds in deriving the |
| | 28 August 2009 NAV and NAV per |
| | share. With specific reference to |
| | the Company's hedge fund |
| | investments, should the Company's |
| | last business day not correlate |
| | with that of the domicile in which |
| | the investments are made, the |
| | price used in the valuation will |
| | be that provided by the hedge fund |
| | manager. In this instance, the |
| | hedge fund prices used are as at |
| | 31 August 2009, where available. |
| | The difference in the valuation |
| | dates has occurred because of the |
| | August bank holiday in Guernsey, |
| | England and Wales. |
| | For the avoidance of doubt the |
| | Directors have not exercised their |
| | discretion to depart from the |
| | above valuation policy with regard |
| | to the August 2009 NAV. |
| | |
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+-------------------------------------+-------------------------------------+
| KEY FACTS | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Market Capitalisation | GBP70.63 million |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Investment Manager | Bramdean Asset Management LLP |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Annual Management Fee | 1.5% |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Performance fee | 10% subject to an 8% return and a |
| | high watermark |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Company Brokers | Matrix Corporate Capital LLP |
| | JPMorgan Cazenove |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class share price on 28 | 46.00 pence |
| August 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class issue price (9 July | 100.00 pence |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of Sterling shares in issue | 90,715,319 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| U.S. Dollar class share price on 28 | US$ 0.60 |
| August 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| U.S. Dollar class issue price (9 | US$ 1.00 |
| July 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of U.S. Dollar shares in | 78,573,876 |
| issue | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Minimum investment | N/A |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Dealing | Daily |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Valuation | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| NAV publication | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| August Sterling Estimated NAV per | 82.16 pence |
| share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| August U.S. Dollar Estimated NAV | US$ 0.7787 |
| per share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total common net assets | US$ 182,991,190.57 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total Estimated Net Asset Value | US$ 182,762,451.58 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Half-year end | 30 September 2009 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Financial year end | 31 March 2009 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Company Secretary and Administrator | RBC Offshore Fund Managers Limited |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Registrar | Capita Registrars (Guernsey) |
| | Limited |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Stock Exchange code (Sterling | BRAL |
| shares) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Stock Exchange code (U.S. Dollar | BRAU |
| shares) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sedol code (Sterling shares) | B1XCHB9 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sedol code (U.S. Dollar shares) | B1XCLF1 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| ISIN code (Sterling shares) | GG00B1XCHB94 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| ISIN code (U.S. Dollar shares) | GG00B1XCLF11 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
AUGUST MARKET COMMENTARY
Global equities performed positively in August, though the gains were far more
restrained than in recent months since the rally began in March. The MSCI World
index rose 3.9% during the month.
That performance was concentrated in the developed markets. The MSCI Emerging
Markets Index modestly declined (-0.2%) in August, as China, Hong Kong and India
all underperformed. The sharpest underperformer among the major exchanges was
the Shanghai index, which fell 21.8% in local currency terms. Chinese banks have
unleashed a flood of liquidity over recent months, some of which was diverted to
equities. Investors feared that this might have sparked an asset price bubble,
and hence took profits in August. There were also some political concerns in
Asia among investors as the Liberal Democratic Party was swept out of power in
Japan.
The poor performance in China weighed on other markets, as investors debated
whether the recent rally had taken this into account. Nonetheless, two smaller
European markets, Austria and Ireland, both returned double-digit percentage
gains in the month. Ireland has been hit hard by the collapse of the property
market and some investors took the view that the Irish stock market had become
oversold.
Economic signals were broadly positive over the month. The most promising data
were improvements in housing statistics and auto data in the US, on which global
recovery will depend. Germany and France emerged from recession and investors
were initially encouraged to shift into riskier assets. Asia showed positive
economic signs with benign inflationary conditions.
Monetary policy in the developed markets remained exceptionally easy. The policy
of quantitative easing continued to put downward pressure on the Dollar against
the Euro and the Yen, and similarly Sterling depreciated against the Euro
(though gained against the Dollar). A generally higher appetite for risk saw a
move out of Dollar-denominated assets towards higher-yielding currencies.
PORTFOLIO NEWS
General
The underlying unaudited performance in August was +2.02% for the Sterling Share
class and +0.39% for the US Dollar Share class. There were 23 holdings in the
Company's overall portfolio as at 28 August 2009.
As previously noted, the Company's redemption notice to Aarkad Plc ("Aarkad")
has been suspended. The Company is working with the manager and other investors
to realise value from the underlying portfolio at a prudent speed.
The Company has completed its programme of tactically reducing its allocation to
hedge funds, a strategy that the Investment Manager started to implement in
December 2007. The Company expects part of these proceeds will be redeployed by
the Investment Manager into new investments, with the remainder held in cash to
fund Private Equity & Specialty draw-downs.
