This product is
designed to achieve impressive absolute medium-term capital growth by trading a
diversified portfolio of stock index, bond, currency, short-term interest rate
and commodity (energy, metal and agricultural) futures contracts. The underlying
investment program seeks to capitalize primarily on upward and downward price
trends and offers the potential for returns independent of traditional forms of
stock and bond investments.
With a track record dating
back to 1983, AHL has always been underpinned by a strong research ethic.
Sophisticated research remains central in the manager’s ability to extend the
range and versatility of the original investment techniques. In addition to a
well-grounded investment philosophy and a dedicated team of investment
specialists, AHL owes much of its success to a robust and finely tuned trading
and implementation infrastructure. Every aspect of the investment and execution
process is analysed in detail to identify and extract efficiency gains.
Refinements to the investment process have been as much a feature of the
manager’s history as the continuity of the AHL investment philosophy and
principles - diversification, discipline, efficiency, rigorous risk control and
ongoing research.
The product objectives :
1-Substantial medium-term growth potential:
This product is
designed to produce annualized growth of around 18% over the medium-term while
restricting the associated volatility to around 20%1.
2-Efficient access to global markets:
By trading around
the clock, the product aims to ensure investors gain fast and efficient access
to diverse opportunities on a global scale.
3-Profits in rising and falling markets using a
proven, diversified approach:
The underlying AHL
Diversified Program has been developed since 1983. Using a technical approach
and a range of investment time frames, it seeks to capitalize primarily on
upward and downward price trends across a broadly diversified portfolio of
around 100 global futures markets.
4-Diversification and portfolio enhancement:
The product aims to
perform independently of traditional stock and bond investments thereby
providing valuable diversification benefits and enhancing the risk/reward
profile of a traditional portfolio.
There
is no guarantee of trading performance and past performance is no indication of
current or future performance/results. The performance data do not take account
of the commissions and/or costs incurred on the issue and redemption of units.
As
at 31 December 2005. The sector allocations are designed to reflect the expected
long-term risk exposure to each sector relative to the other sectors in the
portfolio. The figures are based on estimates of the risk of each sector for the
current portfolio. The portfolio structure and constituents are regularly
reviewed by the investment management team and sector allocations will change
accordingly.
5-Approach:
Performance
chart since inception :
Porfolio sector allocations :
(26 March 1996 to 30 June 08)
(30 June 2008)
The product price started
at $10 at issue in 1996.
The price is today at $93.19.
It has a total return of 831.90%
Since 1996, the average yearly return is 20.00%
Since 1996, the worst drawdown is -17.90%
Portfolio sector attribution :
Key market attribution :
(June 2008) (June 2008)
AHL
experienced another positive month as equities fell sharply
and crude oil surged to new highs. Amid highly volatile
markets, the Programme has significantly outperformed major
equity indices over the last 12 months.The majority of gains
were accrued from trading in the energy, agriculturals and
short-term interest rate sectors. Commodities proved
particularly profitable with our long positions in natural
gas continuing to drive gains. Prices rose sharply buoyed by
increased demand from the power sector as users shifted away
from record crude oil prices. Returns were also accrued from
the metals sector as copper positions were boosted by a
miner’s strike in Peru towards the end of the month. Within
the agricultural sector, our long positions in corn
performed well as the commodity continued its
record-breaking run on increased concern about the outlook
for this year’s harvest. Returns were also secured from
trading in the short-term interest rate sector, particularly
from short positions in Euribor contracts. Prices fell on
heightened speculation that the European Central Bank would
lift interest rates after inflation continued to rise in the
eurozone. On the negative side, profits were slightly offset
by long positions in various equity indices as markets came
under intense pressure on fears over stagflation and falling
confidence in the financial and housing sectors.
