Interim Management Statement (4965W)
November 19 2010 - 5:32AM
UK Regulatory
TIDMCMAE TIDMCMAU TIDMCMAS
RNS Number : 4965W
CMA Global Hedge PCC Ltd
19 November 2010
CMA Global Hedge PCC Ltd ("The Company") - Interim Management
Statement November 2010
Performance Review
2010 has so far been negative for the Company, as it continued
to raise liquidity across the portfolio. The first quarter was
overall flat to slightly positive, while the second and third
quarters were negative. For the 9 months to the end of September
2010 the Company's USD NAV was down 6.85%. We consider this not
unusual nor excessive while the portfolio is being liquidated. In
fact it tells us that the illiquid assets that have so far been
realized, have done so on average at values close to NAV. i.e. the
liquidation of the illiquid assets has continued to be made without
any significant haircut or discount.
For the same 9-month period the EUR Class NAV was down 1.82%
while the GBP Class NAV was down 4.22%.
Leverage and FX Hedging
The Company at the end of March of 2009 fully repaid its
leverage and will not deploy any leverage again. The FX hedging
program of the Company was also stopped in December 2009 according
to the resolutions passed at the EGM held.
This means that the value of the EUR and GBP classes who are
linked to the same USD denominated portfolio will fluctuate, in
addition to the performance of the portfolio, according to the
USD/EUR and USD/GBP exchange rates.
As the USD overall appreciated in the 9 months of 2010 to the
end of September, the net effect for the EUR and GBP classes has
been better performance than the USD class as mentioned above.
Portfolio Update
We have been focused on liquidating the portfolio and will
continue to do so. An indicative expected liquidation schedule for
the remaining portfolio is below.
At the end of June the Company had cash of around 13m USD or 35%
of its NAV and at the end of September over 17m USD or around 50%
of its NAV. The Company is intending to make a significant cash
distribution to its shareholders.
The remainder of the portfolio which has not been yet liquidated
represents illiquid assets invested primarily into Arbitrage
strategies. There is also some exposure to Macro and Equity
strategies.
We expect the majority of these holdings to be liquidated in the
next 3 years. The below schedule is indicative, based on available
information at the time as well as subjective expectations.
Expected Liquidation Schedule of Remaining Portfolio
Current cash 51%
--------------- --------
December 2010 1%
--------------- --------
December 2011 12%
--------------- --------
2012 or later 36%
--------------- --------
TOTAL 100.00%
--------------- --------
Liquidation Update
So far in 2010 we have received several cash distributions from
underlying funds which brought our cash level to approximately 51%.
This has been relatively close to our expectations and we have not
had any significant unpleasant surprises. We will continue to focus
our efforts so that the orderly liquidation of the portfolio
continues in the best possible way.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IMSLLFVILLLALII
Cma Global Hedge Pcc (LSE:CMAS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cma Global Hedge Pcc (LSE:CMAS)
Historical Stock Chart
From Jul 2023 to Jul 2024