April 2008 Factsheet
2008年5月28日 - 11:04PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number : 4303V
Bramdean Alternatives Limited
28 May 2008
RNS Announcement
28 May 2008
Factsheet April 2008
Bramdean Alternatives Limited
This Factsheet contains commentary and news for the calendar month ending 30th April 2008, unless otherwise stated.
April Estimated Net Asset Values
Sterling shares: 99.95 pence
U.S. Dollar shares: US$ 0.9883
Overview
Bramdean Alternatives Limited, (the "Company") is a Guernsey-based Investment Company listed on the London Stock Exchange. The Company
invests in a diversified portfolio of private equity funds, hedge funds and other specialty funds.
KEY FACTS
Total issued share capital £131 million
Manager Bramdean Asset Management LLP
Annual Management Fee 1.5%
Performance fee 10% subject to an 8% return and a high watermark
Company Brokers Cenkos Securities Plc
Sterling class share price on 91.50p
30th April 2008
Sterling class issue price 100.00p
(9th July 2007)
Number of Sterling shares in 129,807,311
issue
U.S. Dollar class share price US$ 1.02
on 30th April 2008
U.S. Dollar class issue price US$ 1.00
(9th July 2007)
Number of U.S. Dollar shares 1,785,000
in issue
Minimum investment N/A
Dealing Daily
Valuation Monthly
NAV publication Monthly
April Sterling Estimated NAV 99.95 pence
per share
April U.S. Dollar Estimated US$ 0.9883
NAV per share
Total common assets US$ 259,033,368
Total Estimated Net Asset US$ 258,720,640
Value
Half-year end 30th September 2008
Financial year end 31st March 2008
Company Secretary and Royal Bank of Canada Offshore Fund Managers Limited
Administrator
Registrar Capita Registrars (Guernsey) Limited
Stock Exchange code (Sterling BRAL
shares)
Stock Exchange code (US Dollar BRAU
shares)
Sedol code (Sterling shares) B1XCHB9
Sedol code (US Dollar shares) B1XCLF1
ISIN code (Sterling shares) GG00B1XCHB94
ISIN code (US Dollar shares) GG00B1XCLF11
APRIL MARKET COMMENTARY
April opened with confirmation that the first quarter 2008 was the worst for shares since the third quarter 2002. The FTSE Eurofirst 300
Index lost 16% during the quarter; the FTSE 100 Index was down 11.7%; the Dow Jones Industrial Average Index and S&P 500 Index fell 7.5% and
9.9% respectively. Investors' nervousness was apparent from a report published by EPFR Global, which recorded net outflows from equity funds
of $97.9 billion during the first thirteen weeks of 2008. Brent Oil finished the quarter at $100.30 a barrel and gold stood at $924 per troy
once, up 18% on the quarter.
On the first day of trading in April shares rebounded strongly with the S&P 500 Index putting in its best one day performance since
mid-March to close up 3.6%. The FTSE 100 index joined the rally closing up 2.6% as did the FTSE Eurofirst 300 index which gained 3.1%.
By the second week of April, inflation and economic concerns dominated market sentiment. Eurozone inflation of 3.6% in March was at its
highest level since June 1992, buoyed by rising energy and food prices. Moody's distressed index indicated that the number of companies with
debt trading at distressed levels hit a five-year high in March; Halifax, the UK mortgage lender, reported that UK house prices had fallen
by 2.5% in March, the largest monthly fall since September 1992; the IMF forecast that global growth would fall to its slowest pace since
2002.
With inflation moving to centre stage, the European Central Bank left interest rates on hold; oil and gold prices continued to advance
with Brent crude oil hitting a record high of $116.94 a barrel towards the end of the month, finally ending the month at $111.81 a barrel
after the U.S. Federal Reserve cut the Fed Funds rate by a further 25 basis points to 2% on 30 April. Most equity markets finished the month
in positive territory: the FTSE 100 index was up 7.1% at the end of April; the FTSE All-Share index was up 6.3%; the MSCI World Index was up
0.5%. European shares put in their best monthly performance since October 2003 with the FTSE Eurofirst 300 index up 6% and in Asia, Japan's
Nikkei 225 index rose 10.6% and Hong Hong's Hang Seng index was up 12.7%.
PORTFOLIO NEWS
General
The underlying estimated performance in April was +1.42% for the Sterling share class and
+1.03% for the U.S Dollar share class.
In April, the Company maintained its monthly rolling currency hedge of 70% of its U.S. Dollar exposure and expects to keep the hedge in
place in the near-term.
Having been the Company's biggest drag on its performance in March, Platinum Grove Contingent Capital reversed its losses and was the
Company's third biggest contributor to its performance in April, delivering a return of 7.9%.
