Lyxor Focus Fund (GBP) Ltd Interim Management Statement (4978H)
2014年5月19日 - 11:09PM
ＲＮＳを含む英国規制内ニュース （英語）
TIDMLYXF
RNS Number : 4978H
Lyxor Focus Fund (GBP) Ltd
19 May 2014
LYXOR FOCUS FUND (GBP) LIMITED
Interim Management Statement
For the period from 1 January 2014 to 19 May 2014
Market Commentary
Lyxor Focus Fund (GBP) Limited (the "Fund") is slightly down
year to date, with a performance of -0.21% as of 29 April 2014.
The period was quite challenging for hedge fund investments.
Over the same period the HFR Fund of Funds index lost 0.63% while
the HFRX index gained 0.37%. The Lyxor Hedge Fund Index was -0.35%
over the same period.
Looking beyond these flat performances the beginning of the year
can be split into two very different periods:
1) During the months of January and February Equity markets were
generally supportive and equity-linked strategies outperformed.
Long/Short Equity funds and Event Driven programs benefited from
rising valuations, but also posted strong Alpha. Other strategies
contributed positively to performances with the exception of
systematic trend following.
2) Since 4 March 2014 the Fund returned part of its earlier
gains amid difficult market conditions: losses were concentrated in
the Long/Short Equity and, to a lesser extent, Event Driven
strategies, where every consensus view (Long Growth, Tech Biotech,
Japan, Underweight EM) was challenged by the market.
The movement could be traced back to the last Federal Reserve
meeting where the tone appeared slightly more hawkish than
expected, which led managers to reshape their books and trim their
winning lines. Due to over-crowding on certain growth sub-sectors
(Biotech, Tech, Internet and Media) profit taking snowballed into a
sell-off for most hedge fund conviction trades in the equity
space.
Interestingly, managers exposed to other asset classes (Credit,
Convertible Bond Arbitrage, Global Macro, Fixed Income) generally
resisted well and posted positive returns.
The Fund's outlook did not change during the quarter. Global
growth was expected to continue to firm up, driven by developed
economies. The favorable backdrop of low inflation, ample
liquidity, and improving sentiment should prevail, which should
benefit risky assets in general over the medium term. Alpha
generation was also expected to improve and Long/Short Equity
strategies to recover.
In this context, no major changes were made to the
portfolio.
Material Events and Transactions during the Period
There were no material events or transactions since 31 December
2013, nor was there any material change in the business of the
Fund's operations. The Fund's investment objectives, as set out in
the prospectus dated 14 July 2008, remained unchanged.
Financial Position and Performance
The table below sets out the most recent NAV per share
information (in GBP):
Date Net Asset Monthly performance JPM GGB MSCI World
Value per (%) Hedge USD (%)
share (GBP) (%)
------------- ------------- -------------------- ----------- -----------
31 December 1.0855 N/A N/A N/A
2013
------------- ------------- -------------------- ----------- -----------
28 January
2014 1.0794 (0.56) 1.25 -2.78
------------- ------------- -------------------- ----------- -----------
25 February
2014 1.0952 1.46 0.55 3.25
------------- ------------- -------------------- ----------- -----------
25 March
2014 1.0881 (0.65) 0.23 -0.79
------------- ------------- -------------------- ----------- -----------
29 April
2014 1.0828 (0.49) 0.56 1.29
------------- ------------- -------------------- ----------- -----------
This announcement has been issued through the Companies
Announcement Service of
The Irish Stock Exchange
This information is provided by RNS
The company news service from the London Stock Exchange
END
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