Business
Letter to Investors Re: Repor
Letter to Investors Re: Repor.
About this update from Cavendish Plc
[{"type":"text","content":"\n RNS Number : 2289A FRM Credit Alpha Limited 05 October 2009 \n \n\n\n\n\n5 October 2009\n\n\n\n\n\n\n\n\n\nDear Investor\n\nFRM Credit Alpha Limited\n\nWe would like to inform you of several improvements we are making to Credit Alpha's reporting.\n\nGoing forward, Credit Alpha's monthly reports will include the names of the top 10 positions in the portfolio. In an environment of improved transparency, we believe that disclosing holdings in the portfolio will not limit our ability to invest in the credit space. \n\nAs at 31 August 2009, Credit Alpha's top 10 positions were as follows:\n\n\n\n\n\nPosition\n\n\nStrategy\n\n\nAllocation\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCash\n\n\nn/a\n\n\n21.9%\n\n\n\n\nPlainfield Special Situations\n\n\nCredit Value\n\n\n11.5%\n\n\n\n\nJCAM Global\n\n\nLong - Short Credit\n\n\n10.3%\n\n\n\n\nTrafalgar Recovery\n\n\nLong - Short Credit\n\n\n9.8%\n\n\n\n\nCerberus International\n\n\nCredit Value\n\n\n8.6%\n\n\n\n\nBlueBay Value Recovery\n\n\nCredit Value\n\n\n8.4%\n\n\n\n\nHarbinger Capital Partners Special Situations\n\n\nCredit Value\n\n\n5.2%\n\n\n\n\nKing Street\n\n\nLong - Short Credit\n\n\n4.1%\n\n\n\n\nGracie International Credit Opportunities \n\n\nLong - Short Credit\n\n\n4.0%\n\n\n\n\nBlue Mountain Credit Alternatives\n\n\nCredit Arbitrage\n\n\n3.2%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n87.0%\n\n\n\n\n\n\nAs at 31 August 2009, Credit Alpha's portfolio allocations were as follows:\n\n\n\n\n\nCredit Value\n\n\n\n\n\n33.7%\n\n\n\n\nLong - Short Credit\n\n\n\n\n\n39.1%\n\n\n\n\nCredit Arbitrage\n\n\n\n\n\n3.2%\n\n\n\n\nShort Credit\n\n\n\n\n\n2.1%\n\n\n\n\nCash\n\n\n\n\n\n21.9%\n\n\n\n\n\n\n\n\n\n\n100.0%\n\n\n\n\n\n\nFuture monthly reports will contain additional granularity, such as performance attribution, liquidity information and exposure information.\n\n\nIn response to requests for disclosure of the liquidity of the underlying portfolio of hedge funds, as at 31 August 2009, Credit Alpha's liquidity profile was as follows:\n\n\n\n\n\n\nImmediate\n\n\nWithin 3 months\n\n\n3 months to\n6 months\n\n\n6 months to 1 year\n\n\nover 1 year\n\n\nIndeterminate\n\n\nTotal\n\n\n\n\n16.3%\n\n\n15.2%\n\n\n14.6%\n\n\n9.6%\n\n\n25%\n\n\n19.3%\n\n\n100.0%\n\n\n\n\n\n\nThe profile shown is following the 20% tender offer in August 2009. It is based on a c...