BRAL Bramdean �

RNS Number:5703K
Bramdean Alternatives Limited
21 December 2007

RNS Announcement

21st December 2007


Factsheet November 2007

Bramdean Alternatives Limited


This Factsheet contains commentary and news for the calendar month ending 30th
November 2007, unless otherwise stated.

November Net Asset Values


Sterling shares: 98.09 pence
US Dollar shares: US$ 0.9877



Overview

Bramdean Alternatives Limited, (the "Company") is a Guernsey-based Investment
Company listed on the London Stock Exchange. The Company invests in a
diversified portfolio of private equity funds, hedge funds and other specialty
funds.





KEY FACTS


Total issued share capital                                        �131 million

Manager                                          Bramdean Asset Management LLP

Annual Management Fee                                                     1.5%

Performance fee                                    10% subject to an 8% return
                                                          and a high watermark

Company Brokers                                          Cenkos Securities Plc

Sterling class share price on 30th November 2007                         96.50p

Sterling class issue price (9th July 2007)                              100.00p

Number of Sterling shares in issue                                  130,142,311

US Dollar class share price on 30th November 2007                      US$ 1.02

US Dollar class issue price (9th July 2007)                            US$ 1.00

Number of US Dollar shares in issue                                   1,785,000

Minimum investment                                                          N/A

Dealing                                                                   Daily

Valuation                                                               Monthly

NAV publication                                                         Monthly
                                               
November Sterling NAV per share                                     98.09 pence

November US Dollar NAV per share                                     US$ 0.9877

Total common assets                                             US$ 266,097,812

Total Net Asset Value                                           US$ 264,229,608

Half-year end                                               30th September 2007

Financial year end                                              31st March 2008

Company Secretary                                          Royal Bank of Canada
and Administrator                                Offshore Fund Managers Limited

Registrar                                  Capita Registrars (Guernsey) Limited

Stock Exchange code (Sterling shares)                                      BRAL

Stock Exchange code (US Dollar shares)                                     BRAU

Sedol code (Sterling shares)                                            B1XCHB9

Sedol code (US Dollar shares)                                           B1XCLF1

ISIN code (Sterling shares)                                        GG00B1XCHB94

ISIN code (US Dollar shares)                                       GG00B1XCLF11





NOVEMBER MARKET COMMENTARY



NOVEMBER MARKET COMMENTARY



November opened with renewed fears about the sub-prime fallout. Equity markets
fell and bond prices rose as U.S. financial stocks endured their worst trading
day in five years. The S&P 500 index fell 2.6% on the first November day of
trade, its worst day since 9th August. The FTSE 100 index fell 2% with similar
falls recorded by the German and
French indices.

The Fed added $41 billion in temporary reserves to the banking system, its
biggest one-day infusion since September 2001 and plans were announced for a $75
billion superfund for distressed mortgage assets by Citigroup, Bank of America
and JP Morgan.

Northern Rock was back in the spotlight as news emerged of increasing support
from the Bank of England together with a declining mortgage lending book. Virgin
Group emerged as the preferred bidder, but the Bank was being encouraged to
consider rival bids from Olivant and JC Flowers as the month ended. Elsewhere in
the financial sector, Merrill Lynch and Citigroup both replaced their Chief
Executive Officers after announcing substantial investment bank debt
write-downs.

In the UK, the long-running battle to acquire Sainsbury's supermarket chain
foundered as Qatar's Delta Two bid was withdrawn. Over in China, PetroChina
floated 2% of its share capital to provide the group with an overall market
capitalisation of $1 trillion, dwarfing its international peers.

In the currency markets, the Dollar weakness continued as Sterling hit a 26-year
high of �/$2.117, the Dollar index struck a record low of 75.077 to mark it down
10% on the year. As the month progressed, the Dollar sank to record low against
the Euro of $/Euro1.4966. The Chinese Premier, Wen Jiabo, expressed alarm at the
impact of the Dollar weakness upon China's $1,430 billion of foreign exchange
reserves.

Oil flirted with the $100 level, touching $99.29 a barrel in the third week of
November. Gold breached the $800 level to trade at $836.70 per ounce.