The stand-out performers during August were D.E. Shaw Oculus International
Members Interest and Paulson Advantage Plus Ltd. Positive returns were also
reported by Deephaven Global Multi-Strategy Fund Ltd, King Street Capital Ltd.
and Lansdowne UK Equity Fund Ltd.
The Company benefited from upward revaluations of some of its Private Equity &
Specialty holdings. The portfolios of underlying holdings with substantial
mark-to-market securities will continue to benefit from upward revaluations if
the current market recovery continues, with non-mark-to-market securities also
rising if their listed comparables appreciate in value.
Hedging
Neither the Sterling Share class nor the US Dollar Share class currently has any
currency hedges in place. The Company's overcommitted status makes it difficult
to bear the mark-to-market volatility from passive currency hedges. Instead, the
Company continues to monitor its currency exposure to determine whether hedging
such exposure is in the Company's interests and will implement currency hedges
tactically as necessary to guard against currency volatility.
The main currency exposures are between the US Dollar, the Euro, and Sterling.
In August, the US Dollar appreciated versus Sterling and depreciated versus the
Euro. This accounted for the difference between the performances of the Sterling
Share class and the US Dollar Share class.
Private Equity & Specialty Funds
The Company has commitments to 17 Private Equity & Specialty Funds amounting to
approximately US$223 million. No new commitments have been made during August.
The Company previously had commitments to 18 Private Equity & Specialty Funds,
but one commitment, LimeTree Emerging Beachfront Land Investment Fund II L.P.,
was sold by the Company to reduce the overall level of overcommitment.
The total amount that has been drawn-down on the commitments made is
approximately US$102.0 million, with five capital calls totalling approximately
US$2.4 million having been drawn-down in August. The Company has now received
total distributions of US$4.2 million since inception, with no distributions
received in August.
Revaluations were received from five managers and these have been incorporated
into the August NAV calculations; four revaluations were upward revaluations to
reflect recovering values in the underlying portfolios, while one revaluation
was downwards, reflecting falls in the values of market comparables, adverse
currency movements and the J-curve effect. As stated in previous communications,
downward valuations in the initial years of private equity are to be expected
given the J-Curve effect, and it is likely that the Company will receive further
fair market valuation write-downs from some of its managers. However, the
underlying portfolio has also started to generate upwards valuations as some
underlying portfolio investments have appreciated in value.
Transitional portfolio
The portfolio held one fund, Aarkad, during August. The rest of the portfolio
comprises of cash. The Transitional portfolio returned 0.02%, including cash,
but excluding currency movements, during August.
Strategic Hedge Funds portfolio
Performance was strong over the month with positive contributions from all
managers in the portfolio which registered a positive return of +2.29%. Many of
the powerful themes that have been driving performance for hedge funds continued
during August and provided an excellent backdrop to register gains. Year to date
the portfolio has returned +9.33%.
PORTFOLIO HIGHLIGHTS
Equity Hedged - European equity markets faired better than Asian and emerging
market regions in August, benefitting the dedicated UK manager. Bullish net
positioning and long exposure to financials and consumer-related names helped
the manager continue its positive streak.
Event Driven - With credit and equity markets strengthening further during
August, it was not surprising to see both the distressed and special situations
managers post gains. The distressed manager generated excellent returns from its
long book, particularly stressed high yield names and distressed holdings. The
largest winner was an insurance company whose bonds and debtors-in-possession
loan (a DIP loan is a loan to a company that commences a chapter 11 case,
providing it with the liquidity it needs to operate and restructure while in
bankruptcy) rallied significantly during the month. Appreciation of large stock
holdings within the US financial services sector drove returns for the special
situations manager.
Global Macro - The global trader continued to trade tactically in liquid
instruments, wary of market reversals and not wedded to a longer term market
view. Gains accrued from a number of sub-strategies with the strongest profits
coming from energy and systematic equity strategies.
Relative Value - Conditions within the relative value strategy provided an
excellent backdrop for the multi-strategy manager to profit in credit and fixed
income markets. Convertibles remain one of the largest sub-allocations and have
helped performance during the last few months as prices have continued to rise
amid strong investor interest.
Outlook - Equity and credit markets have performed very strongly post the
mid-March lows and as noted last month portfolio risk levels are higher relative
to the start of the year. It is pleasing to note that while the managers are
positioned to the long side, there remain significant alpha shorts and hedging
in place should markets correct.
