TIDMGFIR
RNS Number : 8560F
Global Fixed Income Realisation Ltd
16 November 2015
IMS announcement
16 November, 2015
GLOBAL FIXED INCOME REALISATION LIMITED (the "Company")
Material Events and Transactions during the Period
There have been no material events during the period covered by
this interim management statement.
Introduction
During the period covered by this report, the Investment
Manager, Gottex Asset Management (UK) Ltd has continued to actively
monitor all of the holdings of the Company and realise investments
where it has been able to do so in accordance with its mandate to
make realisations in an orderly and timely manner.
For the three months ended 30 September 2015, the Net Asset
Value has declined by 7.97%. The main contributor to this was the
Brazilian exposures, specifically Autonomy Fund II D and the Vision
Funds(1) .
Portfolio Review
Table 1: Significant Holdings as at 30 September 2015
Fund Holding Manager Principal Comment
(percentage and primary Strategy
of 30 location
September
NAV)
----------------- ----------------- ----------------------- ----------------- ---------------------------------
Autonomy 22.7% Autonomy Commercial This fund contains
Fund II Investimentos Real Estate investments in
D Sao Paulo, Development several long term
Brazil multi-phase real
estate developments
in Brazil. As a
result, the inherent
liquidity offered
by this fund is
very limited. There
has been little
change in the portfolio
over the quarter,
although the most
recent valuation
process has included
revisions to the
occupancy rate
assumptions for
the largest assets
(the Rochavera
towers) which have
resulted in lower
values.
----------------- ----------------- ----------------------- ----------------- ---------------------------------
3DPropCo 36.8% 3Degrees Hotel This fund holds
Limited Capital, management a single asset,
Cayman Ltd a stake in a hotel
Singapore close to Singapore,
the Bintan Lagoon
Resort. The investment
manager has recently
filed another update
which mentions
potential interest
from a possible
buyer. We cannot
comment on how
probable it is
that this will
result in a transaction
which returns capital
to investors, but
we note that the
sporadic updates
from the fund have
mentioned potential
interest from buyers
for some considerable
time without any
bid actually materialising.
----------------- ----------------- ----------------------- ----------------- ---------------------------------
South 15.7% South Asian Residential SARE is a company
Asian Asset Management Real Estate with a goal to
Real Estate Ltd Development develop 25,000
Limited Mauritius residential units
in various cities
in India. The original
assumed exit is
an IPO of the business,
but the timing
of this is not
imminent. Gottex
continues to explore
all potential opportunities
for exit at a fair
price.
----------------- ----------------- ----------------------- ----------------- ---------------------------------
Vision 5.2% Vision Investments Asset-Based The various funds
Funds(1) LLP, Vision Strategies have exposure primarily
Brazil Gestao to two sets of
de Investimentos assets. The FCVS
e Participacoes portfolio represents
Ltda claims against
Sao Paulo, a mortgage insurance
Brazil program backed
by the government,
and comprises 4.4%
of the 5.2% total.
The Tercado asset
comprises 0.5%
of the 5.2% and
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holds agricultural
assets.
----------------- ----------------- ----------------------- ----------------- ---------------------------------
(1) The Vision Funds are a group of 7 separate funds with
multiple series under the name Vision. Since the restructuring in
June 2013, each fund now consists of a single underlying asset or
portfolio of related assets. They are all run by the same manager,
and hence we consider them as a single line item for the purpose of
this and similar analyses.
No other single position is greater than 4.0% of the Net Asset
Value of the Company as of 30 September 2015. These four positions
listed in Table 1 account for 80.5% of the Net Asset Value of the
Company, or 87.6% of the Hedge Fund portfolio excluding cash and
equivalents.
Table 2: Portfolio Exposure
Real Estate 80.2%
Asset-Based Strategies 5.3%
Distressed 3.8%
Other 2.0%
Cash and equivalents 8.1%
Source: Gottex Asset Management (UK) Ltd
Table 3: Portfolio Geography
Americas US 1.9% 36.8%
--------------- -------------------- ---------- ----------
Brazil 34.5%
------------------------------------ ---------- ----------
Other Latin
America 0.5%
------------------------------------ ---------- ----------
Europe
& Middle Developed
East Europe 0.0% 1.0%
--------------- -------------------- ---------- ----------
Ukraine 0.9%
------------------------------------ ---------- ----------
Other Emerging
Europe 0.0%
------------------------------------ ----------
Dubai 0.0%
------------------------------------ ---------- ----------
Asia
Pacific Indonesia 40.3% 62.2%
--------------- -------------------- ---------- ----------
India 17.3%
------------------------------------ ---------- ----------
Vietnam 0.0%
------------------------------------ ----------
Australia 0.8%
------------------------------------ ----------
China 3.6%
------------------------------------ ----------
Korea 0.1%
------------------------------------ ----------
Philippines 0.0%
------------------------------------ ---------- ----------
Entries with zero values are shown for comparison with prior
reports.
Source: Gottex Asset Management (UK) Ltd
Estimated Liquidation Time Line
Gottex continues to provide updates on cash received or
imminently to be received by the Company in its monthly factsheets.
The liquidity generation has developed more or less in line with
Gottex's expectations when it started work as the investment
manager.
The portfolio of the Company is now concentrated around four
large holdings, the top three of which comprise predominantly real
estate assets. Liquidity generation from these assets is very
unpredictable. Gottex continues to seek the optimal outcome for
shareholders of the Company. Any liquidity generated from any of
these holdings will be a material event.