Our exposure to our long-only managers in the Transitional portfolio has been eliminated. The Company has received the majority of the
proceeds from its redemption from Brencourt Enhanced Multi-Strategy International Ltd., which was completed on 31 March 2008. The Company
continues to hold a significant amount of cash which amounted to 13% of the portfolio as at 30 April 2008.
The investment manager remains cautious of the outlook for the global equities markets and will consequently continue to modify the
Transitional portfolio over the coming months.
Private Equity and Specialty
The Company has now made commitments to fifteen underlying private equity funds and underlying specialty funds amounting to
approximately $209 million. The total amount that has been drawn-down on the commitments made is approximately $49.8 million, with
approximately $2.3 million of capital having been drawn-down in April. The Company received no distributions during April and has now
received total distributions of $825,921 since inception.
Transitional Portfolio
The portfolio held eight funds at 30 April having redeemed from Brencourt Enhanced Multi-Strategy at the end of March. The portfolio
returned 2.62% excluding cash during April and has returned an unaudited -1.78% excluding cash in the year-to-date compared with -3.15%
year-to-date return for the HFRI Fund of Funds Composite Index. The portfolio's holdings in Enso, Platinum Grove and Oakhill Credit Alpha
delivered strong returns during the month, while York Asian was the only fund in negative territory, returning a small loss. Holdings in
defensive and market neutral funds, Aarkad and Defender, continued to deliver steady monthly returns.
Our Transitional portfolio is designed to manage the cash that the Company commits to private equity and specialty funds but has yet to
be drawn-down. The Company may seek to implement portfolio protection through the use of derivatives from time to time for some portion of
the Transitional portfolio, though the Company has not used derivatives for this purpose to date.
The Transitional portfolio was set up with three aspirations; to reflect private equity-type characteristics and returns, to preserve
capital over the medium-term and to be as liquid as possible so that the Company can meet its capital calls. Initially, to achieve these
aims the portfolio was largely invested in a series of specialist global equity managers, long/short equity and event-driven managers as
these classes demonstrate the most similar characteristics to private equity. The portfolio also aimed to reduce exposure to market risk
through market neutral and relative value funds. In response to the continuing market turbulence, the investment manager has been reducing
the emphasis on achieving private equity-type returns and increasing the focus on capital preservation. Positions in the long-only managers
have now been exited and investments in additional market neutral funds are being considered. In the meantime the Company is holding
significant cash balances which will be reinvested in the Transitional portfolio as and when new opportunities are identified.
Strategic Hedge Funds Portfolio
The portfolio finished the month in positive territory, as market conditions stabilised and volatility decreased. The strongest
performer this month was Global Macro, with most styles posting encouraging returns.
The portfolio returned 1.63% in April and has delivered an unaudited return of 3.08% in the year-to-date.
Portfolio Highlights
Equity Hedged
The style recorded a good gain for the month, driven by the recovery in the equity markets. One of our long/short European managers
posted a significant profit for the period despite being cautiously positioned. Not surprisingly, our short seller gave back some of the
gains made in recent months, particularly in financials and energy, with the biggest overall loss from its levered short index hedge.
Event Driven
The style posted the only loss in the portfolio, with a considerable dispersion among the managers. One manager gave back some profits,
suffering from a negative outlook on the general economy, in particular its short positions in financials. Our European-focused special
situations manager had a strong month, reaping large gains within the metals and energy sector. Our distressed manager was impacted by its
defensive positioning in financials and negative view of the general economy.
Global Macro
The style was the strongest performer this month, as global macro managers were quick to react to new opportunities and benefited from
tactical trading strategies. Our commodities manager recovered this month with good returns from exposure to natural gas and coal stocks.
With dislocations still prevalent in the markets, our global trader was able to gain an advantage in its equity statistical arbitrage
positions.
Managed Futures
Despite the difficult market conditions for our managed futures managers, the style was able to prevail and generated a gain for the
portfolio. The steady performance was attributed to one manager which had a good month profiting from long stock index and short interest
rate positions. The other manager made a small loss - its Japanese Government Bond position impacting the most heavily.
Relative Value
Relative value rebounded this month on the back of tightening spreads and a drop in volatility. One derivative arbitrage manager was
able to benefit from shorter-term bullish option trades. Our other manager delivered strong performance, especially from U.S. investments,
benefiting from a complex transaction structure in Clear Channel and Navtech. The manager's U.S. volatility book outperformed other regional
books, with tightening spreads offsetting losses from dropping implied volatility levels.