Bonds emerged as a safe haven sending yields soaring. The yield on the U.S.
two-year Treasury bond fell to 2.885%, its lowest level since November 2004,
while the

10-year Treasury bond fell to 3.835%, its lowest level since March 2004.



Interbank borrowing rates resumed their climb with the two-month Euro Libor rate
reaching a fresh six and a half year high. Towards the end of the month, the Fed
announced a series of long-term liquidity operations to span the New Year
starting with an $8 billion repo deal that matures on 10th January 2008.

Unsurprisingly, global equity markets were unsettled and registered strong falls
as the month progressed. Not until the Fed's Deputy Chairman, Donald Kohn, made
a speech that was seen to indicate a cut in the Fed Funds rate in the December
meeting, did the equity markets rebound. As the month closed, the Fed Funds
futures were fully pricing in a 25 basis point cut in the Fed Funds rate and
pricing in the likelihood of a 50 basis points cut at 60%.

In the private equity industry, Sir David Walker's Code Of Conduct for UK
private equity companies was unveiled to require companies to produce annual
reports as well as introducing further requirements on the biggest firms to
report publicly on their businesses.

News that the UK Treasury is considering further tax clampdowns upon wealthy
non-domiciled residents led to speculation that many UK-based hedge funds will
re-domicile some of their operations to more tax-favourable territories, such as
Switzerland.

November was a difficult month for hedge funds, many of which reported their
worst month since April 2000 when the technology boom ended. U.S. data provider,
Hedge Fund Research reported that the industry overall lost 2.78% in the first
28 days of November, worse than the 2.55% loss recorded in August. Distressed
funds were the best performers with a loss of 0.56%.

The month closed with news from the UK's Nationwide Building Society showing
that November house prices fell at the fastest rate for 12 years while mortgage
approvals slumped to their lowest level since February 2005.





Index returns: Mellon Analytical Solutions





PORTFOLIO NEWS



General



The Company is now substantially invested after the completion of pending
subscriptions into funds within the transitional and hedge funds portfolios at
the beginning of August.



The underlying performance in November was - 0.67% for the Sterling share class
and -1.1% for the U.S. Dollar share class. The Company was negatively impacted
by the general decline in equity prices and the spike in volatility as concerns
about the contagion effects of the sub-prime mortgage bust and the subsequent
tightening of credit by financial institutions.



The Company has maintained its monthly rolling currency hedge of the majority of
its U.S. Dollar exposure and expects to keep the hedge in place in the near
term. The difference in performance between the Sterling and U.S. Dollar share
classes is due to the drop in the value of the dollar versus other major
currencies that the Company is invested in.



The portfolio has minimal direct exposure to sub-prime debt. Two of the managers
in the portfolio made substantial gains from shorting the stocks of financial
services companies with large exposures to sub-prime debt.



Private Equity and Specialty



The Company made no new commitments to private equity or specialty managers in
November. It expects to continue with its private equity and specialty
investment programme going forward.



The Company has made commitments to underlying private equity funds and
underlying specialty funds amounting to approximately �85.4 million. The total
amount that has been drawn-down on the commitments made is approximately �14.7
million, with �1.3 million having been drawn in November.



Transitional Portfolio



Our transitional portfolio is designed to reflect private equity type
characteristics while commitments to our private equity funds are awaiting
capital draw-downs. It is also structured to preserve that capital over the
medium-term and to be liquid so that the Company may meet its draw-down calls.



There are two parts of the investment strategy within the transitional portfolio
- the first is made up of investments in specialist global equity managers, long
/short equity and event-driven managers as these classes demonstrate the most
similar characteristics to private equity. The second strategy is to reduce
exposure to market risk through market neutral funds. The Company may seek to
implement portfolio protection through the use of derivatives from time to time.



The transitional portfolio's investments in equity-correlated assets will not
perform well during short-term equity market down-turns, however these
investments are counter-balanced by investments in market neutral funds.



In total, the portfolio currently consists of 11 funds.



Over the month of November, the portfolio had a loss of 2.1%. The portfolio
benefited from exposure to cash and
to two funds with low correlation to the equity markets.

