DCG IRIS Limited DCG IRIS Limited June 2013 Monthly Report (9085L)
August 16 2013 - 9:19AM
UK Regulatory
TIDMIRIS
RNS Number : 9085L
DCG IRIS Limited
16 August 2013
DCG IRIS Limited (the "Company")
AMENDMENT:
Please note that on page 2 of the Supplementary Information
referred to at the bottom of the June Net Asset Value announcement,
released on 12 August 2013 at 16:48 under RNS No 5216L and
reproduced below, the expected annual loss has been amended from
3.00% to 2.00% in the Key Figures table.
All other details remain unchanged.
The full amended text is shown below.
June Net Asset Values
As at 28 June 2013, the final net asset value of the Company's
ordinary shares is as follows:-
Ordinary Shares
Share class Final NAV MTD Performance YTD Performance
28 June (Total Return) (Total Return)
------------- ---------- ---------------- ----------------
Sterling
shares 100.12p +0.33% +2.72%
------------- ---------- ---------------- ----------------
This valuation, which has been prepared in good faith by the
Company's administrator, is for information purposes only and is
based on the unaudited final valuation supplied by the
administrators of the Company's underlying investment. Both a
weekly estimate and a monthly valuation of the underlying
investment may be produced as at valuation dates which do not
coincide with valuation dates for the Company, may be based on a
valuation provided as of a significantly earlier date, may differ
materially from the actual value of the Company's portfolio and is
unaudited or may be subject to little verification or other due
diligence and may not comply with generally accepted accounting
practices or other generally accepted valuation principles. The
Company's administrator may not have sufficient information to
confirm or review the completeness or accuracy of information
provided by the administrators of the Company's investments.
Other risk factors which may be relevant to this valuation are
set out in the Company's prospectus dated 12 November 2012.
Monthly Portfolio Review
Portfolio Commentary (provided by Credit Suisse AG, the manager
of the Master Fund)(1)
Performance: The Company returned 0.33% (total return, net of
fees) in June. Performance was driven by our swap positions. Most
of the month was spent positioning the portfolio and finalising
trades that were negotiated going in to the US hurricane season,
thereby reducing cash in the portfolio. Cat bond issuance in the
primary market continued to be steady with three deals closing over
the course of the month.
Large Catastrophic Events: In Central Europe, a period of
intense rainfall at the end of May and early June led to some of
the worst flooding in many years. Germany, Austria and the Czech
Republic were some of the worst affected countries, but
Switzerland, Hungary, Slovakia and Poland also suffered damage. The
early estimates for the damage in Germany alone currently stand
between $4bn and $7.7bn. The overall economic impact of the
flooding is expected to be much higher given the low insurance
penetration in some of the affected regions. We are constantly
monitoring the situation on the ground, but based on our current
analysis and the latest available information, we do not expect any
impact on performance from this event.
Trading: June was a relatively active month in terms of cat bond
trading for the fund, which strategically moved out of several cat
bond positions to lock in mark-to-market profits and only
selectively bought one new position. The sales were timed so that
the fund could take positions in ILW trades where we have seen
pricing for some perils improve over the last month. The fund has
also taken a few small positions in top layers in some regional
Florida programs.
Outlook: Cat bond issuance in 2013 is expected to continue at
its current high pace. Most of the bonds coming to the market
continue to reference US risks. As always, we will participate in
those issuances that we find most attractive given our current
portfolio. We have noticed some improvement in pricing in some
sections of the ILW market for US wind risk. We will look to take
advantage of this trend when appropriate. The fourth PCS update
with respect to super storm Sandy is expected to be out at the end
of July 2013. We would remind investors that there continues to
remain the possibility of development on this number, but our
current expectation is that any development would not have a
significant impact on the fund. We anticipate that July will see
the finalisation of Australian and New Zealand programs that we
decided to participate in. We expect trading to be light as we only
expect to see smaller opportunities where reinsurance buyers are
looking to fill gaps in their programs. Given that we are now in
the US hurricane season, we will constantly monitor the weather and
keep you updated on any meaningful hurricane activity. Overall,
this fund is well invested and on target to meet its performance
expectations.
(1)Portfolio commentary compiled at the end of the month being
reported on.
Supplementary Information
Click on, or paste the following link into your web browser, to
view a full review of the DCG Iris portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/9085L_-2013-8-16.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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