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Dexion Absolute to shut Euro and Dollar classes

Dexion Absolute has decided to shut its US dollar and Euro share classes on the grounds that they have become too small – shareholders will get the chance to switch into the sterling class.

In its interim report (covering the first half of 2015), Dexion said the NAV returns on its Sterling, Euro and Dollar classes were 6.9%, 2.4% and 6.2% respectively. The share prices rose by 7.6%, 1.1% and 2.6%.

These results don’t look too bad, by comparison the HFRI Fund of Fund index (denominated in $) rose by 2.68% for the same period. However a large part of the NAV performance above was due to the discount at which the 2014 Redemption Offer was made, resulting in uplifts of 5.2%, 1.0% and 4.8% for the Sterling, Euro and Dollar shares respectively meaning that the underlying returns were 1.7%, 1.4% and 1.4% – behind the HFRI Index.

The manager said four of the Company’s six strategies delivered positive performance during the period. The Long/short credit, Event driven, and Long/short equities strategies contributed meaningful profits, with additional gains from Opportunistic managers, while the Macro and Portfolio hedge strategies detracted.

DAB / DABE / DABU : Dexion Absolute to shut Euro and Dollar classes

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