Portfolio Highlights
Geographical Allocation
+--------------------------------+
| North America 71.37% |
+--------------------------------+
| Europe 16.42% |
+--------------------------------+
| Asia & Other 9.44% |
+--------------------------------+
| Global 2.77% |
+--------------------------------+
Portfolio Holdings Asset Allocation
+--------------------------------+
| Cash |
| 40.97% |
+--------------------------------+
| Private Equity |
| 24.51% |
+--------------------------------+
| Specialty |
| 16.85% |
+--------------------------------+
| Strategic Hedge Funds 14.63% |
+--------------------------------+
| Transitional |
| 3.04% |
+--------------------------------+
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 28 August 2009
+--------------------------------------------+------------------+-----------+
| Manager | Type | Portfolio |
| | | Weighting |
+--------------------------------------------+------------------+-----------+
| Cash | Cash | 41.0% |
+--------------------------------------------+------------------+-----------+
| Oaktree OCM Opportunities Fund VIIb LP | Specialty | 7.4% |
+--------------------------------------------+------------------+-----------+
| Greenpark International Investors III LP | Private Equity | 6.3% |
+--------------------------------------------+------------------+-----------+
| D.E. Shaw Oculus International Members | Strategic Hedge | 5.1% |
| Interest | Funds | |
+--------------------------------------------+------------------+-----------+
| Thomas H Lee Parallel Fund VI LP | Private Equity | 3.4% |
+--------------------------------------------+------------------+-----------+
| Coller International Partners V LP | Private Equity | 3.3% |
+--------------------------------------------+------------------+-----------+
| SVG Strategic Recovery Fund II LP | Specialty | 3.3% |
+--------------------------------------------+------------------+-----------+
| Aarkad Plc | Transitional | 3.0% |
+--------------------------------------------+------------------+-----------+
| Deephaven Global Multi-Strategy Fund Ltd | Strategic Hedge | 2.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Lansdowne UK Equity Fund Ltd | Strategic Hedge | 2.6% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Paulson Advantage Plus Ltd | Strategic Hedge | 2.6% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| MatlinPatterson Global Opportunities | Specialty | 2.1% |
| Partners III LP | | |
+--------------------------------------------+------------------+-----------+
| DFJ Athena LP | Private Equity | 2.1% |
+--------------------------------------------+------------------+-----------+
| Goldman Sachs Capital Partners VI LP | Private Equity | 2.0% |
+--------------------------------------------+------------------+-----------+
| Terra Firma Capital Partners III LP | Private Equity | 1.8% |
+--------------------------------------------+------------------+-----------+
| HIG Bayside Debt & LBO Fund II LP | Specialty | 1.7% |
+--------------------------------------------+------------------+-----------+
| King Street Capital Ltd | Strategic Hedge | 1.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Tenaya Capital V LP | Private Equity | 1.5% |
+--------------------------------------------+------------------+-----------+
| Thoma Bravo Fund IX LP | Private Equity | 1.4% |
+--------------------------------------------+------------------+-----------+
| Pine Brook Capital Partners LP | Specialty | 1.2% |
+--------------------------------------------+------------------+-----------+
| Silver Lake Partners III LP | Private Equity | 1.1% |
+--------------------------------------------+------------------+-----------+
| Resonant Music LP | Specialty | 1.1% |
+--------------------------------------------+------------------+-----------+
| AIG Brazil Special Situations II LP | Private Equity | 0.9% |
+--------------------------------------------+------------------+-----------+
| Rho Ventures VI LP | Private Equity | 0.7% |
+--------------------------------------------+------------------+-----------+
Cash: The Company currently has six approved cash deposit accounts.
Transitional Investments: The Company will seek to avoid return dilution caused
by holding amounts that are not committed or are committed, but not yet
drawn-down, on both underlying private equity funds and underlying specialty
funds by investing such amounts in a range of transitional investments, which
may include equity hedge, senior debt, mezzanine and market neutral funds. At
present, the Investment Manager favours holding cash and so the Transitional
portfolio represents a small part of the overall portfolio.
Strategic Hedge Funds: The part of the Company's portfolio which is managed by
RMF Investment Management, Nassau Branch.
DISCLAIMER
This Factsheet update has been produced by Bramdean Asset Management LLP (the
"Investment Manager"), which is authorised and regulated by the Financial
Services Authority ("FSA"). Bramdean Alternatives Limited (the "Company") has
appointed Bramdean Asset Management LLP as the investment manager of the
Company.
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 the Investment Manager. 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 the Investment Manager and its affiliates to be reliable,
but the Investment Manager makes no representation as to their accuracy or
completeness. The Investment Manager accepts no liability for loss arising from
the use of this material. The Investment Manager gives 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 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. The Investment Manager 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 Rule.
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 the Investment Manager's
website www.bramdean.com.
Capita Registrar's helpline is 0871 664 0300 (Calls cost 10 pence per minute
plus network extras, lines are open 8.30am-5.30pm Monday-Friday). 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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