The largest detractors from performance were three

equity-biased funds and a multi-strategy fund.





Strategic Hedge Funds Portfolio



November was characterised by significant volatility across almost all asset
classes. Given this turbulence it was very pleasing that the portfolio provided
a positive return over the month.



PORTFOLIO HIGHLIGHTS



 - Equity Hedged  -  A double digit return posted by a dedicated short seller
was central to performance. Excellent stock picking combined with a reversal in
U.S. stock markets enabled the short seller to easily provide a greater positive
return than the loss recorded by U.S. equities. Elsewhere a U.S. focused manager
and a European manager managed to preserve capital during the month while the
other European manager just slipped into negative territory.



-  Event Driven - Special situations managers in general had a very difficult
month due to a combination of weak equity markets and widening deal spreads.
Amid this challenging environment, our European manager posted a significant
loss as their core positions suffered. In contrast, our U.S. manager once again
profited from their short bias to the sub-prime mortgage market which continued
to weaken throughout November. There was a further contribution to performance
from our distressed manager who maintained a short credit bias throughout the
month.



-  Global Macro - We saw a positive return from our global trader, driven mainly
by gains from their equity book, but a loss from our commodity manager, who lost
money in shipping related equities, which came under pressure amid a general
reduction in risk appetite.





- Managed Futures - Once again we saw good gains in this style. We saw losses
from a multi-strategy manager, whose currency positions detracted from their
performance, while elsewhere a systematic short-term trader was well positioned
to benefit from the sell off in U.S. technology stocks and movements in interest
rates. This manager benefits from rises in realised volatility and has provided
excellent portfolio diversification in recent months.



-  Relative Value - Having begun the month on a cautious note, our derivative
arbitrage manager deployed capital mid month and benefited from the pick up in
market volatility in the second half of December. This gain ensured the style
contributed positively as our multi-strategy manager sustained a small loss amid
a difficult environment for most hedge fund strategies.



OUTLOOK



Even the coming holiday season has failed to lift the gloom from investors
concerned at the ongoing impact from the global credit crunch. The volatility
that we have seen return to markets is echoing the increasingly disparate range
of forecasts for the economy and markets during 2008. We are pleased that we
have continued to make money in the midst of the turbulence and believe that,
while there may be set backs we are well positioned to take on the challenges
ahead.





Geographical Allocation
Global                       52%
North America                24%
Europe                       21%
Asia & Other                  3%





Portfolio Holdings Asset Allocation
Transitional                            52.8%
Strategic Hedge Funds                   31.3%
Private Equity                           8.5%
Cash                                     5.0%
Specialty                                2.4%







