AIA Altin Reg

 
TIDMAIA 
 
 

ALTIN market review and portfolio holdings as of 1st April 2013

Baar, 15 April 2013 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, today discloses its entire hedge fund portfolio holdings as part of its policy of full transparency to investors. The portfolio, featuring more than 30 underlying hedge funds and representing over 10 investment strategies, is particularly well diversified and has a NAV performance of +174.60%1 since its inception in December 1996.

 
Portfolio as at 1st April 2013                      Total Portfolio (%) 
Global Macro Strategy                               17.99% 
AlphaMosaic SPC - SP 127 Episteme Capital           0.93% 
Partners LLP Systematic  Quest Fund 3X 
LAMP Funds (Ire) 1 plc - LAMP Hayman Capital Fund   5.18% 
Omni Macro Fund I Ltd                               2.15% 
Stone Milliner Macro Fund Inc                       2.20% 
The Tudor BVI Glob Fund Ltd                         4.10% 
Two Sigma Compass Enhanced Cayman Fund Ltd          3.43% 
Commodity Trading Strategy                          4.73% 
AlphaMosaic SPC - SP 23 Rosetta                     0.49% 
- Composite Program 2.5X 
Atreaus Overseas Fund, Ltd                          1.83% 
Goldfinch Capital Management Offshore, Ltd.         1.99% 
LD Commodities Alpha 2X Fund Ltd                    0.42% 
Managed Futures Strategy                            4.85% 
AlphaMosaic SPC - SP 10 Welton                      0.63% 
Global Directional 2X 
Bluetrend Fund Limited                              1.82% 
LAMP Funds (Ire) 1 plc - LAMP NuWave                1.01% 
Combined Futures Master Fund 
LAMP Funds (Ire) 1 plc - QIM Global Fund            0.95% 
LAMP Funds (Ire) 1 plc - Welton Global              0.44% 
Directional Portfolio GDP  Master Fund 
Equity Long/Short Strategy                          14.97% 
BlackRock UK Emerging Companies Hedge Fund Ltd      3.25% 
Coatue Offshore Fund Ltd                            4.57% 
LAMP UCITS Funds (Ire) 2 plc                        3.79% 
- LAMP Visium Global Fund 
Pinpoint China Fund                                 1.11% 
Zeal China Fund Limited                             2.25% 
Equity Long Bias Strategy                           6.20% 
Arrow Offshore Ltd                                  3.91% 
Golden China Fund                                   2.29% 
Event-Driven Strategy                               23.38% 
LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund    6.79% 
LAMP Funds (Ire) 1 plc - Marathon                   6.88% 
Opportunistic Credit Fund 
Omni Global Fund Ltd                                2.23% 
R3 (C), Ltd.                                        3.55% 
York European Opportunities Unit Trust              3.93% 
Credit Long/Short Strategy                          2.76% 
Claren Road Credit Fund Ltd                         2.76% 
Convertible Bond Strategy                           11.16% 
Aristeia International Ltd                          5.29% 
LAMP Funds (Ire) 3 plc - Lazard                     5.87% 
Rathmore Multi-Strategy Fund 
Equity Market Neutral Strategy                      5.78% 
Atlas Leveraged Fund Ltd                            2.64% 
ZLP Offshore Utility Fund Ltd                       3.14% 
Interest Rate Strategy                              6.85% 
EMF Fixed Income Fund Ltd                           3.08% 
Providence MBS Offshore Fund Ltd                    3.77% 
Volatility Strategy                                 1.90% 
Two Sigma Horizon Cayman Fund, Ltd.                 1.90% 
Protection Strategies                               2.94% 
LAMP Funds (Ire) 1 plc - Capstone Convexity Fund    2.33% 
LAMP Funds (Ire) 1 plc - LAMP Conquest              0.61% 
Customised Macro Master Fund 
Multi-Strategy Funds                                12.36% 
Brevan Howard Fund Ltd                              1.02% 
Millennium International Ltd                        4.62% 
Stratus Feeder Ltd 1.5 Leverage                     4.16% 
The Segantii Asia-Pacific Equity                    2.56% 
Multi-Strategy Fund 
Private Equity                                      0.77% 
MPM Bio Ventures II                                 0.77% 
ALTIN AG                                            3.84% 
Others                                              2.31% 
Total                                               122.8% 
 
