26 May 2005 15:45
Man Alternative Investments Ld26 May 2005 Man Alternative Investments Limited April 2005 Investment Objective Generate strong and consistent capital growth over the long-term in sterlingterms with low volatility by allocating assets to managers who trade indiversified markets implementing a broad range of fundamental, technical,systematic and discretionary strategies. Track Record: From inception on 24 May 2001 to 30 April 2005 Key Statistics -------------- Total Return -17.2% Last Month -1.6%Last Quarter -1.1%Last 12 Months -1.6%Year to Date -1.1%---------------- --------- NAV per Share GBP 0.8283 Total NAV GBP 27,334,351 No. of Shares 33,000,000 Glenwood Portfolio The Glenwood Portfolio experienced a disappointing month amid tough tradingconditions. Poor results sustained in the variable equity, multi-strategy andrelative value styles in particular undermined performance. Concerns overdecelerating growth in China led to a decline in commodity prices, and impactedglobal equity markets, while high oil prices and stagflation also made theirmark in April. In the variable equity style net long exposures suffered duringdeclining prices, with the largest losses occurring in the technology and smallcap sectors. Convertible bond traders in the multi-strategy category alsosuffered amid trying investment conditions, while losses were also sustainedfrom trading in distressed and equity strategies. Meanwhile, relative valuemanagers struggled in the face of negative sentiment and net new issuance withinconvertible bond markets. In addition, high yield markets incurred sharpdeclines as mutual funds faced increased investor redemptions. Similarly, theequity hedge style suffered as markets sold off, although losses were pared byEuropean exposures as these markets outperformed their US counterparts.Conversely commodity & trading style posted a profit as systematic tradersfinished the month higher led by profits seized across most major currencies. Key Strategies Profit/Loss * Key Strategies Profit/Loss * Commodity & Trading 0.02 Multi-Strategy -0.37Equity Hedge -0.13 Relative Value -0.19Event Driven -0.09 Variable Equity -0.53 This information is provided by RNS The company news service from the London Stock Exchange