Alternative Investment Trust · ASX:AIQ
Alternative Investment Trust — Investor Presentation (March 2011)
15 slides from Alternative Investment Trust's investor presentation, Mar 9, 2011
Slide 1: Meet the Responsible Entity and Manager of Alternative Investment Trust
Meet the Responsible Entity and Manager of Alternative Investment Trust For personal use only InterContinental Hotel, 117 Macquarie Street, Sydney, NSW Wednesday 9th March, 2011 at 11am Refreshments will be provided (drinks and snacks) AIT unitholders and any interested parties are invited to attend
Slide 2: Alternative Investment Trust ("AIT") March 2011
For personal use only Alternative Investment Trust (“AIT”) March 2011 Laxey Partners Ltd 4th Floor Derby House 64 Athol Street Isle of Man IM1 1JD Laxey Partners (UK) Ltd Princes House 38 Jermyn Street London SW1Y 6DN Tel +44 20 7494 6380
Slide 3: Overview
Overview For personal use only *includes cash held outside the Swap, cash held within the Swap and cash held in the secondary BNP swap. ** difference explained by fees and expenses. 02 March 2011
Slide 4: AIT Structure
AIT Structure For personal use only 100% Ownership Note: AIT owns c.73% of the “Pooled Assets”, the rest is owned by Everest Alternative Investment Trust -“EAIT”. EBIIF is c.73% owned by AIT, c.27% by EAIT Direct Investment Fund, a sister entity to “EAIT”. 02 March 2011
Slide 5: AIT Mandate
AIT Mandate For personal use only • AIT was Everest, Babcock & Brown Alternative Investment Trust until the reorganization in Jan 2009. • AIT is pursuing an orderly wind up under investment manager, Laxey Partners (UK) Ltd (“Laxey”). • The majority of AIT’s investments are held via an unleveraged sw
Slide 6: AIT Liquidity Expectation
AIT Liquidity Expectation For personal use only • Debt fully paid off in Aug 2010, Liquidity Expectation of AIT’s Assets at 31 Dec 2010 which, at its peak in Jan 2009, stood at USD 289m. • Side pockets account for c.22% of the gross assets of AIT (as at 31/12/10). • Excluding the side pockets, Laxey
Slide 7: AIT Liquidity Expectation Versus Actual in 2010
AIT Liquidity Expectation Versus Actual in 2010 For personal use only • Redemption proceeds were broadly AIT Liquidity Expectation Versus Actual in 2010* in line with expectations. • Some of the managers of AIT’s underlying funds were able to offer investors liquidity ahead of expectations and AIT t
Slide 8: Portfolio Breakdown by Gross Assets
Portfolio Breakdown by Gross Assets For personal use only Breakdown by Gross Assets at 31 Dec 2010 Breakdown by Gross Assets adjusted for Return of Capital 02 March 2011
Slide 9: AIT Strategy Exposure
AIT Strategy Exposure For personal use only AIT Strategy Allocation as at 31 Dec 2010 • As at the 31st Dec 2010, cash accounted for 28.4% of the portfolio. • Post the Return of Capital in Feb 2011, cash reduced to c.2% of total gross assets. • Most of the cash left in the portfolio is in AUD. 02 Mar
Slide 10: AIT Top Ten Holdings
AIT Top Ten Holdings For personal use only • The majority of AIT’s assets and Top Ten Holdings as at 31 Dec 2010 % OF GROSS liabilities are USD denominated, FUND NAME STRATEGY ASSETS representing 86% of total net assets Drawbridge Special Opportunities ESL Investments Asset Based Lending Equity Long
Slide 11: AIT Side Pocket Investments Performance in 2010
AIT Side Pocket Investments Performance in 2010 For personal use only • In 2010, AIT’s side pocket investments Side Pocket Investment Return* % generated a weighted average return of 2.9%. • Side pocket investments continue to perform into 2011 as valuations improve. • Multi-strategy funds outperfor
Slide 12: AIT NTA and Discount Performance
AIT NTA and Discount Performance For personal use only NTA and Discount Performance • AIT is exposed to foreign exchange (Dec 2009 to Dec 2010) risk as there is no currency hedge under the revised Swap Agreement and terms of the wind up. • For the year under review, AIT’s NTA decreased in AUD terms
Slide 13: Significant Portfolio Developments
Significant Portfolio Developments For personal use only • Many of AIT’s underlying funds have been able to return capital to AIT earlier than forecast. • A number of side pocket investments saw valuation increases in line with increased global optimism towards such illiquid type assets. • In Feb 20
Slide 14: Highlights and Outlook
Highlights and Outlook For personal use only • On 23rd Feb 2009, Laxey was appointed as the Investment Manager of AIT when the stock was trading around AUD0.90 per unit. • To date a total of AUD0.85 per unit has been distributed to unit holders. • Return of Capital adjusted NAV as at 31st Dec 2010 i
Slide 15: Disclaimer
Disclaimer For personal use only By attending the meeting where this presentation is made, or by reading this document, you agree to be bound by the limitations set out below. The information contained herein is for those persons attending this presentation (and to whom this presentation is directed
Alternative Investment Trust — Investor Presentation (March 2011) on 6ix