PORTFOLIO HOLDINGS (INVESTED CAPITAL) ON 30th NOVEMBER 2007


Manager                                                                   Type               Portfolio Weighting
Third Avenue Value Equity Offshore Fund Ltd.                          Transitional                   8.8%
Overstone Global Equity Fund                                          Transitional                   6.6%
Platinum Grove Contingent Capital Offshore Fund Ltd.                  Transitional                   6.3%
York European Opportunities Unit Trust                                Transitional                   5.5%
Enso Global Equities Fund Ltd.                                        Transitional                   5.3%
Cash                                                                      Cash                       5.0%
Brencourt Enhanced Multi-Strategy International Ltd.                  Transitional                   4.1%
Defender Ltd.                                                         Transitional                   4.0%
Paulson Advantage Plus Ltd.                                       Strategic Hedge Funds              3.6%
York Asian Opportunities Unit Trust                                   Transitional                   3.4%
Rye Select Broad Market XL Portfolio Ltd.                         Strategic Hedge Funds              3.4%
D.E. Shaw Oculus International Members Interest                   Strategic Hedge Funds              3.4%
Deephaven Global Multi-Strategy Fund Ltd.                         Strategic Hedge Funds              3.3%
Hard Assets 2X Fund Ltd.                                          Strategic Hedge Funds              3.2%
Renaissance Institutional Equities Fund International L.P.            Transitional                   3.2%
Abchurch Europe Fund Ltd.                                         Strategic Hedge Funds              3.2%
Aarkad Plc                                                            Transitional                   2.8%
Oak Hill Credit Alpha Fund Offshore Ltd.                              Transitional                   2.7%
Lansdowne UK Equity                                               Strategic Hedge Funds              2.6%
Greenpark International Investors III L.P.                           Private Equity                  2.3%
Strategic Recovery Fund II L.P.                                         Specialty                    2.1%
King Street Capital Ltd.                                          Strategic Hedge Funds              2.0%
Thomas H. Lee Parallel Fund VI L.P.                                  Private Equity                  2.0%
Kei Ltd.                                                          Strategic Hedge Funds              1.8%
Terra Firma Capital Partners III L.P.                                Private Equity                  1.7%
Goldman Sachs Capital Partners VI L.P.                               Private Equity                  1.5%
Kaiser Trading Diversified 2X Segregated Portfolio                Strategic Hedge Funds              1.3%
IKOS Financial Too Fund                                           Strategic Hedge Funds              1.1%
Atticus European Fund Ltd.                                        Strategic Hedge Funds              1.1%
Arcas                                                             Strategic Hedge Funds              0.6%
Coller International Partners V L.P.                                 Private Equity                  0.5%
Ivory Offshore Flagship Fund Ltd.                                 Strategic Hedge Funds              0.5%
Silver Lake Partners III L.P.                                        Private Equity                  0.4%
MatlinPatterson Global Opportunities Partners III L.P.                  Specialty                    0.3%
Lehman Brothers Venture Partners V L.P.                              Private Equity                  0.2%
AIG Special Situations Fund II L.P.                                  Private Equity                  0.0%
Oaktree OCM Opportunities Fund VIIb L.P.                                Specialty                    0.0%
Pine Brook Capital Partners L.P.                                        Specialty                    0.0%


Transitional investments: The Company will seek to avoid return dilution caused
by holding amounts that are not committed or are committed, but not yet drawn-
down, on both underlying private equity funds and underlying specialty funds by
investing such amounts in a range of transitional investments, which may include
equity hedge, senior debt, mezzanine and market neutral funds.





Strategic Hedge funds: The part of the Company's portfolio which is managed by
RMF Investment Management - Nassau branch.










Transitional investments: The Company will seek to avoid return dilution caused
by holding amounts that are not committed or are committed, but not yet
drawn-down, on both underlying private equity funds and underlying specialty
funds by investing such amounts in a range of transitional investments, which
may include equity hedge, senior debt, mezzanine and market neutral funds.



Strategic Hedge funds: The part of the Company's portfolio which is managed by
RMF Investment Management - Nassau branch.







This Factsheet has been produced by Bramdean Asset Management LLP, authorised
and regulated by the Financial Services Authority. It is aimed solely at
shareholders of Bramdean Alternatives Limited and it should not be relied upon
by any other person.



Please note that Bramdean Asset Management LLP has obtained information from a
wide variety of sources for the content of this Factsheet. Whilst it has made
reasonable endeavours to verify such information, this Factsheet should not be
used as the exclusive basis of any investment decisions. It relates to a
relatively short time period whilst many of the investments of Bramdean
Alternatives Ltd are of a long-term nature.

Bramdean Alternatives Limited invests in high risk alternative investment
vehicles. It is

aimed at professional or sophisticated investors who intend to hold their
investment

for the longer term. If you are not a professional or sophisticated investor you
should take independent financial advice in relation to any proposed investment
in
Bramdean Alternatives Limited.







Please note that up to date information on the Company, including its monthly
NAV and share prices, fact sheets, Prospectus and portfolio information can be
found at www.bramdeanalternatives.com.



This Factsheet will be available on www.bramdeanalternatives.com in Word format
and in PDF format from this evening.



Capita Registrar's helpline is 0870 162 3121.



Registered Office: Canada Court, Upland Road, St. Peter Port, Guernsey, GY1 3QE,
Channel Islands.





CONTACT DETAILS



Amanda McCrystal, or amccrystal@bramdean.com

Bramdean Asset Management LLP. 100 Brompton Road London SW3 1ER, United Kingdom



T+44 (0)20 7052 9272  F+44 (0)20 7052 9273  W www.bramdean.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
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