TIDMHAST
RNS Number : 1573B
Henderson Alternative Strat Tst PLC
05 October 2015
HENDERSON INVESTMENT FUNDS LIMITED
HENDERSON ALTERNATIVE STRATEGIES TRUST PLC
5 October 2015
Henderson Alternative Strategies Trust plc (the 'Company')
Investment Portfolio Update
Henderson, the Company's investment manager, is pleased to
provide the following investment portfolio update covering the
period from 31 March 2015 to the date of this announcement.
The Company's 30 September 2015 year end results will be
released to the market during December.
Portfolio Progress
Global equity markets have experienced considerable volatility
since the Company's 31 March 2015 half-year end as the Greek
crisis, China's economic slowdown and speculation regarding the
timing and quantum of US interest rate rises have all contributed
to market uncertainty.
Against this backdrop Henderson's objective of creating a
high-quality portfolio of 30 to 40 alternative asset and specialist
funds is approaching fruition. Henderson is therefore confident
that the investment portfolio is now developing the attributes
required to deliver long-term returns above those of the Company's
FTSE World Index (GBP) global equity benchmark.
Portfolio Positioning
Since becoming the Company's investment manager on 1 April 2013,
Henderson has reduced significantly the Company's exposures to both
emerging markets and commodities and increased weightings to
developed markets such as the US, UK and Western Europe. This
process has continued since the 31 March 2015 half-year end as the
outlook for emerging markets and commodities has deteriorated
further.
Performance of Henderson's New Investments
In the 31 March 2015 half-year update Henderson commented on the
performance of its own new investment selections since becoming
manager.
Although the markets have experienced a considerable setback
since the half-year, Henderson's selections have continued to
perform robustly on a relative basis. For example, in the five
months to 31 August 2015, Henderson estimates that this growing
part of the investment portfolio generated a gross total return of
-1.4% compared with a decline of -8.3% in the Company's benchmark.
The Company's total investment portfolio delivered a gross total
return of -3.2% during the same period.
Recent Investment Activity
The Company's restructured portfolio will contain 30 to 40
holdings. This will, in turn, typically comprise up to 30 core
investments, which will usually be held over the medium to
long-term, and up to 10 tactical selections, which will exploit
shorter-term opportunities.
Since becoming investment manager, Henderson's main focus has
been on developing the core tranche of the Company's portfolio. In
the Company's 31 March 2015 half-year update Henderson stated that
it was likely to make approximately five more core investments
before the 30 September 2015 year end in order to finalise the core
portfolio tranche. These five investments have now been made and
are described below. All of the selections reflect Henderson's
current preference for developed market exposure. In addition, two
of Henderson's key investment themes feature strongly, namely the
attractive returns still available in parts of the private equity
market and the opportunities created by low default rates in the
credit sector.
-- Mantra Secondary Opportunities (GBP6.5 million commitment)
An unlisted vehicle which pursues a niche strategy investing
globally in mature private equity partnerships at attractive
valuations.
-- Apax Global Alpha Limited (cost GBP2.3 million)
A UK-listed private equity vehicle managed by Apax Partners, a
leading private equity investor. The vehicle provides access to
Apax Partners' unlisted funds and also uniquely to other
investments in public and private debt and listed equities derived
from Apax Partners' private equity activities.
-- Princess Private Equity Holding Limited (cost GBP4.0 million)
A UK-listed private equity vehicle managed by Partners Group,
another leading private equity manager. The vehicle makes direct
equity and fund investments across the large, mid and small-cap
buy-out markets, mainly in the US and Europe.
-- CT Invest Fund (cost GBP4.1 million)
An unlisted long/short European equity fund with a focus on
pan-European large and mid-cap cyclicals/industrials managed by
Christian Thum, a highly experienced European equity investor.
-- Toro Limited (cost GBP4.0 million)
A UK-listed fund investing in European collateralised loan
obligations and other structured credit instruments managed by
Chenavari Capital Partners, a leading credit fund manager.
Henderson has also added to a number of core holdings since the
31 March 2015 half-year end. These include Blackstone GSO Loan
Financing Limited, NB Private Equity Partners Limited and
Riverstone Energy Limited.
With regard to the tactical tranche of the Company's portfolio,
the increase in market volatility is creating a number of
interesting short-term opportunities which Henderson intends to
exploit as the Company enters its new financial year.
Enquiries:
Ian Barrass
Fund Manager
Henderson Alternative Strategies Trust plc
Tel: 020 7818 2964
James de Bunsen
Fund Manager
Henderson Alternative Strategies Trust plc
Tel: 020 7818 3869
Neil Winward / Mark Bloomfield
Stifel Nicolaus Europe Limited
Tel: 020 7710 7460
This information is provided by RNS
The company news service from the London Stock Exchange
END
PFUBCBDGDUGBGUS
(END) Dow Jones Newswires
October 05, 2015 02:00 ET (06:00 GMT)
Svm Global (LSE:SVG)
Gráfica de Acción Histórica
De Dic 2024 a Ene 2025
Svm Global (LSE:SVG)
Gráfica de Acción Histórica
De Ene 2024 a Ene 2025
