Factsheet January 2010
02 Marzo 2010 - 8:14AM
UK Regulatory
TIDMBRAL
RNS Number : 9488H
Bramdean Alternatives Limited
02 March 2010
Factsheet January 2010
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 29 January 2010,
unless otherwise stated.
+-------------------------------+-------------------------------+
| Overview | January Estimated Net Asset |
| | Values |
| Bramdean Alternatives Limited | Sterling shares: 83.50 |
| is a Guernsey closed-ended | penceUS Dollar shares: US$ |
| investment company listed on | 0.7774 |
| the London Stock Exchange. | |
| The Company invests in a | As described in the Company's |
| diversified portfolio of | prospectus, and as has been |
| Private Equity Funds, Hedge | the case since its launch, |
| Funds and other Specialty | the net asset value ("NAV") |
| Funds. | and the NAV per share are |
| | both calculated monthly by |
| On 19 November 2009, the | the Company's administrator |
| appointment of Aberdeen Asset | based on the latest published |
| Managers Limited as the | NAV for each underlying fund. |
| investment manager of the | |
| Company in place of Bramdean | With only one exception, |
| Asset Management LLP was | investments in underlying |
| announced. | funds for the month ended 29 |
| | January 2010 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 29 January 2010 NAV and |
| | NAV per share. The remaining |
| | holding has been valued at a |
| | level recommended by the |
| | Company's Investment Manager. |
| | |
+-------------------------------+-------------------------------+
+-------------------------------+-------------------------------+
| KEY FACTS | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Market Capitalisation | GBP68.6 million |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Investment Manager | Aberdeen Asset Managers |
| | Limited |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| 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 | 50.25 pence |
| 29 January 2010 | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Number of Sterling shares in | 90.825 million |
| issue | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| US Dollar class share price | US$ 0.47 |
| on 29 January 2010 | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Number of US Dollar shares in | 78.384 million |
| issue | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| NAV publication | Monthly |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| January Sterling Estimated | 83.50 pence |
| NAV per share | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| January US Dollar Estimated | US$ 0.7774 |
| NAV per share | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Total Estimated Net Asset | US$ 182,455,829.43 |
| Value | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Half-year end | 30 September |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Financial year end | 31 March |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Company Secretary and | RBC Offshore Fund Managers |
| Administrator | Limited |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Registrar | Capita Registrars (Guernsey) |
| | Limited |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Stock Exchange code (Sterling | BRAL |
| shares) | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Stock Exchange code (U.S. | BRAU |
| Dollar shares) | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Sedol code (Sterling shares) | B1XCHB9 |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| Sedol code (U.S. Dollar | B1XCLF1 |
| shares) | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| ISIN code (Sterling shares) | GG00B1XCHB94 |
| | |
+-------------------------------+-------------------------------+
| | |
+-------------------------------+-------------------------------+
| ISIN code (US Dollar shares) | GG00B1XCLF11 |
| | |
+-------------------------------+-------------------------------+
JANUARY MARKET COMMENTARY
The New Year began positively, most likely on the back of some appetite for risk
returning. Corporate bond spreads narrowed and global equity indices advanced.
However, towards the end of the month global equities tumbled as President Obama
stated his intention to reform banking regulation and prevent deposit taking
banks from undertaking any proprietary trading.
In the US, the Federal Reserve kept interest rates at 0.25% in January, and the
overall tone of the statement was a little more upbeat. Q4 GDP figures indicated
the US grew at an annualised rate of 5.7%. Producer prices increased as higher
food costs impacted. Retail sales fell over the month, suggesting that rising
unemployment, tight credit and a struggling housing market are holding back the
country's largest sector.
In Europe there was no change in the monetary policy stance and no new
announcements on the liquidity provisions at January's European Central Bank
meeting. Jean-Claude Trichet, President of the ECB, continued to view the 1%
rate as 'appropriate' and described inflation pressures as 'subdued' given the
uneven recovery. European consumer prices accelerated at their fastest pace in
almost a year as the cold weather caused oil prices to rise. Unemployment had
increased by the end of 2009, and PMI data declined as modest improvements in
manufacturing data were outweighed by falling services figures.
