AcenciA Debt Strategies has reported an increase in the net asset value of 9.7 per cent as at 31 December 2012 to 103.38p and a share price increase of 9.7 per cent to 86.0p.
Both figures take account of dividend paid.
AgensiA is a closed-ended investment company listed on the London Stock Exchange, which invests across the debt spectrum on a global basis through highly focused and concentrated funds specialising in stressed and distressed opportunities.
AgenciA paid total dividends of 3.43p during the year, representing a dividend yield of 3.6 per cent, based on the closing share price of the company of 96.25p on 25 March 2013
For the second year running, AcenciA is the best performing listed fund of hedge funds over one, two and three years on both an absolute (NAV total return) and risk adjusted (Sharpe and Sortino ratio) basis (excluding funds in run-off).
Jim Le Pelley, chairman of AcenciA Debt Strategies, says: “I am pleased to announce another strong set of results, as once again AcenciA Debt Strategies is the best performing listed fund of hedge funds. As 2013 begins, our managers continue to trade opportunistically, both from the long and short side, the sovereign debt of Portugal, Spain, Greece, and Italy as opportunities present themselves. European exposure is now in excess of 20 per cent of the fund’s portfolio. Within the US, our managers continue to purchase shorter duration high yield debt as well as the debt of companies in the later stage of the liquidation process. Residential mortgage-backed securities continue to provide an excellent opportunity to purchase undervalued securities with the tailwind of an improving housing market.”