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Acencia Debt Strategies Limited

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Acencia Debt Strategies Limited ACENCIA DEBT STRATEGIES LIMITED HALF YEARLY REPORT AND UNAUDITED CONDENSED FINANCIAL STATEMENTS 2015 ACENCIA DEBT STRATEGIES LIMITED CONTENTS Summary Information 2-4 Responsibility Statement 5 Chairman’s Statement 6-9 Independent Review Report 10 Unaudited Condensed Financial Statements: Condensed Statement of Comprehensive Income 11 Condensed Statement of Changes in Equity 12-14 Condensed Statement of Financial Position 15 Condensed Statement of Cash Flows 16 Notes to the Unaudited Condensed Financial Statements 17-30 Management and Administration 31 1 ACENCIA DEBT STRATEGIES LIMITED SUMMARY INFORMATION For the six month period ended 30 June 2015 Principal Activity AcenciA Debt Strategies Limited (“the Company” or “AcenciA”) is an authorised closed-ended investment scheme domiciled in Guernsey. The Company is premium listed and traded on the main market of the London Stock Exchange. Change in functional and presentation currency The Directors have reassessed the Company’s functional currency and have concluded that, on the basis of the below, the functional currency has changed from Sterling to US Dollar with effect from 6 February 2015: • the cancellation of the Sterling USD hedge in 2014, • the sale of the last of the Sterling investments by 31 December 2014, and • the payment of US$101,025,026 (£64,855,251) in relation to the Tender Offer on 6 February 2015 out of cash that accumulated prior to the cancellation of the Sterling USD hedge. In light of this, the Directors’ have aligned the Company’s presentation currency by changing it from Sterling to USD with effect from 6 February 2015. For further information refer to note 4. Investment Objective and Policy The Company’s investment objective is to produce annual returns in excess of 3-month US Dollar LIBOR plus 5 per cent over a rolling 3-year period, with annual standard deviation of under 5 per cent. On 23 April 2015, the Board approved an amendment to the Company’s investment objective to make reference to the US Dollar LIBOR instead of Sterling LIBOR. The Company’s investment policy is to invest in an actively managed portfolio of predominantly debt-oriented hedge funds. In accordance with the resolution passed at the EGM dated 25 September 2014 and with the amended Article 36.1 of the Company’s Articles of Incorporation, the Directors shall call a general meeting of Shareholders in September 2017 at which an ordinary resolution shall be proposed to approve the voluntary winding up of the Company (the “2017 Winding-up Resolution”) with effect from 31 December 2017. The Company will place such redemption notices as necessary ahead of the possible winding-up date of 31 December 2017, and will not, in the interim, make any new investments in funds which have lock-up or capital commitment periods beyond this date. The future of the Company is discussed below. Dividend Policy The Company’s dividend policy is to pay an annualised dividend equivalent to 3.5 per cent of net assets by means of interim dividend payments. During the period to 30 June 2015, the Company paid a dividend of 1.95p per share totalling £1,085,475 (US$1,666,312) (year ended 31 December 2014: US$ 7,435,621 and period ended 30 June 2014: US$ 3,757,410). For further information refer to note 5. Change of Directors Mr W Simpson was appointed as a Director of the Company on 13 April 2015. On 27 May 2015, Mr J Le Pelley resigned as Chairman and Mr W Scott was appointed as Chairman. The Directors who held office during the period to 30 June 2015 and as at the date of this report are listed on page 31. Principal risks and uncertainties for the next financial period The Board reviews risks each quarter and monitors the existing risk control activity designed to mitigate these risks. The principal risks associated with the Company are: • Operational risk. The Board is ultimately responsible for all operational facets of performance including cash management, asset management, regulatory and listing obligations. The Company has no employees and so enters into a series of contracts/legal agreements with a series of service providers to ensure that both operational performance and regulatory obligations are met. The Board performs on-going internal monitoring of operational processes and controls and receives regular reports from the administrators of the Company on operational breaches and errors, adherence to policies and procedures and compliance reporting to reduce the risk of fraud and bribery. The Company is required to comply with the UK Listing Authority rules. Any failure to comply could lead to criminal or civil proceedings. The Sub-Manager and Administrator monitor compliance with regulatory requirements and the Administrator reports at quarterly Board meetings. 