2005 11 - ONE Class B - Euro dollar - Monthly comment - BB

Bbinebine

Description

ONE MULTI-STRATEGY FUND LIMITED – Class BNovember 2005 Monthly CommentsThe equity rally that started in October and continued throughout November drove major indices to 4 ½-year highs. Economic data was encouraging; the 3Q05 GDP was revised from 3.8% to 4.3% and November was the best month for job creation (215,000 new jobs created) since July. On the Fed side, Janet Yellen, San Francisco Fed President, expressed views that more interest rate increases may lie ahead. Within this environment, OMS outperformed all major indices returning 2.09% and 2.01% for the Dollar class and Euro class respectively. Strategy Allocation for November 2005PIPE20%CTA Cash14% 2%Fixed IncomeArbitrageOptions 2%Arbitrage15%L/S Equity17%Fund of Funds / Multi- Distressed/HighStrategy Yi e l d11% 19%Class B – USD - ISIN code: KYG6751G1394 Class B– Euro – ISIN code: KYG6751G1212Monthly Net Returns (%) - EURO Class B Monthly Net Returns (%) - USD Class B2000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005Jan 1.38 1.72 0.88 0.64 0.49 (0.38)Jan 1.55 1.72 0.78 0.68 0.40 (0.36)Feb 4.57 2.80 0.30 0.34 0.11 1.05Feb 4.74 2.80 0.08 0.31 0.01 1.12Mar 1.48 1.17 0.41 (0.17) 0.42 0.01Mar 1.64 1.17 0.26 (0.26) 0.24 0.03Apr 2.31 0.28 0.51 1.01 (1.10) (0.99)Apr 2.48 0.80 0.50 0.96 (1.39) (0.93)May 0.69 0.94 0.52 1.15 (0.89) 0.81May 0.86 0.92 0.56 1.29 (0.82) 0.81Jun 1.03 0.06 (0.55) 0.20 0.38 1.52Jun 1.20 0.42 (0.45) 0.18 0.32 1.60Jul 0.35 0.05 (0.32) (0.56) (0.42) 1.16Jul 0 ...

Informations

• Publié par: Sawyung
• Nombre de lectures: 6
• Langue: English

Extrait

Cash

2%

CTA

14%

Options

Arbitrage

15%

Fund of

Funds / Multi-

Strategy

11%

Distressed/High

Yield

19%

L/S Equity

17%

Fixed

Income

Arbitrage

2%

PIPE

20%

ONE

MULTI-STRATEGY FUND LIMITED – Class B

www.onemsf.com

E-mail: [e-mail]

Strategy Allocation for November 2005

Minimum Investment:

$/€ 500,000

Subscriptions:

Monthly

Redemptions:

Monthly

Management fee:

1.25% annually

Performance fee:

5% per annum

Investment Manager:

One Capital Management Limited

Administrator:

Circle Partners

Custodian:

Bank of Bermuda Limited

Auditor:

PricewaterhouseCoopers (Cayman).

Counsel:

Truman Bodden & Company

Terms and Structure

November 2005 Monthly Comments

Class B – USD - ISIN code: KYG6751G1394

November NAV : $178.10

Class B– Euro – ISIN code: KYG6751G1212

November NAV : €179.37

2000

2001

2002

2003

2004

2005

Jan

1.38

1.72

0.88

0.64

0.49

(0.38)

Feb

4.57

2.80

0.30

0.34

0.11

1.05

Mar

1.48

1.17

0.41

(0.17)

0.42

0.01

Apr

2.31

0.28

0.51

1.01

(1.10)

(0.99)

May

0.69

0.94

0.52

1.15

(0.89)

0.81

Jun

1.03

0.06

(0.55)

0.20

0.38

1.52

Jul

0.35

0.05

(0.32)

(0.56)

(0.42)

1.16

Aug

1.33

0.68

0.73

(1.96)

0.41

0.28

Sep

2.06

(1.01)

(2.23)

1.29

0.05

1.11

Oct

0.54

0.60

(0.18)

0.78

0.69

0.21

Nov

1.41

0.54

0.85

0.51

2.16

2.01

Dec

1.71

0.94

0.33

0.35

1.42

YTD

20.50

9.08

1.22

3.59

3.74

6.96

Monthly Net Returns (%) - EURO Class B

2000

2001

2002

2003

2004

2005

Jan

1.55

1.72

0.78

0.68

0.40

(0.36)

Feb

4.74

2.80

0.08

0.31

0.01

1.12

Mar

1.64

1.17

0.26

(0.26)

0.24

0.03

Apr

2.48

0.80

0.50

0.96

(1.39)

(0.93)

May

0.86

0.92

0.56

1.29

(0.82)

0.81

Jun

1.20

0.42

(0.45)

0.18

0.32

1.60

Jul

0.52

(0.03)

(0.50)

(0.63)

(0.57)

1.25

Aug

1.49

0.87

0.61

(1.97)

0.42

0.41

Sep

2.23

(0.62)

(2.80)

1.07

0.02

1.20

Oct

0.71

0.55

(0.25)

0.86

0.72

0.35

Nov

1.58

0.47

0.93

0.51

2.34

2.09

Dec

1.88

0.84

0.22

0.61

1.50

YTD

22.92

10.33

(0.12)

3.62

3.18

7.79

Monthly Net Returns (%) - USD Class B

The equity rally that started in October and continued throughout November drove major indices to 4

½-year highs. Economic data was encouraging; the 3Q05 GDP was revised from 3.8% to 4.3% and

November was the best month for job creation (215,000 new jobs created) since July. On the Fed side,

Janet Yellen, San Francisco Fed President, expressed views that more interest rate increases may lie

ahead. Within this environment, OMS outperformed all major indices returning 2.09% and 2.01% for

the Dollar class and Euro class respectively.

ONE

MULTI-STRATEGY FUND LIMITED – Class B

www.onemsf.com

E-mail: [e-mail]

Long/Short Equities

The Trading Advisor describes the U.S. market as benign with very little downside risk for the

remainder of 2005. The outlook for next year is a slightly slowing economy but an over-all steady

environment, inflation being its greatest potential threat. November’s performance reaffirmed the

Trading Advisors’ competitive edge in superior stock picking. The rally in equity markets pushed

indices to their year high while retail and chip sectors were the biggest contributors to the rally.

Fund of Funds

In November, we estimate that the positive result was driven overwhelmingly by the equity long short

component group with lesser contributions from the relative value, event driven, and global macro

strategy groups.

Options Arbitrage

The manager entered and exited the month fully invested and rolled the November options to the

December contracts.

CTA

Currencies, fixed income and metals (especially copper and gold) were the largest contributors to the

months positive return. On the other hand, equity indices and energy returned losses during the month.

Distressed / High Yield Trading

The strategy depends on specific events happening which trigger price changes. Sprint’s announcement

to buy Alamosa Holdings Inc. boosted the prices of other Sprint affiliates such as IPCX (10.25% of total

fund assets).

Month-end, the strategy was 42% net long (beta adjusted). The largest sector exposures continued

communication and utility names.

PIPE

November was a strong month for the strategy. The manager had access to larger deal flow due to a

pick up in activity after a rather slow summer.