Interim Management Statement
May 19 2009 - 5:22AM
UK Regulatory
TIDMHXS TIDMHXU TIDMHXE
RNS Number : 4878S
New Star RBC Hedge250 IDX (1X GBP)
19 May 2009
HEDGE ETS
New Star RBC Hedge 250 Index Exchange Traded Securities
PCC Limited
(A closed-ended investment company incorporated in Guernsey with registered
number 45501 under the provisions of The Companies (Guernsey) Laws 1994 to 1996
and The Protected Cell Companies Ordinance 1997 to 1998, as amended)
Interim Management Statement for the quarter ended 31 March 2009
Investment Objective
The objective of New Star RBC Hedge 250 Index Exchange Traded Securities PCC
Limited ("Hedge ETS" or the "Company") is to provide access to performance
representative of the hedge fund asset class. The investment policy of the
Company is to provide access to such performance through investment exposure to
the RBC Hedge 250 Index (the "Index").
The 1X Cell, which will be closed with effect from 30 June 2009, seeks to
achieve its investment objective by entering into a swap agreement with Royal
Bank of Canada designed to provide unleveraged exposure to the performance of
the Index.
The 3X Cell, which was closed with effect from 31 March 2009, sought to achieve
its investment objective by entering into a swap agreement with Royal Bank of
Canada designed to provide approximately three times' exposure to the
performance of the Index.
Compulsory Redemption of 1X Cell
On 6 April 2009 the Company announced that there would be a compulsory
redemption of the 1X Shares at Net Asset Value on 30 June 2009, less associated
costs. The 1X Shares will be redeemed on 1 July 2009. It is expected that
admission of the 1X Shares to trading on the London Stock Exchange and to the
Official List will be cancelled on 2 July 2009.
Compulsory Redemption of 3X Cell
On 13 January 2009 the Company announced that there would be a compulsory
redemption of the 3X Shares at Net Asset Value on 31 March 2009, less associated
costs. The 3X Shares were redeemed on 1 April 2009. Admission of the 3X Shares
to trading on the London Stock Exchange and to the Official List was cancelled
on 2 April 2009.
Fund size
At 31 March 2009 the Company had total assets of US$72.9m (31 December 2008:
US$111.3m).
Performance
+--------------------+--------+--------+--------+--------+--------+----------+
| | 1X | 3X |
+--------------------+--------------------------+----------------------------+
| | $ | EUR | GBP | $ | EUR | GBP |
+--------------------+--------+--------+--------+--------+--------+----------+
| Net Asset Value | 0.7657 | 0.7520 | 0.7646 | 0.2919 | 0.2730 | 0.2751 |
| per share at 31 | | | | | | |
| December 2008 | | | | | | |
| | | | | | | |
+--------------------+--------+--------+--------+--------+--------+----------+
| Net Asset Value | 0.7660 | 0.7486 | 0.7590 | 0.2857 | 0.2625 | 0.2641 |
| per share at 31 | | | | | | |
| March 2009 * | | | | | | |
| | | | | | | |
+--------------------+--------+--------+--------+--------+--------+----------+
| % increase / | 0.04% | -0.45% | -0.73% | -2.12% | -3.85% | -4.00% |
| decrease | | | | | | |
| | | | | | | |
+--------------------+--------+--------+--------+--------+--------+----------+
| Share price at 31 | 0.6000 | 0.6300 | 0.6150 | 0.1100 | 0.0800 | 0.0750 |
| December 2008 | | | | | | |
| | | | | | | |
+--------------------+--------+--------+--------+--------+--------+----------+
| Share price at 31 | 0.6250 | 0.6400 | 0.6450 | 0.1500 | 0.1500 | 0.1500 |
| March 2009 | | | | | | |
| | | | | | | |
+--------------------+--------+--------+--------+--------+--------+----------+
| % increase | 4.17% | 1.59% | 4.88% | 36.36% | 87.50% | 100.00% |
+--------------------+--------+--------+--------+--------+--------+----------+
* Based on the estimated net assets of the Company at 31 March 2009.
Composition of RBC Hedge 250 Index
+--------------------------+----------------+------------+----------------+
| Strategy | Strategy | No of | Quarterly |
| | weight | funds | return |
+--------------------------+----------------+------------+----------------+
| Equity long / short | 33.5% | 80 | 0.43% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Multi-strategy | 18.8% | 42 | 2.58% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Credit | 13.5% | 29 | -2.82% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Mergers & special | 11.6% | 24 | 1.48% |
| situations | | | |
| | | | |
+--------------------------+----------------+------------+----------------+
| Macro | 9.2% | 20 | 1.61% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Managed futures | 5.9% | 14 | -0.34% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Fixed income arbitrage | 3.4% | 8 | 3.26% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Equity market neutral | 2.1% | 6 | 2.33% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Convertible arbitrage | 2.0% | 5 | 19.04% |
| | | | |
+--------------------------+----------------+------------+----------------+
| Total | 100.0% | 228 | 0.74% |
| | | | |
+--------------------------+----------------+------------+----------------+
Source: RBC Capital markets, data at 31 March 2009, sourced on 14 May 2009.
Quarterly redemption facility
The Company's Articles of Association incorporate provisions to enable
Shareholders, at the Directors' discretion, to redeem up to 100 per cent. of
their Shares for cash as at the first business day in January or July in each
year or up to 50 per cent. of their Shares for cash in April or October in each
year. The Company received and granted the following redemption requests in
respect of the 2 January 2009 redemption:
+-----------------+------------------------------------------------------+
| | Number of shares redeemed |
| | |
+-----------------+------------------------------------------------------+
| 1X Cell | |
+-----------------+------------------------------------------------------+
| $ | 50,000 |
+-----------------+------------------------------------------------------+
| EUR | 1,002,785 |
+-----------------+------------------------------------------------------+
| GBP | 813,935 |
+-----------------+------------------------------------------------------+
| | |
+-----------------+------------------------------------------------------+
| 1X Cell | |
+-----------------+------------------------------------------------------+
| $ | 642,661 |
+-----------------+------------------------------------------------------+
| EUR | 26,500 |
+-----------------+------------------------------------------------------+
| GBP | 520,559 |
+-----------------+------------------------------------------------------+
The above figures exclude 3X Cell shares redeemed pursuant to the compulsory
redemption of the 3X Cell announced on 13 January 2009.
Quarterly conversion facility
The Company's Articles of Association incorporate provisions to enable
Shareholders to submit a written request to the Company (a "Conversion Request")
to convert some or all of their Shares in one Class into Shares of any other
Class with the same Cell on the last Business Day of March, June, September and
December in each year or such other days as the Directors may determine by
giving at least 5 Business Day's notice. No Conversion Requests were received
in respect of the quarter ended 31 March 2009.
Company Information
Further Information on the Company, including fact sheets and the annual report
of the Company can be obtained from the Manager's website at www.newstaram.com
For further information please contact:
+-----------------------------------------------+------------------------+
| Alison Bilham, HSBC Securities Services | Tel: + 44 (0)1481 |
| (Guernsey) Limited | 707213 |
| | |
+-----------------------------------------------+------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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