Factsheet September 2009
02 Noviembre 2009 - 9:07AM
UK Regulatory
TIDMBRAL
RNS Number : 7877B
Bramdean Alternatives Limited
02 November 2009
Factsheet September 2009
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 30 September
2009, unless otherwise stated.
+-------------------------------------+-------------------------------------+
| Overview | September Estimated Net Asset |
| Bramdean Alternatives Limited is a | Values |
| Guernsey closed-ended investment | Sterling shares: 84.02 pence |
| company listed on the London Stock | US Dollar shares: US$ 0.7807 |
| Exchange. The Company invests in a | As described in the Company's |
| diversified portfolio of Private | prospectus, and as has been the |
| Equity Funds, Hedge Funds and other | case since its launch, the net |
| Specialty Funds. | asset value ("NAV") and the NAV |
| | 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 30 September |
| | 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 |
| | 30 September 2009 NAV and NAV per |
| | share. |
| | For the avoidance of doubt the |
| | Directors have not exercised their |
| | discretion to depart from the |
| | above valuation policy with regard |
| | to the September 2009 NAV. |
| | |
+-------------------------------------+-------------------------------------+
+-------------------------------------+-------------------------------------+
| KEY FACTS | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Market Capitalisation | GBP78.01 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 30 | 53.50 pence |
| September 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class issue price (9 July | 100.00 pence |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of Sterling shares in issue | 90,715,319 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| US Dollar class share price on 30 | US$ 0.60 |
| September 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| US Dollar class issue price (9 July | US$ 1.00 |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of US Dollar shares in issue | 78,573,876 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Minimum investment | N/A |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Dealing | Daily |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Valuation | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| NAV publication | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| September Sterling Estimated NAV | 84.02 pence |
| per share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| September US Dollar Estimated NAV | US$ 0.7807 |
| per share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total common net assets | US$ 183,466,329.43 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total Estimated Net Asset Value | US$ 183,236,996.52 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Half-year end | 30 September 2009 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Financial year end | 31 March 2010 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| 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 (US Dollar shares) | GG00B1XCLF11 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
SEPTEMBER MARKET COMMENTARY
Despite a minor setback at the beginning of the month, global equity markets in
September continued the strong rally that they have enjoyed since March, and the
third quarter MSCI World Index return extended to more than 17%. The principal
support for the markets was investors' increasing confidence that US consumption
would support the world economy. Its strong home sales suggested that the
collapse of the market was at an end. The massive fiscal stimulus of the Obama
administration has, in addition, been perceived as supporting the government
sector. US equities were modestly positive in the month, up 3.5%.
Within the developed economies, Japan has been the laggard, owing to deep-seated
structural problems and the strength of the yen which has harmed export
earnings. Even so, domestic demand appeared to be holding up, according to the
evidence of the Tankan survey.
Most spectacularly, though, emerging markets have enjoyed strong support in the
rally, as investors gain confidence that the global economy is through the pit
of recession. The MSCI Emerging Markets Index has gained more than 60% in the
year to date.
Global bond markets were also strong in September, despite risks of higher
inflation arising from an anticipated end to the recession. Yields on 30-year
Treasuries fell to below 4%, while corporate bonds benefited from investors'
increasing appetite for risk. European bond markets also showed strength in the
European Central Bank's auction.
The obverse of yen strength is a decreasing demand for the dollar (and also the
pound). The policy of quantitative easing, boosting the money supply, and
keeping interest rates at almost zero, has depressed the dollar on the
international exchanges. Commodity markets were strong in September, partly
because of the weakness of the dollar. Gold prices soared to over US$1,000 an
ounce before falling back slightly and oil fell back from its recent strength to
US$70 a barrel. Copper, cocoa and sugar prices all rallied.
PORTFOLIO NEWS
General
The underlying unaudited performance in September was +2.26% for the Sterling
Share class and +0.26% for the US Dollar Share class. There were 22 holdings in
the Company's overall portfolio as at 30 September 2009; the Company previously
had 23 holdings but during the month the Company's redemption from Lansdowne UK
Equity Fund Ltd was completed.
The Company's redemption notice to Aarkad Plc ("Aarkad") remains suspended. The
Company continues to work with the manager and fellow 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. 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 September were King Street Capital Ltd and
Deephaven Global Multi-Strategy Fund Ltd. Positive returns were also reported by
D.E. Shaw Oculus International Members Interest and Paulson Advantage Plus Ltd.
The Company benefited from upward revaluations of two of its Private Equity &
Specialty holdings. The portfolios of underlying holdings with substantial
mark-to-market securities continue to benefit from upward revaluations driven by
the current market recovery; non-mark-to-market securities will also rise 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
- with the US Dollar appreciating against both Sterling and the Euro during the
month.
Private Equity & Specialty Funds
The Company has commitments to 17 Private Equity & Specialty Funds amounting to
approximately US$216 million; no new commitments were made during September.
The total amount that has been drawn-down on the commitments made is
approximately US$104.0 million, with two capital calls totalling approximately
US$1.9 million having been drawn-down in September. The Company has now received
total distributions of US$4.2 million since inception, with no distributions
received in September.
Revaluations were received from three managers and these have been incorporated
into the September NAV calculations; two 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.
