Interim Management Statement


 

TIDMTRMA TIDMTRMU TIDMTRMS 
 
RNS Number : 6314X 
Thames River Multi Hedge PCC Ltd 
18 August 2009 
 

THAMES RIVER MULTI HEDGE PCC LIMITED 
 
 
(a closed-ended, umbrella investment, protected cell company incorporated with 
limited liability under the laws of Guernsey with registered number 41511) 
 
 
Interim Management Statement 
 
 
For the period 1 April to 30 June 2009 
 
 
 
 
This statement has been prepared to provide additional information to 
shareholders as a body to meet the relevant requirements of the UK Listing 
Authority's Disclosure and Transparency Rules.  It should not be relied upon by 
any other party for any other purpose. 
 
 
Investment Objective 
 
 
The investment objective of Thames River Multi Hedge PCC Limited (the "Company") 
in respect of its cell Thames River Hedge+ is to produce attractive absolute 
returns relative to the level of risk assumed, through a dynamic multi manager 
approach. 
 
 
The Company appointed Thames River Capital LLP, a limited liability partnership 
incorporated in England & Wales on 10 January 2005, as Manager with 
responsibility for the day-to-day discretionary management of the Company's 
assets (including cash) in accordance with the Company's investment objective 
and policy, subject to the overall supervision of the Directors. 
 
 
The Manager seeks to accomplish this investment objective by investing the 
assets of Thames River Hedge+ predominantly in absolute return orientated funds 
worldwide.  The resultant portfolio collectively provides a variety of 
investment strategies across all asset classes. 
 
 
A fundamental part of the investment policy of Thames River Hedge+ is to be 
innovative in terms of portfolio construction technique as well as in strategy 
allocation. 
 
 
Key Fund Data31 march 200930 june 2009 
 
 
Total Net Asset Value (NAV)            US$458 mill  US$511 mill 
GBP320.0 mill  GBP311 mill 
 
 
Gross Exposure (as % of NAV) 105% 86% 
 
 
Sterling Shares (see below) 
Shares in issue   225,323,965 213,870,718 
NAV per share  126.22 pence                   132.74 pence (Est) 
Price per Share  89.00 pence109.00 pence 
Premium/(Discount) to NAV(29.49%)                         (17.70%) 
 
 
Euro Shares 
Shares in issue   4,372,5826,998,872 
NAV per share   EUR1.1317                          EUR1.2115 (Est) 
Price per Share  EUR0.89                             EUR1.00 
Premium/(Discount) to NAV(21.13%)(17.66%) 
  Key Fund Data   31 march 200930 june 2009 
 
 
Dollar Shares 
Shares in issue   36,078,80722,125,488 
NAV per share  US$1.0362                      US$1.1168 (Est) 
Price per Share   US$0.75                         US$0.91 
Premium/(Discount) to NAV  (27.62%)(18.74%) 
 
 
Sterling Realisation Shares 
Shares in issue 6,327,450 5,927,450 
NAV per share 79.15 pence83.13 pence (Est) 
Price per Share 64.00 pence70.00 pence 
Premium/(Discount) to NAV(19.14%)(15.49%) 
 
 
Material Events 
 
 
Annual Financial Statements 
The Company released its Annual Results and Audited Financial Statements for the 
year ended 31 March 2009 on 12 June 2009. These have been distributed to all 
shareholders. 
 
 
Treasury Shares 
During the period from 1 April to 30 June 2009, the Company bought back 
14,550,000 Sterling Shares for GBP15,462,398, 4,520,000 Dollar Shares for 
$3,526,593, 150,000 Euro Shares for EUR146,544 and 400,000 Realisation 
Shares for GBP256,512.  The following Shares were placed into Treasury: 
14,550,000 Sterling Shares, 3,970,000 Dollar Shares, 150,000 Euro Shares and 
400,000 Realisation Shares. 3,550,000 Dollar Shares were cancelled from 
Treasury and 550,000 Dollar Shares were cancelled on purchase. 
 
 
 
Currency Hedging 
 
 
On 19 May 2009 the Directors decided to reinstate the full share class currency 
hedging. 
 
 
 
 
Block Listing Facility 
The Company did not issue any shares from its block listing facility during the 
period. The Company confirmed shares held in block on 4 August 2009. 
 
 
 
 
Redemption Facility 
The Directors resolved not to activate the Company's half yearly redemption 
facility at 30 June 2009. 
 
