Altin, the Swiss alternative investment company listed on the London and Swiss stock exchanges, has disclosed its entire portfolio holdings.
Altin, the Swiss alternative investment company listed on the London and Swiss stock exchanges, has disclosed its entire portfolio holdings.
The portfolio, featuring more than 30 underlying funds representing eight different strategies, has a positive performance of +2.27 per cent to date in 2009.
The company says the current 33 per cent discount between Altin’s market price and NAV is due to the rejection by investors of all assets deemed risk-prone.
As at 1 March 2009, cash represented 14.0 per cent of the total portfolio holdings, macro strategies 7.0 per cent, long/short equity strategies 18.0 per cent, event driven strategies 12.5 per cent, fixed income strategies 4.6 per cent, convertible bond strategies 4.1 per cent, credit strategies 11.4 per cent and multi-strategy funds 22.5 per cent.
‘Others’ represented 0.5 per cent, private equity 1.9 per cent and Altin 3.4 per cent.
At present, approximately 30 per cent of funds held by Altin have restricted redemptions of one form or another. The company says this relatively low proportion does not affect it because, being a fixed capital investment company, it is not faced with redemption requests.
Altin says its shares have suffered from a particularly strong selling pressure that could not be entirely absorbed by the market, resulting in a share price discount to NAV that today exceeds 30 per cent.
‘From a fundamental viewpoint, this discount appears to be completely unjustified,’ it states.
