Lyxor Focus Fund (GBP) Ltd Interim Management Statement (1293X)

TIDMLYXF

RNS Number : 1293X

Lyxor Focus Fund (GBP) Ltd

14 November 2014

LYXOR FOCUS FUND (GBP) LIMITED

Interim Management Statement

For the period from 25 June 2014 to 14 November 2014

Market Commentary

The third quarter and the early fourth quarter of 2014 proved to be a challenging period for the Hedge Fund industry, especially during the months of September and October.

From 24 June 2014 to 4 November 2014 the LYXOR FOCUS FUND (GBP) LIMITED lost 2.26%, which was similar to industry returns. As a comparison, over the same period HFRX yielded -2.18%.

The months of July and August were marked by rising geopolitical stress. Relations between Russia and the West continued to worsen, while tensions escalated in Iraq and Syria. The situation stabilised in late August/September, which fuelled a short market rally.

In addition we saw some negative economic figures in Europe and Emerging Markets that further worsened market sentiment and weighed on risky assets as investors started to factor in weaker economic growth across the globe. The negative economic news flow, together with rising Ebola fears, sent equity markets sharply down in late September and early October. Markets did recover in late October and early November.

Central Bankers did not stay out of the picture. The Federal Reserve continued with the reduction of quantitative easing during the summer and it ended its new purchases in October. The European Central Bank announced plans to start a European version of quantitative easing in September with more details announced in October and November, while the Bank of Japan unexpectedly increased its quantitative easing in late October. Generally markets appreciated the various efforts made by the Central Banks to stimulate the global economy and their policies were supportive for market sentiment.

Over the period interest rates and forex exposures were generally supportive for hedge fund performances. CTA funds and Fixed Income Arbitrage were thus among the top contributors. Market Neutral and Variable Bias managers managed to monetise dispersion in the Equity space and also performed well. On the contrary, funds with structural long equity exposures suffered: Long/Short Equity Long Bias and Special Situations were among the worst performers. For the latter idiosyncratic situations in the Credit and International M&A space worsened losses.

Material Events and Transactions during the Period

There were no material events or transactions since 24 June 2014, nor was there any material change in the business of the Company's operations. The Company'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) 
--------------  -------------  --------------------  -----------  ----------- 
   29 April         1.0828              N/A              N/A          N/A 
      2014 
--------------  -------------  --------------------  -----------  ----------- 
  27 May 2014       1.0906             0.72%            0.81%        1.74% 
--------------  -------------  --------------------  -----------  ----------- 
    24 June 
      2014          1.0982             0.70%            0.17%        1.61% 
--------------  -------------  --------------------  -----------  ----------- 
    29 July 
      2014          1.0983             0.01%            0.98%        0.67% 
--------------  -------------  --------------------  -----------  ----------- 
   26 August 
      2014          1.0959            -0.22%            0.86%        0.96% 
--------------  -------------  --------------------  -----------  ----------- 
 30 September 
      2014          1.0881            -0.71%            -0.01%       -1.23% 
--------------  -------------  --------------------  -----------  ----------- 
  28 October 
      2014          1.063             -2.31%            0.71%        -1.07% 
--------------  -------------  --------------------  -----------  ----------- 
  04 November 
      2014          1.0734             0.98%            0.19%        1.66% 
--------------  -------------  --------------------  -----------  -----------

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

ISEGGGAAGUPCGQC

Lyxor Focus (LSE:LYXF)
過去株価チャート
から 5 2024 まで 6 2024