Factsheet July 2009
2009年9月1日 - 8:54PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMBRAL
RNS Number : 3249Y
Bramdean Alternatives Limited
01 September 2009
Factsheet July 2009
Bramdean Alternatives Limited (the "Company")
This Factsheet contains commentary and news for the month ended 31 July 2009,
unless otherwise stated.
+-------------------------------------+-------------------------------------+
| Overview | July Estimated Net Asset Values |
| Bramdean Alternatives Limited is a | Sterling shares: 80.53 pence |
| Guernsey closed-ended investment | U.S. Dollar shares: US$ 0.7757 |
| company listed on the London Stock | As described in the Company's |
| Exchange. The Company invests in a | prospectus and as has been the |
| diversified portfolio of Private | case since its launch, the net |
| Equity Funds, Hedge Funds and other | asset value ("NAV") and the NAV |
| Specialty Funds. | 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 31 July 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 |
| | 31 July 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 July 2009 NAV. |
| | |
+-------------------------------------+-------------------------------------+
+-------------------------------------+-------------------------------------+
| KEY FACTS | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Market Capitalisation | GBP70.85 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 31 | 46.75 pence |
| July 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Sterling class issue price (9 July | 100.00 pence |
| 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of Sterling shares in issue | 90,715,319 |
| | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| U.S. Dollar class share price on 31 | US$ 0.60 |
| July 2009 | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| U.S. Dollar class issue price (9 | US$ 1.00 |
| July 2007) | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Number of U.S. Dollar shares in | 78,573,876 |
| issue | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Minimum investment | N/A |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Dealing | Daily |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Valuation | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| NAV publication | Monthly |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| July Sterling Estimated NAV per | 80.53 pence |
| share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| July U.S. Dollar Estimated NAV per | US$ 0.7757 |
| share | |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total common net assets | US$ 182,280,643.58 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Total Estimated Net Asset Value | US$ 182,052,792.77 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Half-year end | 30 September 2009 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| Financial year end | 31 March 2009 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
| 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 (U.S. Dollar shares) | GG00B1XCLF11 |
+-------------------------------------+-------------------------------------+
| | |
+-------------------------------------+-------------------------------------+
JULY MARKET COMMENTARY
After drifting lower in the first half of July, stock markets rallied strongly
in the second half of the month owing to a US corporate results season that
exceeded investors' expectations. Around three-quarters of the S&P 500 companies
that reported first-half results beat market expectations. There was a similar
picture in Europe, with around two-thirds of reporting companies beating
consensus; only oil and gas companies generally underperformed. Motor
manufacturers recovered in the US as the Obama Administration extended
industrial aid.
The S&P 500 rose 7.4% in July while the Dow Jones Industrial Average rose 8.5%.
This was the best July for US equity markets in 20 years. European equities were
comparably strong, with the FTSE 100 also up 9% in the month. In Germany the DAX
rose 11%, and in France the CAC 40 rose 9%. In Japan, the Nikkei was more
subdued, but still rose 4% on the month. Commodity prices were also strong, with
oil prices almost reaching US$70 a barrel. Gold, silver and copper prices gained
as investors discounted an end to the recession and a return to growth. The main
story in the currency markets was the weakness of the dollar, as the Federal
Reserve persisted with its programme of quantitative easing.
Economic and survey data in the G5 regions suggested to investors that the
economy remained weak but that the pit of the recession had been reached. The US
economy recorded its fourth successive quarter of negative growth, with weak
consumer and business spending, but the figure was still less pronounced than
markets had expected. Germany's IFO survey rose for the fourth month and the
expectations component reached its highest level since the summer of 2008. The
European Central Bank kept rates on hold against this background of modest
economic optimism. The small signs of improvement also led to a diversification
out of safe low-yielding US Treasuries.
PORTFOLIO NEWS
General
The underlying unaudited performance in July was +1.58% for the Sterling Share
class and +2.25% for the US Dollar Share class. There were 23 holdings in the
Company's overall Portfolio as at 31 July 2009.
As previously noted, the Company's redemption notice to Aarkad
Plc ("Aarkad") has been suspended. The Company is working with the manager and
other investors on a restructuring proposal designed to restore liquidity to the
fund.
The Company has largely completed its programme of tactically reducing its
allocation to hedge funds - a strategy that the Investment Manager started to
implement in December 2007. 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 July were Paulson Advantage Plus Ltd and
Lansdowne UK Equity Fund Ltd. Positive returns were also reported by D.E. Shaw
Oculus International Members Interest, Deephaven Global Multi-Strategy Fund Ltd
and King Street Capital Ltd.
The Company benefited substantially from upward revaluations of some of its
private equity holdings. The portfolios of underlying holdings with substantial
mark-to-market securities will continue to benefit from upward revaluations if
the current market recovery is sustained.
Private Equity & Specialty Funds
The Company has now made commitments to 18 Private Equity & Specialty Funds
amounting to approximately US$227 million, taking into account the US Dollar's
depreciation over the month. No new commitments have been made during July. One
commitment, the LimeTree Emerging Beachfront Land Investment Fund II, L.P., was
sold by the Company to reduce the overall level of over-commitment. The Company
now has 17 Private Equity & Specialty Funds amounting to approximately US$222
million in commitments.
The total amount that has been drawn-down on the commitments made is
approximately US$99.7 million, with about US$166,000 of capital having been
received in July. The Company has now received total distributions of US$4.2
million since inception, with no distributions received in July.
