ALTIN Announces 4.29% YTD Gain Through July 31

Aug 28 2015 | 6:55pm ET

Multi-strategy fund of hedge funds ALTIN has revealed first-half 2015 results that displayed relatively good levels of securities dispersion and corporate activity, leading most of the vehicle’s hedge fund styles to post positive returns. 

The fund returned 2.69% for the period, compared with 2.68% booked by HFR’s Fund of Funds Composite index, according to a press release. 

Subsequently, ALTIN performed strongly in July. The fund posted gains of 4.29% to year-end July, compared to +2.98% in the HFR benchmark. 

During the first half, ALTIN noted a high level of dispersion of returns amongst managers, which underlines the robustness of its construction. Equity Hedge led the pack, according to ALTIN, and the only exception was Macro, affected as it was by trend reversals as well as several spikes of volatility that disrupted trades with a mid-term horizon. 

The portfolio did particularly well during most of the period, being positive whatever the direction of markets in every one of the first five months of the year. In June, the portfolio gave up some gains due a synchronized and counter-trend correction in bonds and equities and secondly an accelerating rise in risk aversion related to the Greek debt crisis. 

The best contributors over the period, noted ALTIN, were be found amongst equity managers, whether market neutral, specialist or event-driven. As seen among other hedge fund of funds, systematic macro funds were the worse contributors.

ALTIN allocation as of June 30 consisted of 36.1% Relative Value, 30.5% Event Driven, 25.7% Macro, 25.2% Equity Hedge, Protection 2.9%, Special Investments 1.1% and ALTIN AG itself at 1.4%.

Launched in 1996, ALTIN is publicly traded on the London and Swiss stock exchanges. It has more than $240 million in assets and has invested in more than 40 hedge funds. The fund has booked an annualized NAV gain of 6.46% since inception.

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