TIDMDCL
RNS Number : 0443E
Dexion Commodities Limited
31 March 2011
Dexion Commodities Limited (the "Company")
February Net Asset Values
Ordinary Shares
The net asset values of the Company's Ordinary Shares as of 28
February 2011 are as follows:-
Share Class NAV MTD Performance YTD Performance
------------- ------------- ---------------- ----------------
GBP Shares 100.95 pence +2.42% +2.67%
------------- ------------- ---------------- ----------------
EUR Shares EUR 1.2183 +2.47% +2.71%
------------- ------------- ---------------- ----------------
US$ Shares US$ 1.7254 +2.46% +2.69%
------------- ------------- ---------------- ----------------
Redeemed Shares
The net asset value of the Company's Redemption Portfolio was
US$0.91M. This was attributed between Redeemed Share classes as
follows:-
Share Class NAV per Redeemed
Share
------------ -----------------
GBP Shares US$ 0.0242
------------ -----------------
EUR Shares US$ 0.0249
------------ -----------------
US$ Shares US$ 0.0248
------------ -----------------
These valuations, which have been prepared in good faith by the
Company's administrator, are for information purposes only and are
based on the unaudited estimated valuations supplied to the
Company's investment adviser by the administrators or managers of
the Company's underlying investments and such valuations may not be
considered independent or may be subject to potential conflicts of
interest. Both weekly manager estimates and monthly valuations may
be produced as at valuation dates which do not co-incide with
valuation dates for the Company, may be based on valuations
provided as of a significantly earlier date, may differ materially
from the actual value of the Company's portfolio and are unaudited
or may be subject to little verification or other due diligence and
may not comply with generally accepted accounting practices or
other generally accepted valuation principles. The Company's
investment adviser, investment manager and administrator may not
have sufficient information to confirm or review the completeness
or accuracy of information provided by those managers or
administrators of the Company's investments. In addition, those
entities may not provide estimates of the value of the underlying
funds in which the Company invests on a regular or timely basis or
at all with the result that the values of such investments may be
estimated by the investment manager. In the case of 1 of the
Company's 29 investments, where no such formal valuation has been
received by today's date, an estimated valuation prepared by the
Company's investment adviser or by the manager or administrator of
the underlying funds has been used. Certain other risk factors
which may be relevant to these valuations are set out in the
Company's prospectus dated 10 March 2006.
Net asset values for Redeemed Shares include only those costs
and expenses attributable to Redeemed Shares which have been
accrued as at the relevant NAV date.
Monthly Portfolio Review
Investment Adviser Portfolio Outlook
Commodities surged throughout February amidst an environment of
high volatility and increased dispersion which saw the portfolio
return a healthy profit as all sectors contributed positively to
performance. Political turmoil continued in the Middle East, with
unrest in Libya and neighbouring regions driving the price of Brent
crude oil above US$110 per barrel. Added to this were increasing
geopolitical tensions combined with inflationary concerns that saw
precious metals trend higher as gold returned +5.9% and silver hit
a 30 year high. Agriculturals also continued their upward trend
with grains such as corn rising +9.6% as Chinese demand boomed and
supplies tightened.
Market Overview
Commodity Strategies:
Base Metals: +2.38%
Multi-strategy: +3.06%
Energy & Transportation: +2.66%
Agriculture & Livestock: +4.32%
As in January, the multi-strategy part of the portfolio was the
strongest performer based on the increased opportunities available
across the commodity sector. One strong manager profited especially
from energy, as well as from long positions in metals and
agriculture and livestock. Another manager contributed to overall
gains with agriculture being the main driver behind the profits,
however the impact was less significant. A number of other managers
were able to capitalise on the moves in energy prices. One global
energy manager made the most of an excellent trading environment as
regional supply and demand imbalances combined with geopolitical
turmoil, creating interesting movements between crude oil and the
oil-related products. Another manager maintained a short natural
gas position over the month which ultimately proved beneficial as
prices slumped. In the agriculture and livestock sector, several
managers generated significant returns. In one case, the manager
anticipated a mid-month sell-off and was therefore able to reduce
long exposure at the right time. Elsewhere, the volatility in a
number of markets failed to affect the performance of another
specialist. Soybeans recorded some of the highest levels of
volatility whilst corn moved steadily up for most of the month,
dropping in the last week. The only disappointment came from a
manager with positions within the energy and transportation
sectors. Public and private equity positions in one holding were
substantially written down following disappointing drilling results
in Kazakhstan. At a portfolio level, the direct equity exposure has
been reduced further at the start of March, whilst the Investment
Adviser remains highly focused on agriculture given the widespread
supply concerns and potential for volatility in future months.
Environmental Strategies: +2.76%. The environmental strategy
delivered strong returns. The strongest performance was recorded by
the portfolio's carbon trader, who benefited from an increase in
carbon prices. Despite the continued suspension of the European
spot market amid concerns over stolen permits, the fund was able to
navigate the market well through active trading. Within equity
strategies, the portfolio's global long/short water manager posted
a modest gain, with long positions benefiting from price
appreciation within utility and water resource companies. This
manager continues to run a highly hedged portfolio and posted gains
on both its long and short positions over the month.
Other Strategies*: +1.03%
Asian Opportunities: 0.00%
Healthcare Opportunities: +0.82%
Special Situations: -3.80%
Emerging Markets Macro: +2.05%
*Remaining strategies that are being wound down following the
decision to re-profile the Company in July 2009.
Allocation Number of
as of 1 March Funds as Performance by Strategy
Strategy % of 1 March %
------------------- --------------- ------------ --------------------------
February YTD
------------------- --------------- ------------ ---------------- --------
Base Metals 12.9 3 2.38 2.30
------------------- --------------- ------------ ---------------- --------
Multi-strategy 35.0 6 3.06 4.82
------------------- --------------- ------------ ---------------- --------
Energy &
Transportation 35.4 10 2.66 3.72
------------------- --------------- ------------ ---------------- --------
Agriculture &
Livestock 14.9 2 4.32 1.63
------------------- --------------- ------------ ---------------- --------
Environmental
Strategies 1.3 1 2.76 1.26
------------------- --------------- ------------ ---------------- --------
Other Strategies* 0.5 6 1.03 1.34
------------------- --------------- ------------ ---------------- --------
Total 100 28
------------------- --------------- ------------ ---------------- --------
Strategy returns are in US$ (except where annotated) and net of
underlying manager fees only, and not inclusive of Dexion
Commodities' fees and expenses.
* Remaining strategies that are being wound down following the
decision to re-profile the Company in July 2009.
Voting Rights and Capital
The Company's share capital consists of 40,306,649 GBP shares
(excluding treasury shares) with voting rights, 6,431,734 EUR
Shares (excluding treasury shares) and 2,719,786 US$ Shares
(excluding treasury shares) with voting rights. All Shareholders
have equal voting rights based on the number of Shares held.
Accordingly, the total number of voting rights in the Company is
49,458,169 and this figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company under the FSA's Disclosure and Transparency
Rules.
Supplementary Information
Click on, or paste the following link into your web browser, to
view a full review of the Dexion Commodities Limited portfolio.
http://www.rns-pdf.londonstockexchange.com/rns/0443E_-2011-3-31.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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