 

ALTIN: Q1 2013 commentary

The first quarter of the year was overall positive for hedge funds. Appetite for risk continued to dominate markets and led to good returns for risky assets, especially in the US, where the economic recovery seems sustainable and where good liquidity prevails. In Europe the situation improved, but markets remained nervous around specific events, such as the inconclusive Italian elections or the Cyprus bailout negotiations. Japan has also come back into the picture with the appointment of the new governor of the Bank of Japan and its willingness to depart drastically from former policies, providing a dramatic boost to equity markets. On the emerging market front the situation is more difficult as policy tightening is keeping investors on guard. Generally speaking correlations went down and markets are re-focussing on idiosyncrasies. As expected a few months ago, the decrease in tail-risk due to the sovereign debt crisis in Europe and the improvement of market dynamics led managers to take more risk and therefore to enhance returns. Positive performances came both from directional long risk exposures and from relative value trades as well as specific events.

Recognising the improved environment, ALTIN will keep on re-risking its portfolio and moving down the liquidity curve. ALTIN will be increasing its allocation to aggressive managers across strategies and overweight the allocation to Event Driven and Credit managers with a bias to Europe. Investment opportunities remain plentiful, especially where banks are reducing activity, even if these opportunities are not broad-based or easily accessible to everyone. It therefore remains key to identify the precise strategies and specific managers who have the right skills, resources, experience and AUM size to implement them successfully.

Top contributors YTD as 31.03.2013 (estimated data)

 
 
    -- Two Sigma Compass Enhanced Cayman Fund, Ltd. +0.53% 
 
    -- LAMP Funds (Ire) 1 plc - LAMP JANA Partners Fund +0.50% 
 
    -- LAMP Funds (Ire) 1 plc - Marathon Opportunistic Credit Fund +0.49% 
 

Top detractors YTD as 31.03.2013 (estimated data)

 
 
    -- LAMP Funds (Ire) 1 plc - LAMP Conquest Cust. Macro 2X -0.22% 
 
    -- LAMP Funds (Ire) 1 plc - QIM Global Fund 3X -0.20% 
 
    -- Zeal China Fund Limited -0.14% 
 

ALTIN: Continuing to gradually move down the liquidity curve

The improvement in market dynamics and the reduction of tail-risk, coupled with a very appealing opportunity set, means that ALTIN is continuing to take advantage of its stable capital base and invest in less liquid strategies with higher expected returns. This allocation shift continues to be implemented gradually.

ALTIN: not affected by redemption issues

ALTIN is a closed-ended and fixed capital fund and as such it is not faced with redemption requests. This provides the investment manager with the opportunity to select the best risk/reward opportunities in the hedge fund universe. Investors can freely buy and sell ALTIN shares on a daily basis on the London or Swiss stock exchanges, without the need to redeem at fixed redemption dates.

Note to Editors

About ALTIN AG

ALTIN AG was launched in 1996 and is listed on the SIX Swiss Exchange as well as on the London Stock Exchange. It ranks among Switzerland's leading alternative investment companies. Currently, ALTIN is invested in more than 30 hedge funds representing diverse investment strategies. Its objective is to generate an absolute compound annual return in USD terms with lower volatility than equity markets. Owing to these characteristics and a low correlation with equity markets, ALTIN shares provide an ideal complement for all diversified portfolios.

ALTIN is managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group.

www.altin.ch

1 Estimated NAV performance as at 31 March 2013

 
 
This information is provided by Business Wire 
 
 

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