2 ACENCIA DEBT STRATEGIES LIMITED SUMMARY INFORMATION, continued For the six month period ended 30 June 2015 • Investment risk. Although the Board is ultimately responsible for the investment objective and policy, the day-to-day investment strategy is delegated, by the Investment Manager, to the Sub-Manager and Investment Adviser. The success of the Company depends on the diligence and skill of the Sub-Manager and Investment Adviser. There is a risk that any underperformance of funds which the Company’s capital is invested in would lead to a reduction of the Company’s Net Asset Value or of the share price rating. The Board formally monitors the investment performance each quarter, when the Sub-Manager reports on the performance of the Company’s portfolio at the quarterly Board meetings. The Sub-Manager and Investment Adviser carry out extensive due diligence on the underlying invested funds and monitor performance regularly. The investment guidelines and restrictions, as detailed in the prospectus of the Company, ensure adequate diversification and are regularly monitored by the Sub-Manager. • Share price discount risk. The Company has a Discount Target mechanism which was designed to mitigate this risk. The share price is continually monitored and, if appropriate, the Company Enhanced Share Buy-back Program is utilised to help control share price discount levels. Furthermore, the Board also considers whether any additional control measures need to be taken. On 29 January 2014, the Company announced a narrowing of the Discount Target from 10% to 7.5% and in June 2014 this was further reduced to 2.5%. At the EGM on 25 September 2014, a resolution was passed to adopt a maximum discount target of 5% with effect from 1 January 2015. Asset Allocation by Hedge Fund Strategy The estimated allocation to underlying hedge fund strategies as at 30 June 2015 was as follows: * Estimate by Saltus Partners LLP based on interviews with a sample of underlying managers. 3 ACENCIA DEBT STRATEGIES LIMITED SUMMARY INFORMATION, continued For the six month period ended 30 June 2015 Analysis of Significant Investments The significant direct holdings of the Company as at 30 June 2015 are set out in the first table below. Of these, 3 are fund of fund vehicles managed by Sandalwood Securities, Inc. (“Sandalwood”), the Company’s Investment Adviser. The significant holdings on a look-through basis (i.e. showing the effective exposure to underlying single manager hedge funds, ignoring the fund of fund vehicles) are set out in the second table below. The Company’s Significant Direct Holdings Fair Value % of Name of investment Strategy US$ Portfolio Value Fund of Funds Managed by Sandalwood Bodleian Partners Class A Limited Partnership Fund of Funds 36,167,580 40.07 Sandalwood Debt Fund A Limited Partnership Fund of Funds 33,870,284 37.52 Sandalwood Debt Fund B Limited Partnership Fund of Funds 11,417,710 12.65 Sub Total 81,455,574 90.24 Single Manager Funds Elliott International Fund Multi-strategy credit 8,816,441 9.77 Sub Total 8,816,441 9.77 Total 90,272,015 100.00 The Company’s investment portfolio on a look-through basis comprised the following principal holdings: Fair Value % of Name of investment* Strategy US$ Portfolio Value Elliott Associates, LP Multi-strategy credit 12,858,577 13.18 Third Point Partners (QP), LP Event Driven 12,126,324 12.43 Redwood Domestic Fund, LP Multi-strategy credit 12,031,511 12.33 Canyon Balanced Fund, L.P. Multi-strategy credit 11,663,993 11.96 York Credit Opportunities Fund Multi-strategy credit 11,232,738 11.51 Anchorage Capital Partners, LP Distressed securities 9,645,801 9.89 Centerbridge Credit Partners Distressed securities 8,898,344 9.12 Jet Capital Concentrated Fund Multi-strategy credit 6,865,435 7.04 Scoggin Worldwide Investors, LP Distressed securities 4,888,808 5.01 Appaloosa Investment. LP Distressed securities 2,745,494 2.81 Thoroughbred Fund, LP Distressed securities 2,585,825 2.65 Centerbridge Credit Partners, SP Distressed securities 372,026 0.38 Other portfolio items (5,642,861) (5.86) Total 90,272,015 92.45 * In several cases the exposure to these funds is made up of a combination of an indirect investment in the domestic funds and a direct investment in the overseas sister fund, which has similar but not identical portfolio composition. 4 ACENCIA DEBT STRATEGIES LIMITED RESPONSIBILITY STATEMENT Each of the Directors currently in office, whose names are listed on page 31 of the Unaudited Condensed Financial Statements (“the Financial Statements”) confirm that, to the best of their knowledge and belief: • The Financial Statements comprising the Condensed Statement of Comprehensive Income (unaudited), the Condensed Statement of Changes in Equity (unaudited), the Condensed Statement of Financial Position (unaudited), the Condensed Statement of Cash Flows (unaudited) and the Unaudited Related Notes 1 to 24 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU.
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