Unaudited Interim Management Statement
2010年2月18日 - 12:19AM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMBRAL
RNS Number : 3009H
Bramdean Alternatives Limited
17 February 2010
Bramdean Alternatives Limited
Unaudited Interim Management Statement - 3 months to 31 December 2009
To the shareholders of Bramdean Alternatives Limited
This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 October 2009 to
31 December 2009, and contains information that covers this period, and up to
the date of publication of this interim management statement, unless otherwise
specified.
Overview
Bramdean Alternatives Limited ("the Company") is a Guernsey closed-ended
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.
Investment objective
To generate long term capital gains primarily through investment in a
diversified portfolio of private equity funds, hedge funds and other specialty
funds.
Material events
On 19 November 2009, the Company announced the appointment of Aberdeen Asset
Managers Limited as its investment manager in place of Bramdean Asset Management
LLP. Aberdeen will be assuming responsibility for management of the entire
portfolio.
On 26 November 2009, certain holders of Shares in the Company owning Sterling
Shares elected to switch into US Dollar Shares and certain holders of Shares in
the Company owning US Dollar Shares elected to switch into Sterling Shares on
the basis of the net asset value of the Company's Shares as at 30 October 2009.
As a result of the switch, 76,500 Sterling Shares were converted into 131,673
new US Dollar Shares and 321,790 US Dollar Shares were converted into 186,962
new Sterling Shares. Accordingly, the total voting rights in the Company changed
to 261,797,331 following the conversion.
These elections were approved by the Board of Directors on 19 November 2009 and
took effect on 26 November 2009.
On 23 December 2009 the Board announced the appointment of Jennifer L Wick,
Philip Hebson, David Staples and Howard Myles as non-executive directors of the
Company with immediate effect.
General description of Company's financial position as at 31 December 2009
+----------------------------------+--------------------------------+
| Sterling shares NAV | 82.33 pence |
+----------------------------------+--------------------------------+
| US Dollar shares NAV | US$ 0.7724 |
+----------------------------------+--------------------------------+
| Market Capitalisation | GBP72.7 million |
+----------------------------------+--------------------------------+
As described in the Company's prospectus, and as has been the case since its
launch, the net asset value ("NAV") and the NAV per share are both calculated
monthly by the Company's administrator based on the latest published NAV for
each underlying fund.
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. That exception was Aarkad and was valued at
a level recommended by the Company's Investment Manager (see investment
commentary, below).
Investment Commentary
The Company remains committed to 16 Private Equity funds, with commitments
totalling US$215.3 million. No new commitments were made during the quarter. The
total drawn down on commitments made is approximately US$115.5m, with 23 capital
calls having been made in the quarter, totalling US$10.7 million. The Company
has received total distributions of US$5.6 million since inception, with US$1.4
million received during the quarter. Revaluations were received from all of the
managers during the quarter, 12 were upwards revaluations and 4 were 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 the quarter. Our multi-strategy
manager, Deephaven, registered a substantial loss based on a potential tax
liability that could arise from historical trades in Spain and Australia. The
markdown was initially conservative and this has been subsequently reduced.
The portfolio's commitment cover which includes cash and the strategic hedge
funds was 89.1% at 31 December 2009.
Portfolio Highlights
Geographical Allocation
+--------------------------+
| North America |
| 77.2% |
+--------------------------+
| Europe |
| 12.6% |
+--------------------------+
| Global |
| 7.1% |
+--------------------------+
| Asia & Other |
| 3.1% |
+--------------------------+
Portfolio Holdings Asset Allocation
+--------------------------+
| Cash |
| 39.0% |
+--------------------------+
| Private Equity Funds |
| 49.1% |
+--------------------------+
| Specialty Funds |
| 2.2% |
+--------------------------+
| Strategic Hedge Funds |
| 9.7% |
+--------------------------+
Portfolio Holdings (Invested Capital) on 31 December 2009
+--------------------------------+-----------------+-------------------+
| Manager | Type | Portfolio |
| | | Weighting |
+--------------------------------+-----------------+-------------------+
| Cash | Cash | 39.0% |
+--------------------------------+-----------------+-------------------+
| Oaktree OCM Opportunities Fund | Private | 8.9% |
| VIIb LP | Equity | |
+--------------------------------+-----------------+-------------------+
| Greenpark International | Private | 6.5% |
| Investors III LP | Equity | |
+--------------------------------+-----------------+-------------------+
| D.E. Shaw Oculus International | Strategic | 4.6% |
| Members Interest | Hedge | |
| | Funds | |
+--------------------------------+-----------------+-------------------+
| Thomas H Lee Parallel Fund VI | Private | 3.8% |
| LP | Equity | |
+--------------------------------+-----------------+-------------------+
| Coller International Partners | Private | 3.7% |
| V LP | Equity | |
+--------------------------------+-----------------+-------------------+
| SVG Strategic Recovery Fund II | Private | 3.6% |
| LP | Equity | |
+--------------------------------+-----------------+-------------------+
| MatlinPatterson Global | Private | 3.2% |
| Opportunities Partners III LP | Equity | |
+--------------------------------+-----------------+-------------------+
| HIG Bayside Debt & LBO Fund II | Private | 2.8% |
| LP | Equity | |
+--------------------------------+-----------------+-------------------+
| Paulson Advantage Plus Ltd | Strategic | 2.6% |
| | Hedge | |
| | Funds | |
+--------------------------------+-----------------+-------------------+
| DFJ Athena LP | Private | 2.6% |
| | Equity | |
+--------------------------------+-----------------+-------------------+
| Silver Lake Partners III LP | Private | 2.5% |
| | Equity | |
+--------------------------------+-----------------+-------------------+
| Tenaya Capital V LP | Private | 2.3% |
| | Equity | |
+--------------------------------+-----------------+-------------------+
| Goldman Sachs Capital Partners | Private | 2.2% |
| VI LP | Equity | |
+--------------------------------+-----------------+-------------------+
| Terra Firma Capital Partners | Private | 2.2% |
| III LP | Equity | |
+--------------------------------+-----------------+-------------------+
| King Street Capital Ltd | Strategic | 1.8% |
| | Hedge | |
| | Funds | |
+--------------------------------+-----------------+-------------------+
| Pine Brook Capital Partners LP | Private | 1.5% |
| | Equity | |
+--------------------------------+-----------------+-------------------+
| Thoma Bravo Fund IX LP | Private | 1.4% |
| | Equity | |
+--------------------------------+-----------------+-------------------+
| Resonant Music LP | Specialty | 1.4% |
+--------------------------------+-----------------+-------------------+
| Rho Ventures VI LP | Private | 1.0% |
| | Equity | |
+--------------------------------+-----------------+-------------------+
| AIG Brazil Special Situations | Private | 0.9% |
| II LP | Equity | |
+--------------------------------+-----------------+-------------------+
| Aarkad Plc | Specialty | 0.8% |
+--------------------------------+-----------------+-------------------+
| Deephaven Global | Strategic | 0.7% |
| Multi-Strategy Fund Ltd | Hedge | |
| | Funds | |
+--------------------------------+-----------------+-------------------+
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.
