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Altin AG to cancel its London listing and make a combined distribution of CHF 24.00

Altin AG has announced its interim results for the six months ended 30 June 2016. The company says that, the portfolio generated negative returns in the first half of 2016. However, for the YTD to end July 2016, the company says that the portfolio recovered a part of the losses to post an NAV return of -0.56%, outperforming the HFRI FoF Composite Index, which returned -1.21% over the same period. At the AGM on 21 June 2016 a combined distribution of CHF 24.00 was approved and this will be paid in September. The London-listing of the shares is to be cancelled with effect from Friday 30 September 2016.

The company says that its portfolio was down in the first quarter of the year, amidst high macro uncertainties and highly volatile markets. Although it says that, when compared to its peers and other absolute return strategies, it has shown a high level of capital protection and a low sensitivity to risky assets, in its view, achieving nearly flat performance in January in sharp contrast to the collapse of equity markets. However, it says that, in March, as many markets strongly rebounded, it was down, primarily due to losses in its Protection strategies, systematic macro funds, as well as a couple of Event Driven funds.

Looking at second quarter performance, the fund was also down in a market environment, which it describes as being driven by macro factors and political uncertainty. The company says that risk seeking styles, such as Macro and Equity Hedge, detracted from performance while Event-Driven, Relative Value and Protection strategies offset part of the losses. It says that managers exposed to European equities had the worst performance during the quarter as a strong risk-off trend starting in May propagated until the Brexit vote. It says that this affected systematic market neutral funds as market regimes shifted during the quarter although protection strategies did provide some relief as the VIX peaked towards the end of the month of June.

Altin AG to cancel its London listing and make a combined distribution of CHF 24.00 : AIA

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