Altin AG Annual Financial Report
April 02 2015 - 12:30PM
UK Regulatory
TIDMAIA
ALTIN: 2014 Results and Annual Report
-- Good 2014 performance (+8.60%1 share price, +5.66%2
NAV performance)
-- Strong relative outperformance (HFRX Index: -0.58%, HFRI FoF
Index: +3.37%)
-- Share price to NAV Discount significantly reduced
-- 9.78% capital reduction to be submitted to AGM
-- Positive outlook for 2015: share price +15.84% YTD3,
NAV +4.24% YTD4
Baar, 2 April 2015 - ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss
alternative investment company, published its 2014 audited annual
results today5. Despite a complex and volatile environment, ALTIN
delivered a solid 2014 performance both in terms of share price
increase (+8.60%) and of investment portfolio returns (+5.66%).
This represents a solid outperformance to both reference
benchmarks: the HFRX and HFRI FoF indices, which in 2014 were down
-0.58% and up +3.37% respectively.This outperformance was achieved
thanks a broadly diversified set of return drivers. The discount to
NAV ended the year at 21.81%, compared with 23.93% at end 2013.
Despite this improvement, the Board remains firmly committed to
further reducing the discount and, in accordance to the mechanism
that was introduced in January 2014, on 27 February 2015 launched a
further capital buyback via the issuance of tradable put options.
The operation was successful and the discount has shrunk to 13.11%
at the time of writing. The buyback programme will result in a
9.78% capital reduction and the formal cancellation of the bought
back shares to be approved by the Annual General Meeting on 11 May
2015. The outlook remains positive for 2015, with the share price
up +15.84% YTD, while the NAV has increased by +4.24% over the same
period.
2014 annual results
2014 was a positive but difficult year for hedge funds, with
contrasting macroeconomic signals, heightened geopolitical tensions
and a dramatic fall in oil prices. Thanks to an appropriate
strategy allocation, ALTIN's NAV finished the year up +5.66% in
2014, compared to the HFRX index and the HFRI FoF index, which
recorded -0.58% and +3.37% respectively. ALTIN's portfolio turnover
was much lower in 2014 as the major allocation shifts had mostly
been completed by the beginning of 2014. The result was a portfolio
that combined a diverse set of strong return drivers and the
significant outperformance realised confirms the value of this
strategy. The best contribution to performance came from the Macro
strategy, followed by Relative Value and Equity Hedge. The
favourable trend recorded in 2014 continued during the first months
of 2015, with a YTD NAV increase of +4.24% (as 31 March 2015).
Reduced discount
As a result of the strong performance and of the different
measures put in place by the Board, the share price/NAV discount
ended the year at 21.81%, compared with 23.93% at end 2013. The
average discount for 2014 was 20.89%, the lowest yearly average
discount since 2008. The Board underlined its strong commitment to
further reducing the discount by launching a share buyback via the
issuance of tradable put options on 27 February 2015 and the
discount has now shrunk to 13.11%. In addition to the immediate
cash benefit received by shareholders, either by selling their put
options or by tendering their shares at a premium, investors will
also see the YTD NAV performance rise as a result of the capital
reduction, as shares were bought at a discount to NAV. The
repurchased shares will be cancelled after approval at the Annual
General Meeting on 11 May 2015 and the capital will thus be reduced
by 9.78%. The invitation to the Annual General Meeting will be made
available at a later stage.
Once publicised it will also be available at the Company's
website at www.altin.ch.
ALTIN AG ALTIN AG HFRI FoF
NAV Share Price (SIX) Index
YTD as 28 February 2015 (latest +2.50% +6.81% +1.90%
available final figures)
2014 +5.66% +8.60% +3.37%
Cumulative since Dec. 1996 +208.42% +160.98% +144.07%
Annualized since Dec. 1996 +6.43% +5.45% +5.06%
For further information, please contact:
Tony Morrongiello - Chief Executive Officer Kinlan Communications
Tel. +41 (0)41 760 62 60 David Hothersall
Tel. +44 (0)20 7638 3435
info@altin.ch davidh@kinlan.net
IMPORTANT NOTICE FOR THE MEDIA
ALTIN AG is an investment company that functions like a
closed-end fund of funds. As a consequence, the analysis of its
annual financial statements cannot be conducted in the same way as
with most companies that produce goods or services (i.e. balance
sheet, income statement, net profit, etc). In particular, the
performance of the company cannot be accurately measured through
the change in net profit, which does not reflect the portfolio's
investment performance. The results of the company should thus
preferably be assessed through the evolution of the NAV and the
analysis of the investment portfolio, as found in the "Business
activity" section of the annual report. A detailed list of the
holdings is also available in Note 4 of the report.
In order to avoid any possible misinterpretation, please contact
us if you have any questions regarding these results.
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 40 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.
www.altin.ch
1 Based on SIX share price performance as at 31 December
2014
2 2014 audited NAV performance
3 SIX share price performance as at 01.04.2015
4 NAV performance as at 31.03.2015 (YTD, estimated)
5 The annual report is available on the company's website
www.altin.ch ("About ALTIN / Reports & Publication", "Annual
Report") or by using the following link:
https://www.altin.ch/n/CNTP_552304_EN
This information is provided by Business Wire
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