ALTIN the USD270m multi-strategy fund of hedge funds listed on the London and Swiss stock exchanges, posted a net return of +6.48% in the 12 months to end August, strongly outperforming the HFRI Fund of Funds Composite Index, which returned +3.31% in the same period.
ALTIN is highly diversified, investing in over 35 hedge funds focused on highly liquid strategies.
ALTIN added one new manager to its portfolio in the third quarter of 2011, allocating 1.24% of the ALTIN Fund to Blackwater Capital Management's managed futures programme. With this addition, the allocation to managed futures within ALTIN currently stands at 3.79%.
The most significant asset allocation shifts in the ALTIN fund saw the allocation to Convertible Bond Strategy reduced from 8.34% in 2Q 2011 to 4.86% in 3Q 2011, Macro Strategies was increased from 21% to 22.78%, and Equity Long/ Short Strategy was reduced from 28.29% to 26.61%.
During 3Q 2011, global markets sold off drastically as fears over a possible Greek default and further market contagion posing a potential threat to the financial system dominated headlines. In that context, ALTIN’s leverage was reduced significantly, from 125.18% to 116.7%, mainly through Convertible Bond, Event Driven and Equity Long/Short Strategies. The portfolio remains well-diversified and ready to take advantage of a potential rebound in the financial markets during the final part of the year.
ALTIN has an annualised return of +6.84% since inception in December 1996, compared to +5.28% for the HFRI Fund of Funds Composite Index.
It holds one of the world’s longest track records as an exchange-listed fund of hedge funds. It listed in Switzerland in 1996 and in London in 2001.