ALTIN: 2015 Final Results and Annual Report; Invitation and agenda to the AGM Donnerstag, 14. April 2016 - 18:30
ALTIN: 2015 Final Results and Annual Report
Invitation and agenda to the AGM
- 2015 performance: +11.42%[1] share price, +2.06%[2] NAV performance
- Strong relative outperformance (HFRX Index: -3.64%, HFRI FoF Index: -0.21%)
- Share price to NAV Discount significantly reduced
Baar, 14 April 2016 – ALTIN AG (SIX: ALTN, LSE: AIA), the Swiss alternative investment company listed on the London and Swiss stock exchanges, published its 2015 audited annual results today[3]. ALTIN delivered a positive 2015 performance in terms of share price increase (+11.42%) and of investment portfolio returns (+2.06%), outperforming both reference benchmarks: the HFRX and HFRI FoF indices were down -3.64% and -0.21% respectively. The discount to NAV ended the year at 14.64%, compared with 21.81% at the end of 2014 and continues to narrow to this day. Furthermore, ALTIN AG announces that Peter Altorfer will retire from his role as Director and Chairman following his decision not to stand for re-election as a member of the Board at the Company’s Annual General Meeting to be held on 9 May 2016. The invitation and agenda for the Annual General Meeting[4] have now been issued and are available on the Company’s website at www.altin.ch.
2015 annual results
Generally speaking, 2015 was a mixed year for the hedge fund industry, with the HFRI Fund Weighted Composite Index posting its first negative year since 2011. In contrast to the average hedge fund, ALTIN’s portfolio performed positively. ALTIN’s Net Asset Value (NAV) finished the year up +2.06% in 2015, compared to the HFRX index and the HFRI FoF index, which recorded -3.64% and -0.21% respectively. Similarly to 2014, ALTIN’s portfolio turnover was relatively limited in 2015 as most of the sub-strategy allocation remained steady. The only tactical switch made was to rotate some of the equity long bias risk allocation in favour of equity market neutral managers.
The start of 2016 has remained challenging for markets and strategies. The ALTIN portfolio weathered the storm in January and its share price (SIX) has appreciated by a further +5.29% YTD as of 13 April 2016.
Reduced discount
As a result of the strong performance and of the different measures put in place by ALTIN’s Board of Directors, the share price (SIX) to NAV discount ended the year at 14.64%, compared with 21.81% at end 2014. The average discount for 2015 was 15.47%, compared with an average of 20.89% in 2014. Based on the latest figures, the current NAV/ share price discount stands at 7.61%[5].
ALTIN AG | ALTIN AG | HFRI FoF | |
YTD as 29 February 2016 (latest available final figures) | -1.57% | +1.74% | -3.88% |
2015 | +2.06% | +11.42% | -0.21% |
Cumulative since Dec. 1996 | +214.77% | +190.77% | +143.56% |
Annualized since Dec. 1996 | +6.19% | +5.75% | +4.78% |
Peter Altorfer to retire from ALTIN AG’s Board of Directors
Annual General Meeting 2016
Peter Altorfer will retire from his role as Director and Chairman following his decision not to stand for re-election as a member of the Board at the Company’s Annual General Meeting to be held on 9 May 2016. The invitation and full agenda of the upcoming Annual General Meeting are available on the Company’s website at www.altin.ch (“About ALTIN” – “Reports & Publications” – “Other documents”).
