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Alternative Market Briefing

Bramdean completes tactical reduction of allocation to hedge funds, HF portfolio up 10.34% YTD

Tuesday, November 03, 2009

By the Opalesque team:

Bramdean Alternatives, a London-based listed fund which invests in private equity funds, hedge funds and specialty funds, issued its September 09 factsheet yesterday. Its underlying unaudited performance in September was +2.26% (84.02 pence) for the Sterling Share class and +0.26% ($0.7807) for the US Dollar Share class.

There were 22 holdings in its overall portfolio as at 30 September 2009 - it previously had 23 holdings but the redemption from Lansdowne UK Equity Fund Ltd was completed then.

Bramdean's redemption notice to Aarkad Plc, an asset backed lending fund, remains suspended, and it continues to work with the manager and fellow investors to realise value from the underlying portfolio at a prudent speed.

Bramdean has completed its programme of tactically reducing its allocation to hedge funds. The company expects part of these proceeds will be redeployed by the Investment Manager into new investments, with the remainder held in cash to fund Private Equity & Specialty draw-downs.

The stand-out performers during September were King Street Capital Ltd and Deephaven Global Multi-Strategy Fund Ltd. Positive returns were also reported by D.E. Shaw Oculus International Members Interest and Paulson Advantage Plus Ltd.

With regards to the hedge fund portfolio, performance was up during the month with a positive return of +5.87%, driven by the i......................

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