Transitional portfolio
The portfolio held one fund, Aarkad, during September. The rest of the portfolio
comprises of cash. The Transitional portfolio returned +0.01%, including cash,
but excluding currency movements, during September.
Strategic Hedge Funds portfolio
Performance was up during the month with a positive return of +5.87%, driven by
the improving sentiment towards a global recovery coupled with an increase in
risk appetite and market participation. Year to date the portfolio has returned
+10.34%.
PORTFOLIO HIGHLIGHTS
Event Driven - With global markets on the rise, the two managers made money on
the long side of the portfolio. Distressed and stressed names drove P&L for the
distressed manager, coupled with bonds in a middle-market lending company
profiting from an expected bond exchange. The special situations manager gained
from mergers & acquisition exposure, as well as a recovery in gold names during
the month, with gold reaching the US$1000 an ounce mark in September.
Global Macro - The global trader posted positive performance, with gains in
discretionary macro strategies offset by losses from systematic equity
strategies. Discretionary macro benefitted from G10 currency positions and
emerging markets trades in equities and sovereign debt.
Relative Value - The multi-strategy manager was up during the month, with
largest gains made within the US credit book, including a number of stressed and
distressed bonds. US convertible securities were the second largest contributor,
as the market for convertible trading continues to improve with more attractive
financing terms amidst the credit rally. Losses came from the long/short equity
book in Asia and the convertibles book in Japan.
Outlook - Despite the improvements in economic and financial market conditions,
many of the world's major economies remain in a fragile state as both bank
lending and consumer credit demand continue to contract. The importance of
fiscal and monetary stimulus in driving recent improvements suggests policy
actions will play a key role in shaping future market developments. Given
difficulties associated with the timing and nature of future government and
central bank actions, a nimble approach is being maintained within this
portfolio and exposure focus continues to be on liquid and more
trading-orientated strategies. At the manager level, there is recognition of the
mounting debt problems in the western world; however, there is current bias
towards near-term cyclical tailwinds giving way to structural headwinds during
the course of 2010.
Portfolio Highlights
Geographical Allocation
+--------------------------------+
| North America74.62% |
+--------------------------------+
| Europe14.14% |
+--------------------------------+
| Global 8.49% |
+--------------------------------+
| Asia & Other 2.75% |
+--------------------------------+
Portfolio Holdings Asset Allocation
+--------------------------------+
| Cash |
| 43.16% |
+--------------------------------+
| Private Equity |
| 25.55% |
+--------------------------------+
| Specialty 17.19% |
+--------------------------------+
| Strategic Hedge Funds 11.07% |
+--------------------------------+
| Transitional3.03% |
+--------------------------------+
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 30 September 2009
+--------------------------------------------+------------------+-----------+
| Manager | Type | Portfolio |
| | | Weighting |
+--------------------------------------------+------------------+-----------+
| Cash | Cash | 43.1% |
+--------------------------------------------+------------------+-----------+
| Oaktree OCM Opportunities Fund VIIb LP | Specialty | 7.4% |
+--------------------------------------------+------------------+-----------+
| Greenpark International Investors III LP | Private Equity | 6.4% |
+--------------------------------------------+------------------+-----------+
| D.E. Shaw Oculus International Members | Strategic Hedge | 5.1% |
| Interest | Funds | |
+--------------------------------------------+------------------+-----------+
| Thomas H Lee Parallel Fund VI LP | Private Equity | 3.6% |
+--------------------------------------------+------------------+-----------+
| SVG Strategic Recovery Fund II LP | Specialty | 3.5% |
+--------------------------------------------+------------------+-----------+
| Coller International Partners V LP | Private Equity | 3.3% |
+--------------------------------------------+------------------+-----------+
| Aarkad Plc | Transitional | 3.0% |
+--------------------------------------------+------------------+-----------+
| Paulson Advantage Plus Ltd | Strategic Hedge | 2.6% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| DFJ Athena LP | Private Equity | 2.2% |
+--------------------------------------------+------------------+-----------+
| MatlinPatterson Global Opportunities | Specialty | 2.1% |
| Partners III LP | | |
+--------------------------------------------+------------------+-----------+
| Goldman Sachs Capital Partners VI LP | Private Equity | 1.9% |
+--------------------------------------------+------------------+-----------+
| HIG Bayside Debt & LBO Fund II LP | Specialty | 1.9% |
+--------------------------------------------+------------------+-----------+
| Silver Lake Partners III LP | Private Equity | 1.9% |
+--------------------------------------------+------------------+-----------+
| Terra Firma Capital Partners III LP | Private Equity | 1.9% |
+--------------------------------------------+------------------+-----------+
| King Street Capital Ltd | Strategic Hedge | 1.8% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Deephaven Global Multi-Strategy Fund 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% |
+--------------------------------------------+------------------+-----------+
| Resonant Music LP | Specialty | 1.0% |
+--------------------------------------------+------------------+-----------+
| AIG Brazil Special Situations II LP | Private Equity | 0.9% |
+--------------------------------------------+------------------+-----------+
| Rho Ventures VI LP | Private Equity | 0.6% |
+--------------------------------------------+------------------+-----------+
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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