 
 
 
Realisation Share Class 
The Directors resolved  to operate the Company's Realisation Facility with 
regard to the 30 June 2009 Realisation Date.  The Realisation entitlement will 
be 6.25% of the number of shares held by each electing Realisation Shareholder. 
 
 
 
 
Total Voting Rights 
Following all conversions in the period, the total number of shares in issue as 
at 30 June 2009 were 213,870,718 Sterling Shares, 6,998,872 Euro 
Shares, 22,125,488 Dollar Shares and 5,927,450 Sterling Realisation Shares.  The 
total number of voting rights in the Company was 248,922,528. 
 
 
Variable Funding Note Programme 
In order to replace borrowing facilities previously in place with Bear Stearns, 
following its takeover by JP Morgan, the Company announced that Thames River 
Hedge+ had entered into a variable funding note programme with Credit Suisse 
International to provide credit facilities. 
 
 
Annual Information Update 
The Company filed the Annual Information Update in accordance with Prospectus 
Rule 5.2 on 3 July 2009. 
 
 
Other than as described above, the Board is not aware of any events during the 
three month period ending 30 June 2009 which would have a material impact on the 
financial position of the Company. 
 
 
The following material events have occurred in the period since 30 June 2009: 
 
 
Annual General Meeting 
The Company sent notice of its Annual General Meeting to all shareholders on 19 
June 2009 and this meeting is to be held at its registered office on 3 September 
2009. 
 
 
 
 
Treasury Shares 
For the period from 1 July 2009 to date, the Company bought back 
4,800,000 Sterling Shares for GBP5,509,751. The following Shares were placed 
into Treasury: 4,800,000 Sterling Shares and 2,500,000 Sterling Shares were 
cancelled from Treasury. 
 
 
 
 
PORTFOLIO 
The following is a summary of the portfolio as at 31 March 2009 and 30 June 
2009. 
 
 
+------------------------------+----------+--------+---+----------+---------+ 
|                              |  31 march 2009    |   |    30 june 2009    | 
+------------------------------+-------------------+---+--------------------+ 
|                              |  No of   | % NAV  |   |  No of   |  % NAV  | 
|                              |Holdings  |        |   |Holdings  |         | 
+------------------------------+----------+--------+---+----------+---------+ 
| Equity Long Short            |       11 |  19.82 |   |       12 |   18.01 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Multi-Strategy               |        3 |  18.14 |   |        3 |    9.59 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Other                        |        7 |  15.35 |   |        7 |   14.46 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Credit                       |        5 |  11.88 |   |        5 |    8.92 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Resources                    |        3 |   8.87 |   |        3 |    7.85 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Distressed                   |        1 |   6.97 |   |        1 |    6.45 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Macro                        |        3 |   5.33 |   |        3 |    3.55 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Real Estate                  |        2 |   5.32 |   |        2 |    4.77 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Convertible Arbitrage        |        1 |   4.73 |   |        1 |    5.50 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Event Driven                 |        3 |   4.65 |   |        3 |    4.06 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Commodity Trading            |        1 |   2.08 |   |        1 |    1.72 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Currency                     |        1 |   1.34 |   |        1 |    1.32 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Options                      |          |   0.57 |   |          |         | 
+------------------------------+----------+--------+---+----------+---------+ 
| Cash                         |          | (5.05) |   |          |   13.80 | 
+------------------------------+----------+--------+---+----------+---------+ 
| Total                        |       41 | 100.00 |   |       42 |  100.00 | 
+------------------------------+----------+--------+---+----------+---------+ 
 
 
 
 
For any further information please visit the Company's  website 
www.trmultihedge.co.uk or contact: 
 
 
Michael Warren at Thames River Capital LLP: 020 7360 1200 
 
 
Fraser Hiddelston at Northern Trust International Fund Administration 
Services (Guernsey) Limited: 01481 745738 
 
 
 
 
 
 
 
 
 
 
The Company is an authorised closed-ended investment scheme domiciled in 
Guernsey. As an existing closed-ended fund the Company is deemed to be granted 
an authorisation declaration in accordance with section 8 of the Protection of 
Investors (Bailiwick of Guernsey) Law 1987, as amended and rule 6.02 of the 
Authorised Closed-ended Investment Schemes Rules 2008 on the same date as the 
Company obtained consent under the Control of Borrowing (Bailiwick of Guernsey) 
Ordinance 1959 to 1989. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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