Geographical Allocation
Global 29.0%
North America 33.4%
Europe 33.1%
Asia & Other 4.5%
Portfolio Holdings Asset Allocation
Transitional 34.3%
Strategic Hedge Funds 33.8%
Private Equity 15.6%
Cash 13.1%
Specialty 3.2%
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 30th April 2008
Manager Type Portfolio Weighting
Cash Cash 13.1%
Platinum Grove Contingent Capital Transitional 6.5%
Offshore Fund Ltd.
Enso Global Equities Fund Ltd. Transitional 5.9%
York European Opportunities Unit Transitional 5.8%
Trust
Paulson Advantage Plus Ltd. Strategic Hedge Funds 4.5%
Defender Ltd. Transitional 4.2%
D.E. Shaw Oculus International Strategic Hedge Funds 4.2%
Members Interest
Terra Firma Capital Partners III Private Equity 3.8%
L.P.
Rye Select Broad Market XL Strategic Hedge Funds 3.5%
Portfolio Ltd.
Hard Assets 2X Fund Ltd. Strategic Hedge Funds 3.5%
Greenpark International Investors Private Equity 3.4%
III L.P.
York Asian Opportunities Unit Transitional 3.3%
Trust
Lansdowne UK Equity Strategic Hedge Funds 3.3%
Thomas H. Lee Parallel Fund VI Private Equity 3.3%
L.P.
Deephaven Global Multi-Strategy Strategic Hedge Funds 3.2%
Fund Ltd.
Renaissance Institutional Transitional 3.0%
Equities Fund International L.P.
Aarkad Plc Transitional 3.0%
Abchurch Europe Fund Ltd. Strategic Hedge Funds 3.0%
Oak Hill Credit Alpha Fund Transitional 2.7%
Offshore Ltd.
King Street Capital Ltd. Strategic Hedge Funds 2.1%
Kei Ltd. Strategic Hedge Funds 2.0%
Arcas MAC 79 Ltd. Strategic Hedge Funds 1.8%
Strategic Recovery Fund II L.P. Specialty 1.7%
Goldman Sachs Capital Partners VI Private Equity 1.6%
L.P.
Kaiser Trading Diversified 2X Strategic Hedge Funds 1.5%
Segregated Portfolio
Coller International Partners V Private Equity 1.4%
L.P.
MatlinPatterson Global Specialty 1.1%
Opportunities Partners III L.P.
Atticus European Fund Ltd. Strategic Hedge Funds 0.9%
DFJ Athena Private Equity 0.8%
Silver Lake Partners III L.P. Private Equity 0.6%
Lehman Brothers Venture Partners Private Equity 0.6%
V L.P.
Pine Brook Capital Partners L.P. Specialty 0.3%
AIG Brazil Special Situations II Private Equity 0.03%
L.P.
Oaktree OCM Opportunities Fund Specialty 0.0%
VIIb L.P.
Rho Ventures VI L.P. Private Equity 0.0%
Thoma Bravo Fund IX L.P Private Equity 0.0%
This Factsheet has been produced by Bramdean Asset Management LLP, authorised and regulated by the Financial Services Authority. It is
aimed solely at shareholders of Bramdean Alternatives Limited and it should not be relied upon by any other person.
Please note that Bramdean Asset Management LLP has obtained information from a wide variety of sources for the content of this
Factsheet. Whilst it has made reasonable endeavours to verify such information, this Factsheet should not be used as the exclusive basis of
any investment decisions. It relates to a relatively short time period whilst many of the investments of Bramdean Alternatives Ltd are of a
long-term nature.
Bramdean Alternatives Limited invests in high risk alternative investment vehicles. It is
aimed at professional or sophisticated investors who intend to hold their investment
for the longer term. If you are not a professional or sophisticated investor you should take independent financial advice in relation to
any proposed investment in
Bramdean Alternatives Limited.
Please further note that the Company is currently in its Close Period and is undergoing an annual audit for the financial year to 31
March 2008. All information provided in this document is provided on a best endeavours basis and may be subject to revision at a later date
as a result of the audit.
Please note that up to date information on the Company, including its monthly NAV and share prices, fact sheets, Prospectus and
portfolio information can be found at www.bramdeanalternatives.com.
This Factsheet will be available on www.bramdeanalternatives.com in PDF format in due course.
Capita Registrar's helpline is 0871 664 0300 (Calls cost 10 pence per minute plus network extras)
Registered Office: Canada Court, Upland Road, St. Peter Port, Guernsey, GY1 3QE, Channel Islands.
CONTACT DETAILS
Amanda McCrystal, or amccrystal@bramdean.com
Bramdean Asset Management LLP. 100 Brompton Road London SW3 1ER, 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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