August Net Asset Value


 

TIDMDTL 
 
RNS Number : 2257Z 
Dexion Trading Limited 
17 September 2009 
 

Dexion Trading Limited ("the Company") 
 
 
August Net Asset Value 
 
 
The net asset value of the Company's Shares as of 28 August 2009 is as follows:- 
 
 
GBP Shares 
 
 
+---------------+--------------+--------------+ 
|      NAV      |     MTD      |     YTD      | 
|               | Performance  | Performance  | 
+---------------+--------------+--------------+ 
| 126.41 pence  |    +0.83%    |    +7.51%    | 
+---------------+--------------+--------------+ 
 
 
In calculating the Company's Net Asset Value the Company's Administrator will 
rely solely upon the valuation of GBP denominated Permal Macro Holdings Limited 
("Permal Macro") Class A shares provided by Permal Macro. The Investment Adviser 
and third party service providers to Permal Macro, rely on estimates of the 
value of Underlying Funds in which Permal Macro 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 Macro 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 Macro 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 Macro's portfolio. Other risk factors 
which may be relevant to this valuation are set out in the Company's prospectus 
dated 12th March 2008. 
 
 
Monthly Portfolio Review 
 
 
Investment Adviser Portfolio Outlook 
 
 
The Investment Adviser has observed that the Portfolio's managers continue to 
agree that the worst of the global recession and financial crisis has passed. 
However, there is general concern that the pace of recovery appears too abrupt 
and, in the long run, is unsustainable. Managers continue to monitor closely 
bellwether US data such as housing and employment numbers, believing that as the 
effects of the stimulus and fiscal policy begin to wane, a pick-up in the US 
labour market will be a key driver for a recovery in consumption. 
 
 
The Investment Adviser believes that investment opportunities for the 
Portfolio's managers will remain plentiful in the final quarter of 2009. The 
Investment Adviser has noted that during the recent global recession, markets 
have tended to move in line with one of two scenarios. These scenarios are 
either 'risk-on', where positions are taken in higher risk assets with 
expectations of rising equity and commodity prices, a weaker US Dollar and 
higher interest rates, or 'risk-off', where the opposite applies. Now, as global 
economies move out of recession, the Investment Adviser believes that markets 
are increasingly trading with greater independence, which should provide the 
Portfolio's managers with a broader set of trading opportunities and themes. 
 
 
Market Overview 
 
 
Generally, the Portfolio's managers remain wary of the global equity rally 
whilst recognising that there are likely to be intermittent rallies, as cash 
continues to search for higher returns and growth expectations increase. 
 
 
As markets react to monetary policies the short rates within fixed income 
markets are likely to continue to experience volatility. The Investment Adviser 
has observed that several of the Portfolio's managers believe that the central 
banks will continue to keep rates lower for longer, given the fragility of the 
recovery. The back ends of global yield curves continue to be driven by the 
opposing expectations of deflation versus inflation. 
 
 
Given the ongoing debate over the role the US Dollar as a global reserve 
currency, the Portfolio's managers are maintaining a bearish bias towards the US 
Dollar. Managers are bullish in a few currencies, including the Australian 
Dollar, as Australia is widely expected to be one of the first economies to 
raise interest rates. However, in general, managers continue to trade currencies 
from a tactical basis given the broad range of drivers within the asset class, 
including changes in risk appetite, currency repatriation, reserve and carry 
trade adjustments, monetary stimulus and fiscal deficits. 
 
 
In the commodities sector the Portfolio's managers continue to maintain their 
positive views, believing that the continued strengthening of global economic 
growth is likely to drive prices higher over the long term. However, volatility 
in the near term is anticipated, given the negative supply and demand 
fundamentals for several commodities. When this is combined with a contraction 
in equity markets there may be further pressure on the commodity sector in 
general. 
 
 
Strategy Overview 
 
 
Discretionary: +1.03%. Performance gains were driven by a variety of trades, 
including profitable long positions in the front end of global yield curves and 
shorts in the US Dollar towards the end of the month. Other trades, such as long 
equities and long crude oil, also proved beneficial. 
 
 
Systematic: +1.56%. Gains within this allocation came from both the trend and 
non-trend following strategies. Long positions in crops, base metals and 
interest rates benefited the trend following managers, while currency trading, 
in particular long Euro versus short Sterling and long Australian Dollar versus 
short Canadian Dollar, drove the returns of some of the non-trend followers. 
 
 
Natural Resources: +1.11%. Gains came from long positions in base and precious 
metals, as well as long positions in basic industry equities. Short positions in 
agricultural commodities also contributed to positive performance. 
 
 
Relative Value Arbitrage: -0.05%. Most of the positive performance was driven by 
yield curve trading in the UK as the relative cheapness of the back end of the 
yield curve converged towards equilibrium, following the Bank of England's 
extension of their quantitative easing program. Further gains were made in yield 
curve trading in Europe and the US. However, losses from equity market neutral 
strategies offset some of these gains and resulted in a minor loss for the 
overall allocation. 
 
 
+-----------------------+-------------+------------+----------+--------+ 
| Strategy              | Allocation  | Number of  |  Performance by   | 
|                       |    as of    |  Managers  |     Strategy      | 
|                       |  28 August  |  as of 28  |        %          | 
|                       |      %      |  August    |                   | 
+-----------------------+-------------+------------+-------------------+ 
|                       |             |            |  August  |  YTD   | 
+-----------------------+-------------+------------+----------+--------+ 
| Discretionary§        |     55      |    23      |  1.03    | 12.64  | 
+-----------------------+-------------+------------+----------+--------+ 
| Natural Resources     |      3      |     8      |  1.11    | 13.11  | 
+-----------------------+-------------+------------+----------+--------+ 
| Relative Value        |      3      |     4      |  -0.05   |  3.56  | 
| Arbitrage             |             |            |          |        | 
+-----------------------+-------------+------------+----------+--------+ 
| Systematic§           |     27      |    10      |  1.56    |  2.64  | 
+-----------------------+-------------+------------+----------+--------+ 
| Cash                  |     12      |     -      |    -     |   -    | 
+-----------------------+-------------+------------+----------+--------+ 
| Total                 |    100      |    44§     |          |        | 
+-----------------------+-------------+------------+----------+--------+ 
 
 
§ Discretionary and Systematic have one manager in common. 
 
 
Strategy returns are in US$ and net of underlying manager fees only, and not 
inclusive of Dexion Trading's fees and expenses. 
 
 
Voting Rights and Capital 
 
 
The Company's share capital consists of 102,234,515 GBP 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. 
 
 
Supplementary Information 
 
 
Click on, or paste the following link into your web browser, to view a full 
review of the Dexion Trading Limited portfolio. 
 
http://www.rns-pdf.londonstockexchange.com/rns/2257Z_-2009-9-17.pdf 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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