TIDMDTL
RNS Number : 5224M
Dexion Trading Limited
17 August 2011
Dexion Trading Limited ("the Company")
July Net Asset Value
The net asset value of the Company's Shares as of 29 July 2011
is as follows:-
GBP Shares
NAV MTD Performance YTD Performance
-------------- ---------------- ----------------
137.41 pence +1.13% -0.56%
-------------- ---------------- ----------------
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
Developments over the past month, in particular the increasing
indications that the US economy is slowing and the unsatisfactory
news out of Europe, has only served to highlight concerns that the
global economic recovery is on an increasingly fragile path. The
odds of a double-dip recession, while still unlikely, have
shortened given the increasing worries surrounding high
unemployment in the US and sovereign debt issues in Europe. The
situation is further complicated by the fact that policy makers,
especially in the developed world, are running out of options to
boost their economies. Managers are more optimistic with regard to
emerging market economies where they believe that policymakers will
be able to engineer a soft-landing. The evolution of the global
economic landscape was of some benefit to macro managers in July
and continues to offer considerable trading opportunities.
Market Overview
Markets were largely characterised by the failed attempts of
policy makers in the US to reach an agreement on the US debt
ceiling. Market participants feared that even with an agreement the
rating agencies could still downgrade the US credit rating. Data
during the month did little to boost sentiment, with a big drop in
US non-farm payrolls early in the month followed by a
worse-than-expected US GDP number for the second quarter and a
sharp downward revision for the first quarter. Simultaneously,
sovereign debt issues in Europe continued to dominate headlines
with the release of the European Bank stress tests, which offered
little consolation as the absence of a sovereign default scenario
hardly suggested that the results reflected a worst-case outcome.
Despite increasing fears that the debt crisis could spread to Spain
and Italy, the ECB increased rates by 25bp early in the month. An
emergency EU summit later on culminated in a new comprehensive
bailout package for Greece and allowed the European Financial
Stability Facility (EFSF) to buy bonds in the secondary market and
grant funding to any EU member to help recapitalise its banks,
thereby creating a European lender of last resort.
Equity markets sold off heavily in July as the lack of clarity
surrounding global growth deterred risk taking. Global equities
were up at the start of the month following positive US industrials
data and the ADP employment report. However, gains were offset by
the US non-farm payroll report which came in significantly below
expectations and the unemployment rate rose to 9.2%. The downtrend
continued with contagion from the European debt crisis spreading to
Italy as the capital strength of that country's banks was called
into question. Stocks posted a short rally in the latter half of
the month on the back of better-than-expected US housing starts and
the new bailout package announced by the EU, but declined sharply
towards month end as a US debt ceiling deal failed to materialise,
leading to heightened concerns of a default. Managers are
positioned very lightly in equities, expecting them to be highly
volatile over the course of the next several months given risk-on
and risk-off flows. Although some continue to believe that
prolonged accommodative monetary policy will continue to be
supportive of the asset classes, sentiment has been more bearish
recently in light of fiscal ambiguity and poor economic data.
Global bond yields ended the month sharply lower due to safe
haven buying amid indications of a moderation in global growth and
uncertainty regarding the US and European debt situations. The
yield on the US 10-year treasury fell by 36bp during the month with
markets showing no concern over the risk of interest payments not
being met. UK and European benchmark yields also fell sharply as
investors sought safety. Although the EU agreement provided some
optimism for European peripheral bonds with spreads narrowing
significantly on the back of the announcement, doubts persisted
over the ability of the package to contain further deterioration
and widening resumed into month end. Many managers believe that
long positions in the US fixed income market make sense in the
medium-term, based on the view that growth is weak and rates will
remain low. In Europe, certain managers own credit protection on
the subordinated debt of some European financial institutions given
the continued turmoil at the periphery. Emerging markets focused
managers hold select long bond positions in countries where
inflation appears to be controlled. In addition, these positions
also stand to do well if a "risk event" occurs in Europe.
FX volatility was high in July given the uncertainties
surrounding the US and Eurozone which altered the notion of the US
Dollar and Euro being safe havens. As contagion fears in the
European periphery increased on the back of a downgrade for
Portugal by Moody's and increasing concern over the fiscal dynamics
in Italy, the US Dollar strengthened versus the Euro at the
beginning of the month, despite the ECB increasing rates by 25bps.
