Factsheet December 2009
01 Febrero 2010 - 6:56AM
UK Regulatory
TIDMBRAL
RNS Number : 4561G
Bramdean Alternatives Limited
01 February 2010
Factsheet December 2009
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 31 December
2009, unless otherwise stated.
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| Overview | December Estimated Net Asset Values |
| | Sterling shares: 82.33 penceUS Dollar |
| Bramdean Alternatives Limited is a Guernsey | shares: US$ 0.7724 |
| closed-ended investment company listed on the | |
| London Stock Exchange. The Company invests in | As described in the Company's prospectus, and |
| a diversified portfolio of Private Equity | as has been the case since its launch, the |
| Funds, Hedge Funds and other Specialty Funds. | net asset value ("NAV") and the NAV per share |
| | are both calculated monthly by the Company's |
| On 19 November 2009, the appointment of | administrator based on the latest published |
| Aberdeen Asset Managers Limited as the | NAV for each underlying fund. |
| investment manager of the Company in place of | |
| Bramdean Asset Management LLP was announced. | With only one exception, investments in |
| | underlying funds for the month ended 31 |
| | December 2009 are valued using the values |
| | (whether final or estimated) as advised by |
| | their managers, general partners or |
| | administrators. The Company therefore relied |
| | on valuation and reporting methods used by |
| | the managers, general partners or |
| | administrators of the underlying funds in |
| | deriving the 31 December 2009 NAV and NAV per |
| | share. The remaining holding has been valued |
| | at a level recommended by the Company's |
| | Investment Manager. |
| | |
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| KEY FACTS | |
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| | |
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| Market Capitalisation | GBP72.7 million |
| | |
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| | |
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| Investment Manager | Aberdeen Asset Managers Limited |
| | |
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| | |
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| Annual Management Fee | 1.5% |
| | |
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| | |
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| Performance fee | 10% subject to an 8% return and a high |
| | watermark |
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| | |
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| Company Brokers | Matrix Corporate Capital LLP |
| | JPMorgan Cazenove |
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| | |
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| Sterling class share price on 31 December | 52.00 pence |
| 2009 | |
+-----------------------------------------------+-----------------------------------------------+
| | |
+-----------------------------------------------+-----------------------------------------------+
| Number of Sterling shares in issue | 90.825 million |
| | |
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| | |
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| US Dollar class share price on 31 December | US$ 0.525 |
| 2009 | |
+-----------------------------------------------+-----------------------------------------------+
| | |
+-----------------------------------------------+-----------------------------------------------+
| Number of US Dollar shares in issue | 78.384 million |
| | |
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| | |
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| NAV publication | Monthly |
| | |
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| | |
+-----------------------------------------------+-----------------------------------------------+
| December Sterling Estimated NAV per share | 82.33 pence |
| | |
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| | |
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| December US Dollar Estimated NAV per share | US$ 0.7724 |
| | |
+-----------------------------------------------+-----------------------------------------------+
| | |
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| Total Estimated Net Asset Value | US$ 181,297,723.88 |
| | |
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| | |
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| Half-year end | 30 September |
| | |
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| | |
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| Financial year end | 31 March |
| | |
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| | |
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| Company Secretary and Administrator | RBC Offshore Fund Managers Limited |
| | |
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| | |
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| Registrar | Capita Registrars (Guernsey) Limited |
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| | |
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| Stock Exchange code (Sterling shares) | BRAL |
| | |
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| | |
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| Stock Exchange code (U.S. Dollar shares) | BRAU |
| | |
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| | |
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| Sedol code (Sterling shares) | B1XCHB9 |
| | |
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| | |
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| Sedol code (U.S. Dollar shares) | B1XCLF1 |
| | |
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| | |
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| ISIN code (Sterling shares) | GG00B1XCHB94 |
| | |
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| | |
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| ISIN code (US Dollar shares) | GG00B1XCLF11 |
| | |
+-----------------------------------------------+-----------------------------------------------+
DECEMBER MARKET COMMENTARY
The major equity markets rallied in December, with the UK outperforming its
European peers, mainly due to the appreciation of Sterling against the Euro over
the month. The US Dollar also strengthened over December. Treasury yields
remained close to historically low levels and risk appetite was generally
positive.
The Federal Open Market Committee held rates at 0.25% as the Fed repeated its
pledge to keep interest rates near zero for an "extended period." The economic
recovery continued to gather pace, highlighted by the strong advance retail
sales which boded well for consumer spending over the festive period and the
housing market activity which was boosted by the tax credits.
In Europe, economic sentiment deteriorated for both Germany and the Eurozone as
a whole as investor confidence retreated. In the UK, rates stayed at 0.5% and
the Pre-Budget Report declared that government borrowing is likely to rise to
GBP178 billion this year from an earlier forecast of GBP175 billion. The UK has
so far lagged behind in the global economic recovery, yet surveys suggest the
GDP growth may have returned to positive territory in Q3, as consumer confidence
and asset prices have recovered in recent months.
In Japan, Industrial Production figures served as a wary reminder that the
economy is still in the midst of a crisis as Japanese GDP expanded significantly
slower than reported this month.
PORTFOLIO NEWS
The company remains committed to 16 Private Equity funds, with commitments
totalling US$215.3 million. No new commitments were made during December. The
total drawn down on commitments made is approximately US$115.5m, with nine
capital calls being made in December, totalling US$4.0 million. The company has
received total distributions of US$5.6 million since inception, with $US306,107
received in December. Revaluations were received from two managers in December,
these were, in aggregate, downwards revaluations.
