MAIL.L Regulatory News (MAIL)

22 Feb 2005 17:00

Man Alternative Investments Ld22 February 2005 Man Alternative Investments Limited January 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 31 January 2005 ------------------------Key Statistics------------------------ ---------------- ---------Total Return -16.2% Last Month 0.0%Last Quarter 2.6%Last 12 Months 2.5%Year to Date 0.0%---------------- ---------NAV per Share GBP 0.8379Total NAV GBP 27,650,203 No. of Shares 33,000,000---------------- --------- Glenwood Portfolio Returns from the Glenwood Portfolio were flat over the period. Trading in theevent driven style was profitable, although performance from the multi-strategy,commodity & trading, relative value and equity hedge categories was close toflat. The variable equity style suffered a loss over the month. The rally inUS equity markets witnessed in the final quarter of 2004 came to a halt inJanuary as some investors realised profits and higher oil prices served todampen investors' enthusiasm for equities. Distressed managers benefited fromissuer-specific situations in the airline and telecom sectors, generatingprofits for the event driven category. Further gains were registered by thestyle's risk arbitrage component. Indifferent results were experienced in themulti-strategy style, as one manager reported strong gains from Japaneserelative value trading, whilst some managers incurred losses within theirdistressed security and convertible bond components. The commodity & tradingcategory suffered as the US dollar, having weakened in the final months of 2004,subsequently strengthened in early January, proving detrimental for systematictrend followers. Relative value managers also struggled as negative equityperformance, weak levels of new issuance and a contraction in equityvolatilities depressed sentiment in convertible bond markets. Equity hedgemanagers focusing on Europe benefited from a strengthening in local equitymarkets, although losses sustained elsewhere weighed on results. Despitepositive performance from European and Japanese focused managers, the variableequity category incurred a loss as several managers suffered from trading in thehealth and biotech sectors, which both ended the month sharply down. Key Strategies Profit/Loss* Key Strategies Profit/Loss Commodity & Trading -0.02% Multi-Strategy 0.02%Equity Hedge -0.05% Relative Value -0.05%Event Driven 0.10% Variable Equity -0.15% This information is provided by RNS The company news service from the London Stock Exchange