2005 08 - ONE Class A - Euro dollar -  Monthly comment - BB
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2005 08 - ONE Class A - Euro dollar - Monthly comment - BB

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ONE MULTI-STRATEGY FUND LIMITED – Class AAugust 2005 Monthly CommentsNews and events on many levels made August an eventful month. The Iraqi constitution problem, Iran’s unwillingness to shut down its nuclear program, and last, but not least, Hurricane Katrina introduced uncertainty into financial markets. Equity markets took a hit (S&P 500 down -0.9% MTD) and volatility, as measured by the VIX index, fell to 12.6%. The 10 year Treasury yield fell from 4.28% to 4.02% marking a two-month low. One Multi Strategy had a decent month returning +0.47% and 0.33% for USD and Euro classes respectively.Strategy Allocation for August 2005Fixed Cash Income0.00% Arbitrage2.62%CTA13.30%L/S Equity19.47%Options Arbitrage11.15%Distressed/HighYi e ldFund of 21.33%Funds / Multi-Strategy32.13%Class A – Euro – ISIN code: KY6751G1139Class A – USD - ISIN code: KYG6751G1055Monthly Net Returns (%) - EURO Class A Monthly Net Returns (%) - USD Class A2000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005Jan 1.51 1.72 0.94 0.79 0.56 (0.27)Jan 1.68 1.85 0.66 0.79 0.40 (0.30)Feb 4.88 2.80 0.44 0.45 0.19 1.15Feb 5.04 2.99 0.19 0.43 0.09 1.22Mar 1.61 1.17 0.64 (0.08) 0.53 0.07Mar 1.77 1.28 0.30 (0.21) 0.33 0.09Apr 2.49 0.43 0.63 1.15 (1.09) (0.93)Apr 2.65 0.88 0.60 1.13 (1.26) (0.87)May 0.78 1.02 0.57 1.38 (0.79) 0.87May 0.95 1.42 0.52 0.98 (0.79) 0.88Jun 1.14 0.27 (0.42) 0.27 0.44 1.65Jun 1.31 0.69 (0.44) 0.26 0.36 1.79Jul 0.42 0.19 (0.47) (0.51) (0.19) 1 ...

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Nombre de lectures 7
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Extrait

ONE
MULTI-STRATEGY FUND LIMITED – Class A
www.onemsf.com
E-mail: info@onemsf.com
Strategy Allocation for August 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
August 2005 Monthly Comments
Class A – USD - ISIN code: KYG6751G1055
August NAV : $171.74
Class A – Euro – ISIN code: KY6751G1139
August NAV : €183.35
News and events on many levels made August an eventful month.
The Iraqi constitution problem,
Iran’s unwillingness to shut down its nuclear program, and last, but not least, Hurricane Katrina
introduced uncertainty into financial markets.
Equity markets took a hit (S&P 500 down -0.9% MTD)
and volatility, as measured by the VIX index, fell to 12.6%.
The 10 year Treasury yield fell from 4.28%
to 4.02% marking a two-month low. One Multi Strategy had a decent month returning +0.47% and
0.33% for USD and Euro classes respectively.
L/S Equity
19.47%
Fixed
Income
Arbitrage
2.62%
Cash
0.00%
CTA
13.30%
Options Arbitrage
11.15%
Fund of
Funds / Multi-
Strategy
32.13%
Distressed/High
Yield
21.33%
2000
2001
2002
2003
2004
2005
Jan
1.51
1.72
0.94
0.79
0.56
(0.27)
Feb
4.88
2.80
0.44
0.45
0.19
1.15
Mar
1.61
1.17
0.64
(0.08)
0.53
0.07
Apr
2.49
0.43
0.63
1.15
(1.09)
(0.93)
May
0.78
1.02
0.57
1.38
(0.79)
0.87
Jun
1.14
0.27
(0.42)
0.27
0.44
1.65
Jul
0.42
0.19
(0.47)
(0.51)
(0.19)
1.27
Aug
1.45
0.83
0.84
(2.02)
0.50
0.33
Sep
2.22
(0.99)
(2.41)
1.79
0.11
Oct
0.62
0.71
(0.01)
0.82
0.75
Nov
1.54
0.56
1.01
0.72
2.32
Dec
1.85
1.08
0.51
0.50
1.59
YTD
22.46
10.19
2.24
5.33
4.98
4.19
Monthly Net Returns (%) - EURO Class A
2000
2001
2002
2003
2004
2005
Jan
1.68
1.85
0.66
0.79
0.40
(0.30)
Feb
5.04
2.99
0.19
0.43
0.09
1.22
M ar
1.77
1.28
0.30
(0.21)
0.33
0.09
Ap r
2.65
0.88
0.60
1.13
(1.26)
(0.87)
M ay
0.95
1.42
0.52
0.98
(0.79)
0.88
Jun
1.31
0.69
(0.44)
0.26
0.36
1.79
Jul
0.58
0.41
(0.48)
(0.57)
(0.51)
1.35
Aug
1.62
1.11
0.72
(1.89)
0.48
0.47
Sep
2.39
0.13
(2.82)
1.11
0.08
Oct
7.90
0.70
(0.18)
0.88
0.79
N
o
v
1
.
7
1
0
.
5
5
0
.
9
4
0
.
7
3
2
.
3
9
Dec
2.02
0.85
0.26
0.63
1.64
YTD
33.70
13.61
0.21
4.31
4.02
4.69
Monthly Net Returns (%) - US D Class A
ONE
MULTI-STRATEGY FUND LIMITED – Class A
www.onemsf.com
E-mail: info@onemsf.com
Long/Short Equities
While the S&P 500 was down -0.9% for the month and +1.94% year-to-date, the Trading Advisor
continues to generate profits while providing the portfolio with some hedge for the downside. The
research team is confident in the US economy for the next 12 to 18 months.
Fund of Funds
The fund added three new funds during the month in the following sectors: relative value multi strategy,
fixed income and credit arbitrage, equity long/short – bringing the total of funds up to 39.
This month, the nine equity Long/short funds which comprise 26% of the portfolio weight, contributed
41% of the month’s return. No strategy group lost money for the month.
Options Arbitrage
The strategy remained invested in T-bills during August owing to a significant equity sell-off.
CTA
Except for the energy sector, virtually all of the other strategies lost money because of the sharp trend
reversals. Currency and interest rate sectors were the largest negative performers due to a weakening
dollar and adverse moves in both ends of the interest rates curve.
Unfortunately, the energy book, while
profitable, was too small a part of the portfolio to overcome the losses in the other books.
Multi Strategy
The energy and event driven arbitrage made the largest contribution to August’s performance month-to-
date. The healthcare/biotech book made the largest loss contribution to performance. Leverage
continues at about 1 (excluding the fixed income book).
Distressed / High Yield Trading
This may be a perfect time for the strategy. The performance is driven by bankruptcy court and other
events occurring to the companies held in the portfolio. In August, as well as in July, events in the
utility names and in wireless telephony names generated most of the return.
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