ACORN INCOME FUND LD - Update on FTSE Hedge
August 27 2015 - 10:17AM
PR Newswire (US)
Acorn Income Fund Limited (the
“Company”)
(a closed-ended investment company incorporated with limited
liability under the laws of Guernsey with registered number
34778)
UPDATE ON FTSE
HEDGE
27 August 2015
The Company’s half-yearly report stated that, with a view to
providing some protection against a fall in the broader UK equity
market, the Company had purchased a put option on the FTSE 100
Index at 7000 and sold a FTSE 100 put option at 6000. This put
spread was put in place when the FTSE 100 Index was trading at
around 7000 and was designed to enable the Company to retain
exposure to the Smaller Companies Portfolio whilst neutralising
some of the gearing that would impact on net asset value in a
falling market.
Both option positions were closed on 25
August 2015, when the FTSE 100 Index was trading at around
6000 and the protective effect of the trade had therefore largely
been secured. The net proceeds from the closing of the position
were approximately £655,000 and the profit arising from the
transaction was equivalent to approximately 1.7p per ordinary
share.
Enquiries:
For further information about this announcement, please
contact:
Premier Asset Management
Nigel Sidebottom
+44
1483 400465
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