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Alternative Market Briefing

Swiss fund of hedge funds ALTIN flat in H1, adds CTA manager Welton to portfolio

Wednesday, July 13, 2011

Benedicte Gravrand, Opalesque Geneva:

ALTIN, a multi-strategy closed-ended fund of hedge funds (FoHFs), is down 0.02% for the first half of 2011. It was up 12.47% in 2010, and is up 175% since its December 96 inception.

Listed on the Swiss Exchange and the London Stock Exchange, it is managed by Alternative Asset Advisors SA, a management firm specialising in alternative investments and a member of Swiss banking group SYZ & CO.

The managers said about the FoHFs’ performance that its defensive positioning had helped protect the portfolio during Q2-2011, a period which saw sharp movements in the markets: "The massive snap back in commodities, triggered by increased margin requirements and profit taking, hit managers in the Macro silo. Bullish positions in energy were the main culprits for the strategy to suffer, albeit length in industrial commodities also led to losses. All of the managers de-risked their books but kept some exposure as their views over the mid term are constructive. The remaining strategies were largely flat for the period as the managers were quick to reduce risk. ALTIN’s focus on nimble managers who can react quickly to market conditions paid off as the portfolio limited losses during the period."

The HFRI Macro (Total) Index was down 1.76% (est.) in June and down 2.16% YTD, whereas the HFRI Fund of Funds Composite Index lost 1.5% (est.) and 0.45% YTD.

The FoHFs is currently invested in around 35 hedge funds which follow 10 different ......................

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