Key Facts
+----------------------------------+--------------------------------+
| Market Capitalisation | GBP72.7 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 31 | 52.00 pence |
| December 2009 | |
+----------------------------------+--------------------------------+
| Number of Sterling shares in | 90.825 million |
| issue | |
+----------------------------------+--------------------------------+
| US Dollar class share price on | US$ 0.525 |
| 31 December 2009 | |
+----------------------------------+--------------------------------+
| Number of US Dollar shares in | 78.384 million |
| issue | |
+----------------------------------+--------------------------------+
| NAV publication | Monthly |
+----------------------------------+--------------------------------+
| December Sterling Estimated NAV | 82.33 pence |
| per share | |
+----------------------------------+--------------------------------+
| December US Dollar Estimated NAV | US$ 0.7724 |
| per share | |
+----------------------------------+--------------------------------+
| Total December Estimated Net | US$ 181,297,723.88 |
| Asset 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. Dollar | BRAU |
| shares) | |
+----------------------------------+--------------------------------+
| Sedol code (Sterling shares) | B1XCHB9 |
+----------------------------------+--------------------------------+
| Sedol code (U.S. Dollar shares) | B1XCLF1 |
+----------------------------------+--------------------------------+
| ISIN code (Sterling shares) | GG00B1XCHB94 |
+----------------------------------+--------------------------------+
| ISIN code (US Dollar shares) | GG00B1XCLF11 |
+----------------------------------+--------------------------------+
Cumulative performance (%) (GBP)
+-------------+------------+---------+--------+--------+--------+
| | as at | 1 month | 3 | 6 | 1 year |
| | | | months | months | |
+-------------+------------+---------+--------+--------+--------+
| | 31/12/2009 | | | | |
+-------------+------------+---------+--------+--------+--------+
| Share Price | 52.0 | 4.0 | -2.8 | 1.5 | 18.9 |
+-------------+------------+---------+--------+--------+--------+
| NAV | 82.3 | -1.9 | -4.4 | 3.9 | -17.5 |
+-------------+------------+---------+--------+--------+--------+
Cumulative performance (%) (USD)
+-------------+------------+---------+--------+--------+--------+
| | as at | 1 month | 3 | 6 | 1 year |
| | | | months | months | |
+-------------+------------+---------+--------+--------+--------+
| | 31/12/2009 | | | | |
+-------------+------------+---------+--------+--------+--------+
| Share Price | 0.5 | -11.7 | -11.7 | -11.7 | -44.2 |
+-------------+------------+---------+--------+--------+--------+
| NAV | 0.8 | -3.6 | -3.5 | 1.7 | -5.7 |
+-------------+------------+---------+--------+--------+--------+
Discrete performance (%) (GBP)
+-------------+------------+------------+
| | 31/12/2009 | 31/12/2008 |
+-------------+------------+------------+
| Share Price | 18.9 | -52.7 |
+-------------+------------+------------+
| NAV | -17.5 | 0.4 |
+-------------+------------+------------+
Discrete performance (%) (USD)
+-------------+------------+------------+
| | 31/12/2009 | 31/12/2008 |
+-------------+------------+------------+
| Share Price | -44.2 | -6.9 |
+-------------+------------+------------+
| NAV | -5.7 | -17.3 |
+-------------+------------+------------+
Total Return; NAV to NAV, Net Income Reinvested, GBP
Source: Aberdeen Asset Managers Limited and Morningstar
NAV returns based on NAVs excluding income and with debt valued at par
The Board is not aware of any significant events or transactions which have
occurred between 1 January 2010 and the date of publication of this interim
management statement which would have a material impact on the financial
position of the Company. For latest performance information, please refer to the
Company's website, www.invtrusts.co.uk/bramdean.
Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.
For Bramdean Alternatives Limited
RBC Offshore Fund Managers Limited
Secretary
17 February 2010
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSGGUMGPUPUGAM
Bramdean � (LSE:BRAL)
過去 株価チャート
から 11 2024 まで 12 2024
Bramdean � (LSE:BRAL)
過去 株価チャート
から 12 2023 まで 12 2024
Real-Time news about Bramdean � (ロンドン証券取引所): 0 recent articles
その他のBramdean ニュース記事