In January, the Bank of England's Monetary Policy Committee kept interest rates
at 0.5%, and maintained Quantitative Easing at GBP200bn. There are signs that
the UK economy may be emerging from recession, with a return to growth for the
first time in six quarters, as GDP data reported a 0.1% rate of growth in the
fourth quarter of last year. Unemployment declined at the fastest pace since
spring 2007, housing data suggested property prices are rising, and increased
industrial production shows firms are raising production to cope with the
gradual recovery in global demand. UK retail sales were weak over the festive
season as price increases and worries over job security caused consumers to cut
back on purchases.
In Japan, the bulk of economic data showed growth was stronger at the start of
2010. Demand for Japanese exports increased across other Asian countries and,
encouragingly, there has been a much needed improvement in industrial
production. However, doubt remains on the medium term outlook, as the need for
fiscal tightening and the threat of deflation drags on for the foreseeable
future.
PORTFOLIO NEWS
The company remains committed to 16 Private Equity funds, with commitments
totalling US$213.9 million. No new commitments were made during January. The
total drawn down on commitments made is approximately US$116.9 million, with
three capital calls being made in January, totalling US$1.4 million. The company
has received total distributions of US$6.5 million since inception, with US$
854,662 received in January. Revaluations were received from two managers in
January, these were both upwards revaluations.
The portfolio holds two specialty funds, one of which, Aarkad, remains
suspended. We advised in last month's factsheet that we have written its
valuation down by 75%. No further substantive information has been released by
Aarkad to enable us to adjust further that price adjustment. We are looking at
alternative means of unlocking what written down value remains and will report
progress to date in next month's factsheet.
The Strategic Hedge Funds portfolio was up for January. Our multi-strategy
manager registered a gain, driven by the rally in its airline related ABS
positions. The global macro manager posted a loss, largely on poor performance
of its relative value equity trades.
The portfolio's commitment cover which includes cash and the strategic hedge
funds was 89.9% at the end of the month.
Portfolio Highlights
Geographical Allocation
+--------------------------+
| North America |
| 74.3% |
+--------------------------+
| Europe |
| 12.8% |
+--------------------------+
| Global |
| 9.7% |
+--------------------------+
| Asia & Other |
| 3.2% |
+--------------------------+
Portfolio Holdings Asset Allocation
+--------------------------+
| Cash |
| 38.3% |
+--------------------------+
| Private Equity Funds |
| 49.8% |
+--------------------------+
| Specialty Funds |
| 2.2% |
+--------------------------+
| Strategic Hedge Funds |
| 9.7% |
+--------------------------+
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 29 January 2010
+---------------------------------------+----------------+--------------+
| Manager | Type | Portfolio |
| | | Weighting |
+---------------------------------------+----------------+--------------+
| Cash | Cash | 38.3% |
+---------------------------------------+----------------+--------------+
| Oaktree OCM Opportunities Fund VIIb | Private Equity | 9.5% |
| LP | | |
+---------------------------------------+----------------+--------------+
| Greenpark International Investors III | Private Equity | 6.2% |
| LP | | |
+---------------------------------------+----------------+--------------+
| D.E. Shaw Oculus International | Strategic | 4.4% |
| Members Interest | Hedge Funds | |
+---------------------------------------+----------------+--------------+
| Coller International Partners V LP | Private Equity | 4.0% |
+---------------------------------------+----------------+--------------+
| SVG Strategic Recovery Fund II LP | Private Equity | 3.8% |
+---------------------------------------+----------------+--------------+
| Thomas H Lee Parallel Fund VI LP | Private Equity | 3.7% |
+---------------------------------------+----------------+--------------+
| MatlinPatterson Global Opportunities | Private Equity | 3.2% |
| Partners III LP | | |
+---------------------------------------+----------------+--------------+
| DFJ Athena LP | Private Equity | 2.9% |
+---------------------------------------+----------------+--------------+
| HIG Bayside Debt & LBO Fund II LP | Private Equity | 2.8% |
+---------------------------------------+----------------+--------------+
| Paulson Advantage Plus Ltd | Strategic | 2.6% |
| | Hedge Funds | |
+---------------------------------------+----------------+--------------+
| 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 | 2.1% |
+---------------------------------------+----------------+--------------+
| King Street Capital Ltd | Strategic | 1.8% |
| | Hedge Funds | |
+---------------------------------------+----------------+--------------+
| 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% |
+---------------------------------------+----------------+--------------+
| Deephaven Global Multi-Strategy Fund | Strategic | 0.9% |
| Ltd | Hedge Funds | |
+---------------------------------------+----------------+--------------+
| Aarkad Plc | Specialty | 0.8% |
+---------------------------------------+----------------+--------------+
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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