The portfolio holds two specialty funds, one of which, Aarkad, remains
suspended. Following a substantial analysis of this holding we have written its
valuation down by 75%. This is based on ongoing sales of underlying 'called up'
assets realising considerably lower proceeds than might have been expected when
referenced to the original loan value on those underlying assets. Please note
that Aarkad has been reclassified by Aberdeen, from a Transitional Fund, to a
Specialty Fund.
The Strategic Hedge Funds portfolio was down for December. Our multi-strategy
manager registered a substantial loss based on potential tax liability that
could arise from historical trades in Spain and Australia. The markdown is
conservative and there is a possibility that it will be reduced. Trading
performance for the manager was also slightly negative.
The portfolio's commitment cover which includes cash and the strategic hedge
funds was 89.1% at the end of the month.
Portfolio Highlights
Geographical Allocation
+----------------------------------------+
| North America |
| 77.2% |
+----------------------------------------+
| Europe |
| 12.6% |
+----------------------------------------+
| Global |
| 7.1% |
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| Asia & Other |
| 3.1% |
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Portfolio Holdings Asset Allocation
+----------------------------------------+
| Cash |
| 39.0% |
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| Private Equity Funds |
| 49.1% |
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| Specialty Funds |
| 2.2% |
+----------------------------------------+
| Strategic Hedge Funds 9.7% |
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PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 31 December 2009
+----------------------------------------------------------+------------------------+--------------+
| Manager | Type | Portfolio |
| | | Weighting |
+----------------------------------------------------------+------------------------+--------------+
| Cash | Cash | 39.0% |
+----------------------------------------------------------+------------------------+--------------+
| Oaktree OCM Opportunities Fund VIIb LP | Private Equity | 8.9% |
+----------------------------------------------------------+------------------------+--------------+
| Greenpark International Investors III LP | Private Equity | 6.5% |
+----------------------------------------------------------+------------------------+--------------+
| D.E. Shaw Oculus International Members Interest | Strategic Hedge Funds | 4.6% |
+----------------------------------------------------------+------------------------+--------------+
| Thomas H Lee Parallel Fund VI LP | Private Equity | 3.8% |
+----------------------------------------------------------+------------------------+--------------+
| Coller International Partners V LP | Private Equity | 3.7% |
+----------------------------------------------------------+------------------------+--------------+
| SVG Strategic Recovery Fund II LP | Private Equity | 3.6% |
+----------------------------------------------------------+------------------------+--------------+
| MatlinPatterson Global Opportunities Partners III LP | Private Equity | 3.2% |
+----------------------------------------------------------+------------------------+--------------+
| HIG Bayside Debt & LBO Fund II LP | Private Equity | 2.8% |
+----------------------------------------------------------+------------------------+--------------+
| Paulson Advantage Plus Ltd | Strategic Hedge Funds | 2.6% |
+----------------------------------------------------------+------------------------+--------------+
| DFJ Athena LP | Private Equity | 2.6% |
+----------------------------------------------------------+------------------------+--------------+
| Silver Lake Partners III LP | Private Equity | 2.5% |
+----------------------------------------------------------+------------------------+--------------+
| Tenaya Capital V LP | Private Equity | 2.3% |
+----------------------------------------------------------+------------------------+--------------+
| Goldman Sachs Capital Partners VI LP | Private Equity | 2.2% |
+----------------------------------------------------------+------------------------+--------------+
| Terra Firma Capital Partners III LP | Private Equity | 2.2% |
+----------------------------------------------------------+------------------------+--------------+
| King Street Capital Ltd | Strategic Hedge Funds | 1.8% |
+----------------------------------------------------------+------------------------+--------------+
| Pine Brook Capital Partners LP | Private Equity | 1.5% |
+----------------------------------------------------------+------------------------+--------------+
| Thoma Bravo Fund IX LP | Private Equity | 1.4% |
+----------------------------------------------------------+------------------------+--------------+
| Resonant Music LP | Specialty | 1.4% |
+----------------------------------------------------------+------------------------+--------------+
| Rho Ventures VI LP | Private Equity | 1.0% |
+----------------------------------------------------------+------------------------+--------------+
| AIG Brazil Special Situations II LP | Private Equity | 0.9% |
+----------------------------------------------------------+------------------------+--------------+
| Aarkad Plc | Specialty | 0.8% |
+----------------------------------------------------------+------------------------+--------------+
| Deephaven Global Multi-Strategy Fund Ltd | Strategic Hedge Funds | 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.
Strategic Hedge Funds: The part of the Company's portfolio managed by Man
Investments (CH) AG).
DISCLAIMER
This Factsheet update has been produced by Aberdeen Asset Managers Ltd which is
authorised and regulated by the Financial Services Authority ("FSA") in the
United Kingdom. Bramdean Asset Management LLP was the Company's investment
manager for the period prior to 19th November 2009 and Aberdeen Asset Managers
Ltd has been the Company's investment manager for the period since 19th November
2009.
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 Aberdeen. 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 Aberdeen Asset Managers Ltd and its affiliates to be reliable, but
Aberdeen makes no representation as to their accuracy or completeness. Aberdeen
accepts no liability for loss arising from the use of this material. Aberdeen
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. Aberdeen 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 currently be found at
www.invtrusts.co.uk/bramdean.
Registered Office: Canada Court, Upland Road, St. Peter Port, Guernsey, GY1 3QE,
Channel Islands.
Aberdeen Asset Managers Limited
Ian Massie
Head of Investment Trust Investor Relations
E: ian.massie@aberdeen-asset.com T: +44 (0)131 528 4123
This information is provided by RNS
The company news service from the London Stock Exchange
END
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