de644784-4b37-42ec-b234-ef787dbefaa1.pdf


December 2015


Performance Figures (Net)

Cumulative

Fund

Index

MTD

+0.47%

-0.53%

YTD

+2.14%

-0.34%

1-year

+2.14%

-0.34%

3-year

+19.12%

+12.24%

5-year

+13.29%

+10.88%

Since inception

+215.03%

+143.22%

Annualised

3-year

+6.00%

+3.92%

5-year

+2.53%

+2.09%

Since inception

+6.20%

+4.77%

ALTIN AG is a Swiss public company whose share price is linked to the performance of its Subsidiary, Altin Ltd., a closed- ended offshore fund of hedge funds. Aiming to generate absolute annual returns in USD terms, with a lower volatility than equity markets, the portfolio invests in a variety of hedge fund strategies. Traded daily on the Zurich and London Stock Exchanges, ALTIN AG shares provide investors with an easy and efficient access to alternative investments.

Main Fund Facts

Final NAV USD 70.94

Share Price (SIX) USD 60.50

Share Price (LSE) USD 60.50 Portfolio Size USD 240'719'595

Inception Date 01-Dec-96 Share class currency USD Legal Structure Swiss Investment Company

Reference Index HFR FoF Composite Listing SIX, LSE

Performance Chart


Monthly Returns (Net)

Year

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

2015

2.14%

0.05%

2.46%

1.91%

0.34%

0.79%

-2.80%

1.56%

-1.46%

-1.76%

-0.28%

0.97%

0.47%

2014

5.66%

0.68%

2.06%

-1.66%

-1.21%

2.33%

1.12%

0.12%

1.17%

-0.44%

-2.20%

2.23%

1.45%

2013

10.37%

2.15%

0.31%

1.34%

0.79%

1.27%

-1.86%

0.57%

-0.65%

2.25%

0.88%

1.53%

1.42%

2012

2.85%

1.85%

1.70%

0.91%

-0.12%

-0.95%

-1.55%

0.77%

0.84%

-0.42%

-0.56%

-0.36%

0.77%

2011

-7.52%

0.50%

2.04%

-0.47%

1.13%

-1.38%

-2.50%

0.15%

-3.95%

-2.54%

-0.04%

-1.00%

0.45%

2010

12.47%

-0.31%

0.94%

1.98%

1.78%

-3.52%

-1.34%

1.44%

-0.01%

4.16%

2.42%

1.24%

3.27%

2009

13.55%

2.27%

-0.41%

0.04%

0.05%

2.82%

0.33%

1.51%

1.42%

1.57%

0.52%

1.01%

1.70%

2008

-29.20%

-4.42%

3.83%

-5.02%

-0.14%

2.60%

-0.59%

-5.73%

-3.05%

-10.20%

-4.96%

-2.94%

-2.60%

2007

16.30%

0.80%

2.86%

1.94%

1.95%

2.84%

1.47%

1.85%

-3.35%

3.28%

4.27%

-3.99%

1.60%

2006

20.49%

6.25%

0.92%

3.20%

4.58%

-3.41%

-1.09%

-0.31%

0.93%

-0.92%

2.39%

3.97%

2.69%

2005

8.57%

-0.79%

3.59%

-2.26%

-3.73%

-0.45%

1.62%

1.81%

1.22%

3.77%

-2.23%

1.63%

4.43%

Annualised Risk Measures (Net)

Fund

Index

Annualised Volatility

7.48%

5.83%

Gain Deviation

4.58%

3.62%

Loss Deviation

6.05%

4.73%

Sharpe Ratio (RFR 4%)

+0.32

+0.16

Best Month

+6.67%

+6.85%

Worst Month

-10.20%

-7.47%

% Positive Months

66.38%

64.19%

% Negative Months

33.62%

35.81%

Correlation

0.77

Maximum Drawdown

-30.94%

-22.20%

Recovery Period

74

66

The table above only shows the monthly returns for the previous ten years. The full historical returns since launch in December 1996 can be retrieved at www.altin.ch.

Allocation by Style

Significant Holdings


Monthly Comment

ALTIN was up in December, a month which saw most asset classes as well as hedge fund indices perform negatively as the US Federal Reserve put an end to its 7-year of ultra-easy monetary policy. The bulk of the performance came from Relative Value, with virtually all funds up in that style thanks to a high level of intra-asset class dispersion. It is worth noting the large contribution from a specialist of the energy sector. Macro and Equity Hedge were also up, with significant positive contributors including a commodity manager, a systematic macro fund, a Chinese long short equity fund and a macro-driven equity long short fund, underlining if need be the diversify of the sources of returns in this product. Also noteworthy is the rebound of equity event-driven funds. The bulk of the negative contribution came from discretionary macro funds as well as pure trend followers and from credit strategies. This time around Protection strategies were the largest negative contributor, as markets were quite choppy in what remained a relatively benign correction for risky assets.


Administrative Information

Stock Exchanges SIX

Trading Daily

CH Security Nr 1 442 452

ISIN Code CH0014424524

SEDOL 4819053

Reuters ALTIn.S

Bloomberg ALTN SW

Reuters Page ALTIN

Web Site www.altin.ch

LSE

Daily

- CH0014424524

3120596

ALTIwq.L AIA LN

-

www.altin.ch

Minimum Investment 1 share

Management Fee 1.5% based on market cap.

Performance Fee 5% perf. fee for 20% NAV increase.

Investment Manager Alternative Asset Advisors SA, Bahamas

Central Administration Citco Fund Services, Cayman Islands

Independent Auditors PwC Switzerland

Fiscal Year December End




The market valuation, terms and calculations contained herein are final but unaudited. Over time, there may be changes to the information currently supplied in this document. No responsibility is taken for amending or correcting any previously supplied information. This material is for private information only and should not to be construed as an offer to sell or the solicitation to buy any investment product. The information provided is believed to be reliable, without any guarantee of completeness or accuracy and it should not be relied upon as such. Past performance does not guarantee or predict future performance.

Altin AG issued this content on 31 December 2015 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 January 2016 17:40:55 UTC

Original Document: https://www.altin.ch/about-altin/publications/CNTP_631885_FR