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November 09, 2004 at 07:00 PM
NEW YORK (HedgeWorld.com)–Citing its strong returns for the first nine months of the year, Altin AG, a closed-end fund of funds listed on the London and Switzerland stock exchanges, described its current share price as unjustifiably low in relation to net asset value and the quality of its investments.
The fund, managed by the 3A-Alternative Asset Advisors division of Geneva-headquartered SYZ & Co. Group, was up 4.17% as of the end of September. But the share price did not follow with an equivalent gain and is trading at a discount of 9.8% to NAV, according to a recent statement by the company.
The stock closed at US$43 on the London Stock Exchange on Oct., well below the estimated NAV per share of US$47.71. By contrast, in November 2003 the stock was at a premium of 1.65% to NAV. Altin’s board reiterated its commitment to aligning the share price with NAV.
Shifting Strategies
Altin, launched in December 1996, is invested in 40 hedge funds, with more than 80% of assets in funds that are closed to new investors. It also includes some smaller managers trading in new strategies and geographical regions.
