ALTIN, the $250m multi-strategy fund of hedge funds listed on the London and Swiss stock exchanges, has disclosed its entire portfolio of holdings as part of its continued commitment to full investor transparency.
ALTIN, the $250m multi-strategy fund of hedge funds listed on the London and Swiss stock exchanges, has disclosed its entire portfolio of holdings as part of its continued commitment to full investor transparency.
In the year to end August 2012, ALTIN posted a net return of 3.45%, outperforming the HFRI Fund of Funds Composite Index, which returned 2.48% in the same period.
In the three years to end May 2012, ALTIN posted a net return of 12.85%, outperforming the HFRI Fund of Funds Composite Index, which returned 5.34% in the same period.
ALTIN AG was launched in 1996. The funds are managed by Alternative Asset Advisors SA, a management firm specializing in alternative investments and a member of the SYZ & CO Group. ALTIN is invested in more than 35 hedge funds representing diverse investment strategies.
Its objective is to generate an absolute compound annual return in US dollars terms with lower volatility than equity markets. Recent changes to the portfolio include reducing the Macro allocation to 17.13%, down from 20.30% in the previous quarter, as Blenheim Global Markets Fund Ltd was removed from the portfolio.
A 6.06% position was opened in LAMP Funds (Ire) 1 plc – Marathon Opportunistic Credit Fund, which resulted in the Credit allocation rising to 13.84%, up from 7.89% in the previous quarter.
The Equity Long/Short silo saw two changes, the remaining position of 7H Absolute was sold, and a 3.92% position in LAMP UCITS Funds (Ire) 2 plc – LAMP Visium Global Fund was opened. As a result the total allocation to Long/Short managers rose from 27.35% to 30.64% going into October.
ALTIN's portfolio continues to be highly liquid with a majority of investments with a redemption frequency term of three months or less.
It has an annualised return of 6.41% since inception in December 1996, compared to 4.88% for the HFRI Fund of Funds Composite Index. From inception to end August 2012, it posted a return of 166.01 compared to 111.93% for the Index.
Top contributors year to date, according to estimated data, were BTR Global Opportunity Trading Ltd (+1.27%), Arrow Offshore Ltd (+0.74%) and LAMP Funds (Ire) 1 plc – LAMP JANA Partners Fund (+0.69%). The top detractors over the same period were LAMP Funds (Ire) 1 plc – Capstone Convexity Fund (-1.28%), Rig III Fund Ltd ( -0.38%) and Banyan Capital Fund Limited (-0.37%).
ALTIN's portfolio continues to focus on hedge funds with a redemption frequency term of three months or less. This high level of liquidity allows the fund to capture opportunities or avoid potential problems quickly, while exposure can also be increased with leverage.
ALTIN is a closed-ended and fixed capital fund and so is not faced with redemption requests. Investors can buy and sel shares on a daily basis on the London or Swiss stock exchanges.
