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CMA Global Hedge announces top 20 portfolio allocations

CMA Global Hedge PCC Limited has announced further details of its initial investment programme and its disclosure principles.

The announcement elaborates on the investment and transparency principles outlined in its prospectus. The company's investment portfolio, which is managed by CM Advisors Ltd, comprises a balanced and uncorrelated selection of single-manager hedge funds across a diverse range of strategies and regions.

The company raised USD 402m in the international initial public offering (IPO) of its shares which started trading on the London Stock Exchange (LSE) on Monday 24 July in one of the largest fund-of-hedge funds IPOs ever.

Investment Highlights

  • In line with the Company's stated investment strategy, 85% of funds raised were allocated to 34 funds across a diverse range of strategies, with the remaining 15% kept in cash for deployment over the next two months.
  • Low concentration of risk, with maximum 3.9% of net assets invested with any single manager
  • Initial portfolio allocation split as follows:
  1. 40% to long-short equity
  2. 40% to diverse arbitrage strategies
  3. 20% to discretionary and systematic trading funds

The 20 largest allocations are to the following funds (in alphabetical order):

Amber Fund
Artradis Barracuda Fund
Capula Global Relative Value Fund
Carrington Investment Partners
Chilton Global Natural Resources Fund
CMA Dynamic Trading Fund
Force Capital   
GLG Technology Fund
Julius Baer Global Rates Hedge Fund
Kayne Anderson Capital Advisors Fund
Lansdowne Global Financials Fund
Laurus Offshore Fund
Lucas Energy Total Return offshore
Optimal Japan fund
Pequot Healthcare Offshore Fund
Plexus Fund
Summit Offshore Water Fund
The Channel Bridge Special Situations Fund
Torrey Pines Fund
Vicis Capital Fund

As per its prospectus, CMA Global Hedge allocates to systematic trading managers via the CMA Dynamic Trading Fund. This fund has no management or performance fees. CMA Dynamic Trading Fund Portfolio comprises the following 11 managers (alphabetical order):

Crabel Fund
Discus Fund
Fort Global Offshore Fund
Goldman Sachs US Equity opportunity Fund
Mellon Offshore Global Opportunity Fund
Strategic Commodities Fund
Sunrise Capital Diversified
Telluride Capital Fund
Tewkesbury Trading Fund
Tyticus Overseas Partners
Ventus Program

Disclosure Highlights

In line with the aim of adopting market-leading investor communications and transparency, as stated in its Prospectus, CMA Global Hedge commits to the following disclosure approach:

  • Frequent Net Asset Value (NAV) updates:
  • Weekly Estimated NAV starting as of the first week of September 2006. Weekly Estimated NAV will be published within 5 working days by HSBC Securities Services (Guernsey) Limited ('HSBC'), the Company's Administrator
  • Final Monthly NAV reporting, to be published within 30 days of the month-end by HSBC
  • Portfolio Composition
  • Monthly reports with breakdown by strategy and geography
  • Monthly disclosure of top 20 holdings
  • Quarterly disclosure of 100% of portfolio holdings
  • Financial Statements
  • Semi-annual reports published within three months of period end
  • Fully audited annual financial statements
  • Available on the LSE's Regulatory News Service ('RNS') and on line via the CMA Global Hedge website
  • Website

'We are committed to providing investors with full transparency regarding CMA Global Hedge's portfolio composition and performance," says Sabby Mionis, CEO of CMA. "We will provide monthly detailed strategy and geographic diversification data, and quarterly all of the underlying holdings. Investors will have easy access to this information through our dedicated user-friendly website and our weekly, monthly and semi-annual reporting.

'CMA's philosophy over the past eight years to provide full transparency has created a wide institutional investor base. CMA global hedge extends this access to transparency to retail investors as well. We believe that our regular and detailed reporting will make CMA Global Hedge the bellwether of the listed fund of funds industry."

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