TIDMDTL
RNS Number : 8917X
Dexion Trading Limited
14 February 2013
Dexion Trading Limited (the "Company")
January Net Asset Value
The net asset value of the Company's Shares as of 31 January
2013 is as follows:-
GBP Shares
NAV MTD Performance YTD Performance
-------------- ---------------- ----------------
138.16 pence +2.26% +2.26%
-------------- ---------------- ----------------
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 ("PMH") Class A shares
provided by PMH. The Investment Adviser and third party service
providers to PMH, rely on estimates of the value of Underlying
Funds in which PMH 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 PMH 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 PMH 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 PMH'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
Managers maintain pro-risk portfolios based on an encouraging
economic backdrop and the heightened probability that investors
will shift their holdings away from safe haven assets in favour of
risk assets. In the US, with the "fiscal cliff" debacle avoided,
the focus can turn to the underlying data which has been promising,
particularly with regards to employment but also on the housing
front. This is likely to set the stage for a more favourable
environment for risk assets while having bearish implications for
government bonds. In Europe, while the growth situation remains
delicate, sentiment is improving along with confidence in the
region, as concerns over a eurozone breakup, which dominated
markets so markedly over the past couple of years, have receded. In
Japan, the new government remains on track to curtail the economy's
deflationary trajectory via a gradual depreciation of the yen.
Market Overview
The eleventh hour avoidance of the US "fiscal cliff" resulted in
improved sentiment and increased risk-taking going into the new
year. Indications of early repayments of European Central Bank LTRO
funding were greater than anticipated and also served to increase
risk appetite. Economic data was encouraging, including improvement
in US employment figures, along with aggressive pro-growth measures
in Japan and signs that the Chinese economy had bottomed.
Equity markets rose noticeably in January; the MSCI World (Local
Currency) rose by 5.4%, with strong gains coming from both
developed and emerging markets. In the US, the S&P 500 reached
its highest level since 2007 on the back of better-than-expected
earnings reports, a sharp increase in housing starts and a drop in
initial jobless claims. Japan was once again the prominent
performer, with the Nikkei 225 returning 7.2% as the new Abe
administration announced a JPY10.3 trillion emergency stimulus
package and the Bank of Japan announced prospective plans for
increased monetary easing. European equities were buoyed by
stronger-than-expected German business sentiment, while a continued
bias towards accommodative monetary policy in most emerging market
countries and stronger-than-expected GDP data in China benefited
emerging market stocks. In terms of manager positioning, most
discretionary managers believe that the US economic recovery will
be underpinned by continued easing and solid economic data. In
addition, a rotation from bonds into equities, where investors are
still generally underweight, is likely to occur. Both of these
developments are likely to support equity prices. The outlook is
also positive in Japan where stocks are expected to be buoyed by a
weaker yen, as well as China where the economic picture has
improved.
Developed market bond yields generally ended higher in January
on the back of stabilising growth and concerns that central banks
were showing more tolerance of higher inflation in exchange for
more sustainable growth. At the same time, the front end of curves
remained anchored by continued monetary easing, resulting in a
significant steepening. At the start of the month, the agreement on
US fiscal measures led to a broad sell-off across developed market
rates, which was further exacerbated by hawkish comments from
Draghi at the post-ECB meeting press conference. While yields
drifted somewhat lower mid-month, strong equity markets and news of
the LTRO repayments drove prices lower into month end. In the US,
managers are generally short rates in the 10 year sector given
their relatively strong views on the economy. In Europe, while
managers maintain long positioning in European rates due to the
continued economic malaise, they have recently reduced this
exposure rather significantly in light of adverse market action,
although they believe the trade is still fundamentally sound given
poor growth prospects in Europe. In Japan, certain managers have
small shorts in JGBs as an expression of the "reflation trade".
Emerging market-focused managers have short exposure in markets
where they believe the bond rally has overshot, while maintaining
long exposure in countries such as Mexico where the "lower for
longer" policy still applies.
Foreign exchange markets trended strongly in January. Notably,
the Japanese yen continued to fall against its developed market
counterparts amid aggressive monetary policy actions, including the
Bank of Japan's formal adoption of a 2% inflation target. The euro
strengthened against the US dollar on the back of improved
sentiment, while sterling declined following signs that the UK
economy was continuing to weaken. After speculation that the Swiss
National Bank may use interest rate measures to weaken the
currency, the Swiss franc fell to its lowest level against the euro
since the September 2011 exchange rate ceiling was implemented.
