Alternative Investment Trust · ASX:AIQ
Alternative Investment Trust — Investor Presentation (March 2010)
13 slides from Alternative Investment Trust's investor presentation, Mar 10, 2010
Slide 1: Meet the Responsible Entity and Manager of Alternative Investment Trust
Meet the Responsible Entity and Manager of Alternative Investment Trust InterContinental Hotel, 117 Macquarie Street, Sydney, NSW Wednesday 10th March, 2010 at 11am Refreshments will be provided (drinks and snacks) AIT unitholders and any interested parties are invited to attend a presentation hoste
Slide 2: Alternative Investment Trust ("AIT") March 2010
Alternative Investment Trust (“AIT”) March 2010 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: AIT Facts
Overview AIT Facts (as at 31 December 2009) * * Cash does not include cash held in the Secondary swap. 05 March 2010
Slide 4: AIT Structure
AIT Structure 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”. 05 March 2010
Slide 5: AIT Mandate
AIT Mandate • AIT was Everest, Babcock & Brown Alternative Investment Trust (“EBB AIT”)until the reorganization in January 2009. • AIT is pursuing an orderly wind up under investment manager, Laxey Partners (UK) Ltd (“Laxey”). • Majority of AIT‟s investments are held via a swap with Macquarie Bank L
Slide 6: AIT Swap Debt Repayment Progress
AIT Swap Debt Repayment Progress AIT Debt Reduction Progress • The portfolio of AIT consists USD 350m largely of leveraged exposure to USD 300m a basket of absolute return USD 250m AIT Swap Debt … funds via a swap facility with USD 200m Macquarie Bank Ltd. USD 150m USD 100m USD 50m • Over 2009, tota
Slide 7: AIT Top Ten Holdings
AIT Top Ten Holdings • The majority of AIT‟s assets and Top Ten holdings as at 31 December 2009 liabilities are USD denominated, % OF GROSS FUND NAME STRATEGY representing 83% of total net ASSETS Drawbridge Special Opportunities Asset Based Lending 12.3% assets as at year end 2009. TPG-Axon Partners
Slide 8: AIT Strategy Exposure
AIT Strategy Exposure AIT Strategy Allocation as at 31 December 2009 • „Other Assets‟ include redemption cash held within AIT‟s secondary Other Assets, 18.6% Cash, 5.5% Asset Based Credit Related Lending , 12.4% Investments, swap with BNP. 11.1% Distressed Securities, 3.6% • Laxey is working with Ma
Slide 9: AIT NTA Performance in USD & AUD
AIT NTA Performance in USD & AUD • AIT is exposed to foreign Rebased NTA AIT NTA Performance in USD & AUD X-Rate (USD / AUD) 110 1.6 exchange risk as there is no 105 currency hedge under the 100 YTD: +3% 1.5 revised Swap. 95 1.4 90 85 YTD: -19% 1.3 80 1.2 • For the year under review, the 75 YTD: -22
Slide 10: Significant Portfolio Developments
Significant Portfolio Developments • Many of AIT‟s underlying funds have been able to return capital to AIT earlier than forecast. Others retained their original redemption policies, using gates to stem redemptions, or moving illiquid assets to side pockets and liquidating funds. • In August, Cerber
Slide 11: AIT Liquidity Expectation
AIT Liquidity Expectation • Debt is expected to be paid off Liquidity Expectation of AIT’s Assets at 31 December 2009 before the end of 2010. USD 250m Total Payments During Period Cumulative Payments at End of Period USD 200m Net Debt within Swap at End of Period USD 150m • Side pockets account for
Slide 12: 2009 Highlights and Outlook
2009 Highlights and Outlook • August capital return of AUD 0.47/unit - a total of AUD 61m. • Total debt was reduced by c.87% over the period, to c.USD 37m. • Debt will be repaid before the end of 2010. • Q&A? 05 March 2010
Slide 13: Disclaimer
Disclaimer Laxey Partners Ltd is regulated by the Financial Supervision Commission. Laxey Partners (UK) Ltd is authorised and regulated by the Financial Services Authority. By attending the meeting where this presentation is made, or by reading this document, you agree to be bound by the limitations
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