Thursday, 27 November 2014
Last updated 14 hours ago
Aug 3 2010 | 3:46am ET
An SYZ & Co. fund of hedge funds will buy back up to 10% of the shares.
The Swiss firm began buying up shares of Altin last week, Dow Jones Newswires reports. The London- and Swiss-listed fund invests in such top-flight hedge funds as Paulson & Co. and Brevan Howard Asset Management, but has recently traded at a discount of about 25% to net asset value.
Altin is managed by SYZ's 3A division.
“If you can buy a portfolio at a discount, why buy one at full price?” SYZ’s Eric Syz asked Dow Jones. “For all the shares we are buying back, the difference between the price now and the NAV is all profit for existing shareholders.”
The 14-year-old fund is down about 0.6% this year. It returned 13.6% last year.
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