Despite increased risk-taking, commodity and emerging market
currencies were generally mixed. The Canadian dollar declined on
the back of a more benign inflation outlook, while the Brazilian
real moved sharply higher at month end after the central bank
signalled that it would favour a stronger currency in order to
fight inflation. Asian currencies generally fell on the back of
speculation that their central banks would seek weaker exchange
rates to protect exports. Managers continue to be short the
Japanese yen, believing that the cycle of "reflation" in Japan is
continuing and will be achieved through yen depreciation. They are
tactically trading the euro against the US dollar, with some
holding long positions based on improving sentiment in the region,
while others hold a short bias given the poor economic data. On the
emerging market front, they are long those currencies with
favourable yields and relatively strong supporting fundamentals,
such as the Mexican peso and Russian ruble.
The commodity sector had a strong month, with the Dow Jones-UBS
Commodity Index rising 2.4% and the S&P North American Natural
Resources Sector Index gaining 6.0%. The energy sector performed
strongly, most notably the oil services sector, with prices surging
on positive US and Chinese economic data, particularly
stronger-than-expected manufacturing data and improving US housing
and jobs figures. Gasoline prices also climbed sharply as a result
of this data, in addition to speculation that refinery repairs and
closures would reduce inventories. However, natural gas prices fell
for a third consecutive month on the back of forecasts for milder
weather across the US. In the agricultural sector, corn and soybean
prices climbed as US data confirmed stockpiles were smaller than
expected and investors weighed the impact of excessive rain on
South American crops. Gold prices fell for a fourth consecutive
month as speculation mounted that the Federal Reserve may end
monthly US debt purchases at some point in 2013 and economic data
broadly improved. Commodities exposure, whilst light, is dominated
by long positions in the agricultural sector, due to the attractive
supply/demand fundamentals, as well as long energy, based on highly
accommodative policy.
Strategy Overview
Discretionary: +2.90%. Strong gains this month were once again
widespread across asset classes, with the exception of commodities.
The currencies sector in particular was highly profitable, with
gains being driven by shorting the yen against the US dollar and
the euro, and to a lesser extent short the Swiss franc against the
euro, in addition to long exposure to emerging market currencies
such as the Mexican peso, Brazilian real and Russian ruble. In
equities, gains were generated by long positioning across Asian and
US indices. The fixed income sector was more mixed, with profits
made on shorts US treasuries and longs in certain European
peripheral bonds, along with some losses from long positioning
along the euro curve. Commodities, notably long gold exposure,
detracted marginally.
Systematic: +2.01%. Performance among the trend following
managers was dominated by gains in currencies and equities which
offset losses in other sectors. More specifically, short positions
in the Japanese yen and long positions in the euro were accretive,
as were longs in US, European and Japanese equities. These positive
returns overwhelmed losses from long bond and long gold exposures.
Non-trend following performance was mixed, with gains from short
exposure to the German yield curve and losses from long yen
positions.
Natural resources: +2.06%. Profits derived from long positions
in crude oil, while losses came from long gold and gold-related
equities.
Relative value arbitrage: +3.77%. All underlying managers were
profitable during the month, with beneficial returns across all
sub-strategies, including fundamental stock picking and liquidity
arbitrage.
Strategy Allocation Number of Performance by
as of 31 January managers as strategy %
% of
31 January
-------------------------- ------------------ ------------- -----------------
January YTD
-------------------------- ------------------ ------------- --------- ------
Discretionary(1) 58 22 +2.90 +2.90
-------------------------- ------------------ ------------- --------- ------
Natural resources 7 8 +2.06 +2.06
-------------------------- ------------------ ------------- --------- ------
Relative value arbitrage 6 3 +3.77 +3.77
-------------------------- ------------------ ------------- --------- ------
Systematic(1) 20 9 +2.01 +2.01
-------------------------- ------------------ ------------- --------- ------
Cash 9 - - -
-------------------------- ------------------ ------------- --------- ------
Total 100 41(1)
-------------------------- ------------------ ------------- --------- ------
(1) Discretionary and systematic have one manager in common.
Strategy returns are in US$, net of underlying manager fees
only, and not inclusive of either Dexion Trading's or PMH's fees
and expenses.
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/8917X_-2013-2-14.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUSORROKAUAAR
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
