Hier der Bericht von der Bloomberg- website (mich wundert allerdings, daß das Ergebnis in ? angegeben wird, nicht in Pfund; ich habe an den Autor eine mail mit einer entsprechenden Anfrage geschickt, mal sehen, ob da eine Antwort kommt):
Absolute Capital 2006 Net Rises 74 Percent on Funds (Update1)
By Andrei Postelnicu
March 12 (Bloomberg) -- Absolute Capital Management Holdings Ltd., a hedge-fund manager that sold shares to the public a year ago, said full-year profit rose 74 percent as the funds it oversees attracted new capital and outperformed peers.
Net income rose to 27.1 million euros ($35.5 million), or 46 cents a share, compared with 15.6 million euros, or 30 cents a share, a year earlier, the Cayman Islands-based company said today in a statement. Assets under management were $1.55 billion at the end of last year.
``We view the recent increase in volatility as an opportunity for our funds, all of which are non-market correlated,'' said Chairman and Chief Executive Officer Sean Ewing.
None of the company's funds lost money last month, when a five-day rout in global equities erased about $.3 trillion from the market value of companies, Ewing said. The Morgan Stanley Capital International All-Countries World Index, a measure for developed and emerging markets, slumped 6.5 percent between Feb. 27 and March 5.
Hedge funds underperformed the world's main equity markets last year. The average 13 percent return in 2006, as measured by Chicago-based Hedge Fund Research Inc, lags behind the 16 percent gain in the Standard & Poor's 500 Index of the largest U.S. stocks and the 21 percent increase in the MSCI World Index.
Higher Dividend
Absolute Capital's results exclude the January acquisition of Argo Capital Management Ltd. for 50.5 million pounds ($99.6 million), which brought the company access to bond funds investing in developing markets. The cash-and-stock acquisition of Argo increased Absolute's total assets under management to $2.6 billion as of March 1, the company said.
Absolute said it would pay a full-year dividend of 44.7 cents per share, including a special dividend it announced in December.
The dividend ``indicates management's confidence in the strength of ACMH's future earnings and cashflows,'' said Sandy Chen, an analyst at Panmure Gordon Ltd. in London.
Absolute will build a sales team in order to market its funds to a broader investor base in Europe, the U.S. and Asia. The company also intends to start new funds in 2007, including listed funds, Ewing said in a conference call with reporters.
He added that Absolute is ``investigating'' the option of starting a listed fund that would blend the performance of the $483.8 million Absolute Return Europe Fund that invests in stocks with the $443 million Argo fund investing in bonds.
Minimum Investment
Absolute in September started a fund for private investors in Germany. The Absolute Diversified Certificate invests in a range of Absolute's hedge funds and takes in a minimum investment of 5,000 euros. It is up 4.3 percent so far this year and has $268 million under management.
The investment is structured as a certificate, which is popular with German investors, rather than as a fund. Unlike mutual funds, certificates are priced continuously and usually aren't actively managed. Fees are generally lower because they stick to market indexes or predetermined strategies.
Like most hedge funds, Absolute Capital charges a fee of 2 percent for managing the fund and takes about 20 percent from any profit made. Income from those fees rose 69 percent to 49.7 million last year, the company said.
Hedge funds are lightly regulated limited partnerships that typically take bigger bets than mainstream mutual funds. They cater to wealthy individuals with at least $1 million and institutions and endowments.
Absolute Capital has offices in London, Zurich, and the Spanish island of Mallorca, as well as Cyprus, Singapore, Sao Paolo and Buenos Aires. It manages ten funds, two of which invest in bonds. Two of its equity funds are closed to new investments.
The shares rose 2.9 percent at 460 pence at 9:10 a.m. in London, valuing the company at 251.3 million pounds ($486.6 million).
To contact the reporter on this story: Andrei Postelnicu in London at apostelnicu@bloomberg.net .
Last Updated: March 12, 2007 05:58 EDT
Ciao, jairus
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