Opalesque Industry Update - ALTIN, the $250m multi-strategy fund of hedge funds listed on the London and Swiss stock exchanges, announced its entire portfolio of holdings as part of its continued commitment to full investor transparency. |
The improvement in market dynamics and the reduction of tail-risk, coupled with a very appealing opportunity set, means that ALTIN is starting to take advantage of its stable capital base to invest in less liquid strategies with higher expected returns. This allocation shift has already started to take place gradually.
ALTIN believes there are very interesting opportunities in Credit Long/Short and Event-Driven, especially in Europe where corporate activity is expected to increase and banks will be required to deliver.
Since inception in December 1996, ALTIN has returned +162.64% compared to +114.17% for the HFRI FoF Composite Total Return Index USD.
A significant number of funds were redeemed whilst new allocations were also opened as follows:
Since the previous quarter allocation as at 1st October 2012, the Macro Strategy allocation has increased from 17.13% to 22.12% as new positions were opened in AlphaMosaic SPC - SP 23 Rosetta Capital Management LLC - Composite Program 2.5X; Omni Macro Fund I Ltd and The Tudor BVI Global Fund Ltd.
Managed Futures Strategy
The allocation to Managed Futures Strategy has increased from 1.29% last quarter to 3.05% this quarter with the inclusion of LAMP Funds (Ire) 1 plc - LAMP NuWave Combined Futures Master Fund; LAMP Funds (Ire) 1 plc - QIM Global Fund; and LAMP Funds (Ire) 1 plc - Welton Global Directional Portfolio GDP Master Fund.
AlphaMosaic SPC - SP 73 Blackwater Capital Management LLC Global Program 2X is no longer included in the portfolio allocation.
Equity Long/Short Strategy
The Equity Long/Short Strategy allocation has decreased from 30.64% last quarter to 12.08% this quarter as Sprott Offshore Fund Ltd; Scopus Vista Fund Ltd and Scopus Fund Ltd were taken out of the portfolio. No new additions to the portfolio were made.
Equity Long Bias Strategy
A new Equity Long Bias Strategy portfolio has been opened with an allocation of 6.15%, consisting of a reduced positions in Arrow Offshore Ltd (previously in Equity Long/Short Strategy), and new allocations to Golden China Fund and Value Partners China Greenchip.
Interest Rate Strategy
The interest Rate Strategy allocation has decreased from 8.92% to 6.41% as the exposure to Providence MBS Offshore Fund Ltd was reduced by 2.51%
The allocation to Protection Strategies allocation increased slightly from 4.47% to 4.68%, with the inclusion of LAMP Funds (Ire) 1 plc - LAMP Conquest Customised Macro Master Fund. The allocation of the existing position in LAMP Funds (Ire) 1 plc - Capstone Convexity Fund has slightly decreased.
Equity Market Neutral Strategy
The Equity Market Neutral Strategy allocation has slightly increased from 4.03% to 4.74% with the addition of Atlas Leveraged Fund Ltd.
A position was opened in York European Opportunities Unit Trust, bringing the Event-Driven Strategy allocation up from 11.50% to 13.80%.
The Multi-Strategy Funds allocation has increased from 13.24% to 18.82% with new positions in QVT SLV Offshore Ltd; QVT Special Investment Offshore Fund Ltd; Stratus Feeder Ltd 1.5 Leverage and The Segantii Asia-Pacific Equity Multi-Strategy Fund.
ALTIN is highly diversified, investing in over 35 hedge funds focused on highly liquid strategies.