Alternative Capital Enhancement -ACE- Launches Three New Single Strategy Sub-Funds of Hedge Funds.Business Editors GENEVA--(BUSINESS WIRE)--Dec. 3, 2002 Following the successful transfer of the USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 225m fund of hedge funds A fund of hedge funds is a fund which invests in several different hedge funds to spread the risks. Funds of hedge funds select hedge fund managers and construct portfolios based upon those selections. Alternative Capital Enhancement (ACE) to Luxembourg and the launch of the multi-compartment umbrella structure, ACE today announces the opening of 3 new single strategy sub-funds of hedge funds hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" . This will allow experienced alternative investors to either select a specific strategy or build their own multi strategy portfolio by combining the new compartments. Following the successful launch of the Ace Balanced and the Ace structured Balanced (the underlying sub-fund for structured products) on 2 September 2002, Ace today announces the addition of 3 new single strategy sub-funds, namely Ace Multi-Arbitrage, Ace Long-Short, and Ace Macro. Tony Morrongiello, Chief Executive of 3A, the Investment Manager of Ace, commented: `The single strategy sub-funds address a demand from investors who wish to build their own multi-strategy portfolios or who are seeking exposure to specific alternative investment styles." No fees are levied for switches between compartments.
Three different strategies with different risk/return characteristics
Alternative Capital Enhancement Sicav
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ACE Balanced ACE Multi Arbitrage ACE Long Short ACE Macro
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YTD +2.36% +3.40% +1.81% +5.45%
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Since
inception: +44.50% +49.71% +72.87% +13.23%
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Ann. perf.: +9.05% +9.96% +13.74% +2.97%
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Ann. Vol.: 6.79% 2.63% 16.21% 7.81%
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The historical performance of the three sub-funds has been computed using the track record of each segment within the Ace Balanced fund Balanced Fund A mutual fund that invests its assets into the money market, bonds, preferred stock, and common stock with the intention to provide both growth and income. Also known as an asset allocation fund. since its inception in April 1998 and is based on the actual investments made by the fund. Figures are net of management fees and performance fees. Ace Multi Arbitrage. This sub-fund focuses on Arbitrage and Relative Value strategies. The segment has achieved an excellent annualised net return of +9.96% with a low volatility of 2.63%. This strategy has been a sound investment for investors seeking steady performance with lower risk. Ace Long Short. This sub-fund specializes in a large variety of Long/Short Equity Long/Short Equity A hedge fund strategy that involves buying certain stocks long and selling others short. There usually isn't a restriction on the country that the stocks trade in either. strategies. Its annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. net return of +13.74% compares extremely favourably with the -7.1% negative performance of the MSCI World The MSCI World is a stock market index of 'world' stocks. It is maintained by Morgan Stanley Capital International. The index includes a selection of stocks of all the developed markets in the world, as defined by MSCI. Equity index. In absolute terms (Alg.) such as are known, or which do not contain the unknown quantity. See also: Absolute , the Ace Long Short segment has outperformed world equities by +99.8% since its inception in August 1998. Ace Macro. This sub-fund invests in Macro hedge fund strategies and CTA's (Commodity Trading Advisors Commodity Trading Advisor An investment manager that focuses on long and short trading in the futures markets. The trades are often intraday trades. Sometimes referred to as Managed Futures. / Managed Futures Managed Futures In the context of hedge funds, a style of management that focuses on short-term trading in the futures market. ). Its relatively low +3% annualized return is deceptive since this fund offers a very low correlation to traditional equity and bond markets (-0.24 and -0.07 respectively) and has achieved its most positive results since the start of the bear market. Year to date, the segment has achieved a return of +5.4% and it was up just under +10% in 2001. ACE's website www.ace-funds.com provides a simulation tool that assesses risk return profiles resulting from the different weightings of the ACE sub-fund strategies. Notes to Editors: On ACE www.ace-funds.com Established in April 1998, ACE is a USD 225m Luxembourg Sicav with 5 sub-funds investing in 35 different hedge funds around the world representing a variety of investment styles. Approximately 55% of ACE's holdings are in hedge funds that are now closed to new investors. The frequency of redemptions is monthly (except for ACE Multi-Arbitrage which is quarterly) with a redemption notice of 45 days. Monthly reporting managed by 3A for each of the sub-funds is provided to the investor as well as a portfolio simulation tool accessible through the ACE website. The portfolio simulation tool allows investors to compare the effects of investing in a combination of investment strategies. On 3A - Alternative Asset Advisors www.3-a.ch ACE is managed by 3A - Alternative Asset Advisors, one of Europe's largest alternative investment management groups. 3A belongs to the SYZ SYZ Shiraz, Iran - Shiraz (Airport Code) SYZ Spring Yard Zone (Sonic 1 level) & CO Group, one of Switzerland's fastest growing and dynamic asset management specialists. 3A is also the investment manager for ALTIN, the USD $225m closed-end fund Closed-end fund An investment company that issues shares like any other corporation and usually does not redeem its shares. A publicly traded fund sold on stock exchanges or over the counter that may trade above or below its net asset value. Related: Open-end fund. of hedge funds listed on the London and Zurich stock exchanges. 3A manages approximately USD 900m in alternative investments. On SYZ & CO www.syzbank.ch Established in Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. in 1995 by Eric Syz, Alfredo Piacentini, and Paolo Luban, SYZ & CO has become one of the fastest growing and dynamic asset management groups in Switzerland. Today, with a staff of 125, the SYZ & CO Group has offices in Geneva, Locarno, Lugano, Nassau, Luxembourg, London, Barcelona, Salzburg and Milan. SYZ & CO is sponsor to Alternative Capital Enhancement, a USD 225m Sicav registered in Luxembourg. This material is intended for informational purposes only and should not be construed as an offer or solicitation solicitation In criminal law, the act of asking, inducing, or directing someone to commit a crime. The person soliciting another becomes an accomplice to the crime. The term also refers to the act of obtaining bribes, as well as to the crime of a prostitute who offers sexual for the purchase or sale of any financial instrument. The information provided herein reflects current market practices and is not intended to constitute legal, tax, or accounting advice; client should consult their own advisors on such matters. The market valuations, terms, and calculations contained herein are estimates only and are subject to change without notice. The views, opinions and strategies described herein, which are as well subject to change, may not be suitable for all investors. The information provided is believed to be reliable, however the Company does not guarantee its completeness or accuracy. The performance data contained herein has been obtained from fund administrators as well as other outside sources and, although it is believed to be accurate, no guarantee of completeness or accuracy is being made. Actual figures could be higher or lower subject to market conditions. Client should consider the potential risks and further disclosure information associated with this investment and the appropriateness with their financial profile and objectives. Past performance is not an indication of future results. Banque SYZ & CO may hold position or act as principal in the financial instrument of any issuer discussed herein or act as advisor to such issuer. Additional information is available upon request. Neither ACE not 3A have no place of business in the UK and persons investing in ACE are not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by the rules and regulations made for the protection of investors in the UK. This means that they will NOT have the benefit of rights designed to protect investors under the Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Act 1986 and under the rules of the Financial Services Authority The Financial Services Authority ("FSA") is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. Its main office is based in Canary Wharf, London, with another office in Edinburgh. and the SFA See sales force automation. SFA - Sales Force Automation . In particular they will not benefit from the right to claim through the Investors Compensation Scheme for losses resulting from a default of obligations owed under relevant regulations. The promotion of ACE in the UK through any form of advertising, personal visit or oral communication made without express invitation or otherwise is restricted by law. |
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