Revaluations were received from nine managers of the Company's Private Equity &
Specialty Funds and these have been incorporated into the July NAV calculations;
five revaluations were upward revaluations to reflect recovering values in the
underlying portfolios, while four revaluations were downwards revaluations,
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 investing 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 July. The Transitional portfolio
returned +0.02%, including cash, but excluding currency movements, during July.
Strategic Hedge Funds portfolio
The portfolio registered a positive return of +2.51% as buoyant market sentiment
boosted equity and credit markets and provided opportunities for all managers in
the portfolio to profit. Year to date the portfolio has returned +6.83%.
PORTFOLIO HIGHLIGHTS
Equity Hedged - In a month where equity markets recorded large upward moves
(especially in emerging markets and Asia), the UK-focused manager was able to
capture a portion of the upside in European share values. The manager has been
bullishly positioned, so the relative return was slightly positive, however
profits came from the utility and technology sectors, as well as from long
positions in financials and mining stocks.
Event Driven - Both managers were up during the month, as credit and equity
markets strengthened. The distressed manager's three core strategies all
contributed to performance, particularly long positions in stressed high-yield
names. The special situations manager benefitted by adding to its long book
through exposure to financials, real estate and gold, although has also retained
some short positions to individual bank names.
Global Macro - Performance was positive for the global trader, who posted strong
returns from the macro discretionary portion of the book. Within this book,
fixed income trading worked particularly well and an example of profitable
trades included Japanese inflation-linked bonds and option strategy positions
across the European yield curve.
Relative Value - The multi-strategies manager posted strong performance during
the month, driven by the carry from the credit book as well as performance in
the convertible book. Convertibles have continued to outperform other assets
within the relative value space, as the massive credit rally more than
compensated for the lower volatility, allowing theoretical convertible
valuations to increase.
Outlook - Given increased market sentiment which has boosted liquidity, risk
levels across the portfolio have increased. While recognising there are
excellent opportunities across many strategies, there may be potentially higher
portfolio volatility in the coming months if there is renewed market volatility.
Portfolio Highlights
Geographical Allocation
+--------------------------------+
| North America71.48% |
+--------------------------------+
| Europe16.59% |
+--------------------------------+
| Global |
| 9.21% |
+--------------------------------+
| Asia & Other |
| 2.72% |
+--------------------------------+
Portfolio Holdings Asset Allocation
+--------------------------------+
| Cash |
| 42.66% |
+--------------------------------+
| Private Equity |
| 23.99% |
+--------------------------------+
| Strategic Hedge Funds 14.34% |
+--------------------------------+
| Specialty |
| 15.96% |
+--------------------------------+
| Transitional |
| 3.05% |
+--------------------------------+
PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 31 July 2009
+--------------------------------------------+------------------+-----------+
| Manager | Type | Portfolio |
| | | Weighting |
+--------------------------------------------+------------------+-----------+
| Cash | Cash | 42.6% |
+--------------------------------------------+------------------+-----------+
| Oaktree OCM Opportunities Fund VIIb LP | Specialty | 7.0% |
+--------------------------------------------+------------------+-----------+
| Greenpark International Investors III LP | Private Equity | 6.7% |
+--------------------------------------------+------------------+-----------+
| D.E. Shaw Oculus International Members | Strategic Hedge | 5.0% |
| Interest | Funds | |
+--------------------------------------------+------------------+-----------+
| Thomas H Lee Fund VI LP | Private Equity | 3.4% |
+--------------------------------------------+------------------+-----------+
| Coller International Partners V LP | Private Equity | 3.4% |
+--------------------------------------------+------------------+-----------+
| SVG Strategic Recovery Fund II LP | Specialty | 3.2% |
+--------------------------------------------+------------------+-----------+
| Aarkad Plc | Transitional | 3.0% |
+--------------------------------------------+------------------+-----------+
| Deephaven Global Multi-Strategy Fund | Strategic Hedge | 2.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Lansdowne UK Equity Fund | Strategic Hedge | 2.6% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Paulson Advantage Plus Ltd. | Strategic Hedge | 2.5% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| DFJ Athena LP | Private Equity | 2.1% |
+--------------------------------------------+------------------+-----------+
| Goldman Sachs Capital Partners VI LP | Private Equity | 1.9% |
+--------------------------------------------+------------------+-----------+
| MatlinPatterson Global Opportunities | Specialty | 1.9% |
| Partners III LP | | |
+--------------------------------------------+------------------+-----------+
| Terra Firma Capital Partners III LP | Private Equity | 1.8% |
+--------------------------------------------+------------------+-----------+
| HIG Bayside Debt & LBO Fund II LP | Specialty | 1.8% |
+--------------------------------------------+------------------+-----------+
| King Street Capital Ltd. | Strategic Hedge | 1.7% |
| | Funds | |
+--------------------------------------------+------------------+-----------+
| Tenaya Capital V, L.P. | Private Equity | 1.3% |
+--------------------------------------------+------------------+-----------+
| Silver Lake Partners III LP | Private Equity | 1.1% |
+--------------------------------------------+------------------+-----------+
| Resonant Music L.P. | Specialty | 1.0% |
+--------------------------------------------+------------------+-----------+
| Pine Brook Capital Partners LP | Specialty | 1.0% |
+--------------------------------------------+------------------+-----------+
| AIG Brazil Special Situations II LP | Private Equity | 0.9% |
+--------------------------------------------+------------------+-----------+
| Thoma Bravo Fund IX LP | Private Equity | 0.7% |
+--------------------------------------------+------------------+-----------+
| Rho Ventures VI LP | Private Equity | 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. 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). 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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