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By Benedicte Gravrand, Opalesque London:

Yesterday, listed multi-manager fund Dexion Alpha Strategies Ltd went through its official re-birth, with a new name and a different portfolio focus.

The fund is now called Dexion Commodities Ltd (DCL) and remains a Guernsey-domiciled closed-ended investment company whose shares are listed on the London Stock Exchange. It is managed and distributed by Dexion Capital, a London-based specialist in alternative investments, and it is advised by Man Investments AG, one of the biggest FoHFs managers - with $43.8bn (est.) in funds under management and headquarters in Switzerland.

Dexion Alpha Strategies (DAS) was very diversified: it invested in Asian equities, healthcare, special sits, emerging market macro, European loans... a small part being allocated to RMF Commodity Strategies (about 11%) and RMF Environmental Opportunities Fund (around 6%).

Incepted in March-06, the sterling class of DAS returned 2% in 2006, almost 12% in 2007 and -18.8% in 2008. By the end of June this year, it had returned 5.8% (NAV at 96.45p).

Man Investments bought out the portfolio (which was advised by RMF), and at the end of July, the fund's shareholder......................

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