However, the trend reversed half way through the month as the focus
shifted to debt problems in the US. The US Dollar's value was
further impacted by the Fed's continued dovish stance and
deteriorating economic data. Given the lack of clarity, a driver of
safe haven flows, the Swiss Franc and Japanese Yen both appreciated
measurably during the month with the former reaching record highs
against both the Euro and US Dollar. Commodity currencies also
benefited from diversification away from the US Dollar, with the
Australian Dollar and New Zealand Dollar reaching new highs,
further benefiting from a hawkish stance from their respective
central banks. Despite general risk aversion, non-Japan Asian
currencies also strengthened during the month as fears of a hard
landing in China decreased. The US Dollar remains the funding
currency of choice as the Fed maintains its dovish stance and
speculation surrounding "QE3" increases, which should serve to keep
the US Dollar under pressure. Managers continue to be bullish
towards emerging market currencies given the positive carry and
superior growth prospects although they are aware that some of
these positions have become crowded. Views on the Euro remain
varied, with some managers believing that the political will to
solve periphery fiscal issues will support the currency; while
others believe the ongoing drama at the periphery will weigh
heavily on the Euro.
The natural resources sector was up in July, with both
commodities and commodity-related equities posting gains. The
sector posted the majority of gains during the first half of the
month, when specific supply/demand fundamentals drove the
performance of individual commodities. Markets fell during the last
part of the month, as concerns surrounding the European sovereign
debt crisis and the US deficit debate increased investor
uncertainty. Crude oil prices rose during the month, driven largely
by the International Energy Agency's forecast for increased global
oil demand in 2011. Base metals also posted positive returns,
following several months of mixed performance. Copper rose nearly
5% due to decreasing inventories in China, a bullish signal amid
concerns about a slowdown in Chinese construction. Gold continued
to be the beneficiary of economic uncertainty, as concerns about a
US government default drove investors to seek a safety, while
silver prices increased by more than 15%. Agricultural commodities
were mixed in July, as specific fundamental supply/demand data
drove performance. Wheat and corn were strong performers, while
cotton prices fell more than 36% amid a slowdown in Chinese cotton
imports. Managers expect continued volatility from the commodities
sector over the near-term given the uncertainty currently
surrounding the European debt crisis, the growth slowdown in China
and the US deficit debate. The long-term supply/demand fundamentals
of numerous commodities remain very attractive and managers have
long exposure to energy, particularly oil, as we are
entering a period of seasonally strong demand. In addition,
supply is tight given the problems in the Middle East and Libyan
production being offline. Managers also favour precious metals, in
particular gold and silver, due to inflation fears.
Strategy Overview
Discretionary: +0.34%. On the positive side, managers continued
to register gains from long exposure to government bonds in both
developed markets, in particular the US, and in certain emerging
markets, in particular Mexico. In the foreign exchange sector,
despite significant volatility, managers made profits from short
positions in the US Dollar versus commodity-related currencies and
emerging market currencies. Long positions in the Swiss Franc also
contributed positively to returns. The commodities sector also
contributed positively to performance, in particular long positions
in precious metals and corn. Attribution from equities was more
mixed with some managers being impacted by long positions in US
equities, based on their view that these would be supported by
accommodative policy, while others benefited from actively trading
both European and US equities from the long and short sides.
Systematic: +2.74%. Managers posted strong performance across
both trend following and non-trend following strategies during the
month. Trend following managers benefited from long fixed income
positions as bonds rallied strongly throughout the month. In
addition, long positions in precious metals contributed positively
to performance. Fixed income positions also drove the majority of
returns among the allocation to non-trend following strategies,
with gains coming from yield curve flattening positions in the US
and Germany. While nearly all managers within this strategy were
positive for the month, one non-trend following manager posted
sharp losses due to a short position in the Swiss Franc.
Natural Resources: +3.03%.Long positions in gold equities were a
significant contributor to performance, as were long commodity
positions throughout the precious metal sector, including silver
and PGMs. Long crude oil positions (other than WTI) also
contributed to gains.
Relative Value Arbitrage: +0.62%.Positive performance came from
US equity market neutral exposures, with these gains being somewhat
offset by losses in strategies focusing on liquidity factors.
Allocation Number of
as of 29 July Managers as Performance by
Strategy % of 29 July Strategy %
-------------------------- --------------- ------------- -----------------
July YTD
-------------------------- --------------- ------------- ------- --------
Discretionary(1) 51 22 0.34 -0.24
-------------------------- --------------- ------------- ------- --------
Natural Resources 11 13 3.03 2.39
-------------------------- --------------- ------------- ------- --------
Relative Value Arbitrage 5 3 0.62 4.91
-------------------------- --------------- ------------- ------- --------
Systematic(1) 30 12 2.74 0.67
-------------------------- --------------- ------------- ------- --------
Cash 3 - - -
-------------------------- --------------- ------------- ------- --------
Total 100 49(1)
-------------------------- --------------- ------------- ------- --------
(1) 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 98,917,429 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/5224M_-2011-8-17.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCGGUPPRUPGUBM
Dexion Trading (LSE:DTL)
過去 株価チャート
から 6 2024 まで 7 2024
Dexion Trading (LSE:DTL)
過去 株価チャート
から 7 2023 まで 7 2024