The projection Gottex has produced is shown below in tabular
format (table 4). It should be read in conjunction with the caveats
laid out below and it will be periodically updated as new
information becomes available or changes to existing projections
are warranted. Updates to this projection are incorporated into
Gottex's monthly factsheet, which is available on the Company
website, www.gottexfunds.com/gfir/gfir.
This projection does not include any assumption of sales of
hedge fund investments in the secondary market for such interests.
This would achieve an acceleration of the return of capital, but
would also reduce the aggregate amount of capital returned as such
sales are likely to occur at a discount to stated net asset value
and/or reserved carrying value of the underlying hedge fund.
The distribution of cash to Shareholders is at the discretion of
the Board, and it should be recognised that the table below shows
when underlying fund investments are projected to monetise assets.
Return of capital from those fund investments to the Company
typically occurs 30-90 days after that monetisation, and the
Company holds a cash-equivalent receivable during that period. Only
when actual cash is paid out is the Company in a position to return
capital to Shareholders.
The Board intends to make periodic returns of cash to
Shareholders via tender offers as and when, in their opinion, there
is sufficient cash available to make it cost efficient to do so. As
at the date of this interim management statement, the cash held by
the Company is GBP1.267m.
Table 4: Estimated Liquidity Projection
Cash (including Cash
Fund Portfolio distributions) Pct*
Mar-13 GBP 58,435,675 GBP 12,981,287 18%
Apr-13 GBP 56,934,067 GBP 13,382,106 18%
May-13 GBP 55,116,862 GBP 14,956,693 21%
Jun-13 GBP 45,583,190 GBP 24,023,070 33%
Jul-13 GBP 42,844,019 GBP 24,404,898 34%
Aug-13 GBP 40,016,028 GBP 25,577,780 35%
Sep-13 GBP 38,605,189 GBP 26,022,510 36%
Oct-13 GBP 37,725,593 GBP 25,993,788 36%
Nov-13 GBP 35,712,767 GBP 26,858,875 37%
Dec-13 GBP 25,304,831 GBP 28,633,634 39%
Jan-14 GBP 24,968,590 GBP 28,743,321 40%
Feb-14 GBP 24,072,203 GBP 29,171,455 40%
Mar-14 GBP 23,859,293 GBP 29,162,881 40%
Apr-14 GBP 21,263,543 GBP 29,945,722 41%
May-14 GBP 19,779,065 GBP 31,452,932 43%
Jun-14 GBP 19,532,643 GBP 31,420,502 43%
Jul-14 GBP 19,314,587 GBP 31,515,529 43%
Aug-14 GBP 19,902,505 GBP 31,647,803 44%
Sep-14 GBP 19,121,834 GBP 31,645,168 44%
Oct-14 GBP 19,274,333 GBP 31,612,325 44%
Nov-14 GBP 19,107,348 GBP 31,654,915 44%
Dec-14 GBP 17,616,581 GBP 31,672,812 44%
Mar-15 GBP 16,896,183 GBP 31,579,651 43%
Jun-15 GBP 15,760,473 GBP 31,630,090 44%
Sep-15 GBP 14,481,411 GBP 31,525,372 43%
------------ --------------------- --------------------- ----------
Dec-15 GBP 14,481,411 GBP 31,525,372 43%
Dec-16 GBP 13,407,425 GBP 32,599,358 45%
------------ --------------------- --------------------- ----------
(*) Cash pct is the value of cash and equivalents net of
payables in the Company's portfolio divided by the January 31, 2013
NAV.
Disclaimer:
This projection has been prepared by Gottex based on highly
subjective analyses of complex and dynamic investments held by
underlying fund investments. The analyses are dependent on
information sourced from the investment managers of the underlying
fund, and hence the accuracy of the projections produced by Gottex
is reliant on the accuracy of that information. In many cases the
range of possible outcomes from the underlying asset investments is
extremely wide in both value and timing. This range of outcomes
will also become significantly more unpredictable the further into
the future projections are made.
The projection is provided for the purpose of informing
Shareholders as to the possible timing of the return of capital
from the Company, but it should be understood that the actual
amount and timing of the return of capital will not be as
projected. There are many reasons why this will occur. These
include, but are not limited to:
1. Inaccurate or optimistically-skewed information provided by the underlying managers;
2. Unpredictable events such as the appearance of a third-party
buyer for a given underlying asset;
3. Changes in the values of underlying assets as prices change in global asset markets;
4. Changes in the foreign exchange markets, causing translation
effects as foreign assets are marked back into pounds;
5. Sale of certain positions in the secondary market at a discount to stated net asset value;
It should also be noted that the analysis does not include any
estimate of the fees and expenses that the Company will incur
during the period of projection.
The information in the tables above has not been subject to
audit and should be considered to be illustrative. It is emphasised
that:
-- there is no guarantee that the portfolio can be realised in
accordance with the above indicative timetable, or at all;
-- the values of any underlying investments as at the time of
realisation may differ significantly from the values relied on in
this document;
-- the estimated portfolio liquidity profile above is indicative only and should not under any circumstances be considered a prediction, forecast or guarantee of the Company's actual portfolio liquidity profile or an indication as to the timing of distributions to Shareholders pursuant to the Company's winding down; and
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