NAV 30Nov 2007

RNS Number:5079K
Dexion Trading Limited
21 December 2007

Dexion Trading Limited ("the Company")

November Net Asset Value



The net asset value of the Company's Shares as of 30 November 2007 is as
follows:-



� Shares


                   NAV           MTD Performance    YTD Performance
               121.52 pence           -0.52%            +11.76%



In calculating the Company's Net Asset Value the Company's Administrator will
rely solely upon the valuation of � denominated Permal FX class A shares
provided by Permal FX. The Investment Adviser and third party service providers
to Permal FX, rely on estimates of the value of Underlying Funds in which Permal
FX invests, which are provided, directly or indirectly, by the managers or
administrators of those Underlying Funds and such valuations may not be
considered 'independent' or may be subject to potential conflicts of interest.
Such estimates may be produced as at valuation dates which do not coincide with
valuation dates for Permal FX and may be unaudited or may be subject to little
verification or other due diligence and may not comply with generally accepted
accounting practices or other valuation principles. The Investment Adviser may
not have sufficient information to confirm or review the completeness or
accuracy of information provided by those managers or administrators. In
addition, these entities may not provide estimates of the value of Underlying
Funds in which Permal FX invests on a regular or timely basis or at all with the
result that the values of such investments may be estimated by the Investment
Adviser. Both weekly estimates and bi-monthly valuations may be based on
valuations provided as of a significantly earlier date and hence the published
valuation may differ materially from the actual value of Permal FX's portfolio.
Other risk factors which may be relevant to this valuation are set out in the
Company's prospectus dated 14 August 2007.



Manager's Report



Performance Review



Permal FX was down marginally in November, by -0.5%. Diversification by manager
and strategy helped the Fund preserve capital relative to equity and hedge fund
indices. Gains made by Systematic managers (+1.3%) were offset by losses arising
from the Discretionary (-0.3%), Relative Value Arbitrage (-1.1%) and Natural
Resources (-4.6%) strategies.



During the month, markets were dominated by continued uncertainty over the
extent of a US slowdown and its impact on the global economy if it were to
happen. A lack of stabilisation in the credit markets and growing
mortgage-related losses by financial firms contributed to overall market
apprehension. Fixed income markets rose as investors continued their
flight-to-quality approach to investing. Yields fell as disappointing economic
data fueled expectations of continued easing by the Federal Reserve. As the
credit crunch deepened, LIBOR spreads widened to 20-year highs, pointing to the
serious concerns regarding the financial markets. In foreign exchange, despite
posting a strong rally at the end of the month, the US Dollar finished lower
versus most major currencies due to fears of a recession, as well as the
adjustments in global currency reserves away from the US Dollar. Pleas to end US
Dollar-pegging provided more evidence of diminishing confidence in the US
currency. Global equity markets saw sharp declines and escalating volatility
during November due to relentless concerns over credit. Also in equities, the
first week of the month saw financial sector troubles come to the fore once
again, as historic write-downs of mortgage debt among US financial institutions
significantly depressed equity prices. However, marginal losses were recouped
towards the end of the month as Citigroup received a capital infusion that
lessened these credit worries to some extent. Commodity markets saw sharp
reversals in November, particularly in energy and metals. After reaching an all
time high of almost $99/barrel during month, crude oil prices retraced back to
an intra-month low of roughly $88/barrel based on speculation that OPEC may
increase output. Gold fell from record highs as well, caused largely by the US
Dollar strengthening towards month-end.



Systematic and Discretionary managers capitalised on the steepening of the US
yield curve, while outright long positions in the front end of the US and UK
yield curves were also profitable. For example, one Discretionary manager gained
+7% in November, primarily from trading in the UK fixed income markets based on
the view that UK rates offered compelling valuations. In addition, short
positions in the US Dollar continued to be a winning trade, particularly versus
the Euro, Swiss Franc and most Asian currencies. Systematic managers did
relatively well compared to their Discretionary counterparts as they tended to
have less equity and commodity exposure, risk having been brought down in
response to market moves over the previous months. Breaking down the Systematic
performance further, the trend-following managers performed well as a result of
strong market directionality in many of the asset classes they invest in.
Furthermore, Discretionary managers suffered some losses from emerging market
plays. Natural Resource managers had a difficult month, partly due to the
pronounced reversals in the price of oil and precious metals. One manager in
this strategy, for instance, saw a loss of -9% as a result of the reversal in
the price of oil, but remains strongly positive, up +30%, for 2007 so far. For
Relative Value Arbitrage, the same kind of market behaviour which affected
quantitative market neutral strategies, predominantly in the US, in August,
spread over to Europe in November, which had a negative influence on some
managers in this strategy, while others continued to hold up quite well.


Strategy                                  Allocation as   Number of   Performance by Strategy
                                              of 30      Funds as of
                                            November     30 November  %

                                                %
                                                                        November       YTD
Discretionary                                  41            20           -0.34       16.28
Natural Resources                              13            16           -4.63       2.62
Relative Value Arbitrage                       10             7           -1.11       2.23
Systematic                                     38            13           1.29        18.90
Multi-Process                                   -             -             -         4.77
Cash                                           -2             -             -           -
Total                                          100           56



Strategy returns are in US$ and net of underlying manager fees only, and not
inclusive of Dexion Trading's fees and expenses. Since Permal Investment
Management Services Limited became Investment Adviser on 1 October: a) exposures
within Discretionary, Systematic and Relative Value Arbitrage have changed, b)
Natural Resources has been introduced as a new strategy, and c) the allocation
to Multi-Process has been discontinued.



Outlook



Going forward, we continue to exercise prudence in respect to our Natural
Resources allocation. As an environment marked by increased dispersion of global
growth between markets and economies continues to unfold, the Fund's managers
should continue to capitalise on the resulting macro opportunities and, in
particular, we expect our fixed income-focused managers in the Discretionary,
Systematic and Relative Value Arbitrage spaces to successfully capture these
trades.



Voting Rights and Capital



The Company's share capital consists of 56,312,349 � shares with voting rights.
This figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in the Company under the FSA's Disclosure and
Transparency Rules.


                      This information is provided by RNS
            The company news service from the London Stock Exchange
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