Ashmore Global Op Ld Interim Management Statement Q1 2015
June 01 2015 - 12:57PM
UK Regulatory
TIDMAGOL TIDMAGOU
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
ASHMORE GLOBAL OPPORTUNITIES LIMITED ("AGOL")
A Guernsey incorporated and registered limited liability closed-ended
investment company with a Premium Listing of its US Dollar and Sterling share
classes on the Official List.
Interim Management Statement to 31 March 2015
1 June 2015
Investment Objective
Ashmore Global Opportunities Limited ("AGOL") is a closed ended investment
company incorporated and registered in Guernsey and listed on the London Stock
Exchange. On 13 March 2013, the Board of AGOL announced that shareholders had
approved the proposals at the EGM held on the same day to amend the investment
objective of AGOL to realise the Company's assets in an orderly manner and to
deliver a regular, quarterly return of cash to shareholders and to remove the
continuation vote. Please refer to the AGOL website (www.agol.com) for further
information.
This update relates to the period 1 January 2015 to 31 March 2015.
NAV Performance Summary
Share Class 3 Month Year to date 1 Year 3 Years Inception
GBP -2.32% -2.32% -16.53% -16.51% -8.48%
USD -2.10% -2.10% -15.90% -16.46% -8.27%
Returns are NAV to NAV, net of fees and include reinvestment of dividends paid.
Returns are to 31 March 2015. Data is provided for information purposes only.
Shares in AGOL do not necessarily trade at a price equal to the prevailing NAV
per Share, which may be at a discount or premium. Past performance is not a
reliable indicator of future results. Periods greater than one year are
annualised.
The NAV of AGOL as at 31 March 2015 was $122.42m. The NAV per share was $5.13
for the USD share class and GBP5.05 for the GBP share class. On 15 January 2015,
the Company announced that it would return 123.78 pence and 125.39 US cents per
GBP and USD share respectively, on a payment date of 30 January 2015 using the
31 December 2014 Net Asset Value.
On 16 April 2015, the Company announced that it would return 80.36 pence and
81.70 US cents per GBP and USD share respectively on 1 May 2015 using the 31
March 2015 NAV.
Portfolio Overview
The USD and GBP share classes returned -2.10% and -2.32% respectively in the
first quarter of 2015.
The investment company continues to make progress on realising investments from
the underlying Funds while discussions are ongoing with regards to the
remaining investments.
Ashmore Funds realised their position in Indostar, an Indian financial services
company, in January 2015. The equity interests of all the Ashmore Funds were
sold in January 2015 to two co-investors under a right of first offer (ROFO).
Bedfordbury Development Corporation agreed the sale of the Ayala Avenue Tower
asset, one of the three remaining portfolio assets. The transaction closed in
early February 2015 with proceeds applied to meet certain obligations of the
asset split transaction in 2014, and to pay down senior debt and provide
working capital.
Outside of this reporting period, the underlying Funds also realised the
position in Pacnet. The deal with Telstra completed in April 2015, and was paid
85% in cash. The remainder will be disbursed subject to Pacnet meeting
performance hurdles. MCX, the multi commodity exchange, was also sold through
the stock exchange, a process which started in November 2014 and which was
completed in 2015. Al Noor was fully exited in late April 2015.
Existing shareholders of Asian Genco have agreed to a restructuring of the
business in which Government of Sikkim (GoS), a 26% partner in the hydro
project, will increase its stake to 51% and convert this from a private to a
public project. Consequently, underlying Ashmore Funds saw the position diluted
in Asian Genco.
Top 10 underlying investments as at 31 March 2015
Investment Name Holding Country Business Website Link
Description
Owns, operates and
Cayman develops interests
AEI 20.23% Islands in power www.aeienergy.com
generation assets
in Latin America.
Real estate
development
Bedfordbury 17.27% Philippines company focussing n/a
on underdeveloped
sites.
Asia's leading
independent
Pacnet 10.05% Singapore telecommunications www.pacnet.com
infrastructure and
service provider.
Provider of
Al Noor Medical 9.75% UAE integrated www.alnoorhospital.com
healthcare
services.
Far East Energy 2.70% China Oil exploration www.fareastenergy.com
Bermuda and production.
Microvast 2.48% China Battery/battery www.microvast.com
systems supplier.
Brazilian provider
Largo Resources 1.84% Brazil of mining www.largoresources.com
services.
GZ Industries 1.76% Nigeria Aluminium cans www.gzican.com
manufacturing.
Emerald Manages and
Plantation 0.46% China operates forest www.emeraldplantationholdings.com
Holdings plantations.
Provides asset
Arcil 0.32% India reconstruction www.arcil.co.in
services.
Total: 66.84%
Recent company events
AEI
One operating asset (San Felippe) and two greenfield projects (Fenix and
Jaguar) remain within the business. Focus remains on selling all remaining
operating assets as soon as possible and completing the greenfield projects
before sale. Fenix achieved full commercial operation date (COD) on January 15
and is now generating full cash flows through transmission of power to the
state grid. Active disposal processes are ongoing with target completion of Q3
2015. Jaguar in Guatemala commissioned the first 130MW of power and is on track
for full commissioning. Arbitration proceedings are ongoing with the previous
EPC contractor.
Bedfordbury
BDC agreed the sale of the Ayala Avenue Tower asset, one of the three remaining
portfolio assets. The transaction closed in early February 2015. The
transaction proceeds were applied to meet certain obligations of the asset
split transaction in 2014, and to pay down senior debt and provide working
capital. The remaining proceeds are held pending the outcome of a tax ruling,
expected in Q2 2015. Ashmore and BDC staff are now discussing the potential
transaction of the remaining two assets.
Pacnet
The deal with Telstra completed in April, and was paid 85% in cash, with the
remaining dependent on certain performance hurdles.
Al Noor
Al Noor was fully exited in late April 2015, at an average IRR across Ashmore
Funds of 51%.
MCX
The sale of MCX equity through the stock exchange, which started in November
2014, was completed in 2015.
Microvast
Production capacity is a constraining factor and additional funding is required
for capital investment. The company is in discussions with shareholders and
other parties to organise this funding.
Largo Resources
Largo is in dispute with Global Tungsten & Powders (GTP) concerning a contract
which Largo entered into for the supply of tungsten, from Currais Novos (CN). A
recent arbitration award was made against Largo, and Largo is negotiating the
final outcome with GTP. CN remains shut due to production problems, including a
lack of water.
GZ Industries
Business is on track on the overall African growth strategy with two new plants
being built at the moment - one in eastern Nigeria and one in Kenya. The
Company has entered into an agreement to buy Figroglass, the largest glass
packaging manufacturer in Nigeria, subject to financing.
Allocation by Investment Theme
Investment Theme Allocation Theme Description
Corporate debt investment theme focusing on the
Corporate Debt 3.21% developing corporate debt asset class in emerging
markets.
Direct real estate investments in emerging markets
Real Estate 4.75% primarily in the residential and commercial
sectors.
Bottom-up, value and event-driven strategy.
Special 70.91% Investments are mainly in corporate restructurings
Situations through distressed debt, private and public equity
and equity linked securities.
G7 Other 1.17%
Cash & Equivalent 19.96%
Total 100.00%
Allocation is shown by the investment themes of the underlying Funds or
companies which AGOL is invested in. Allocation is calculated as a percentage
of the investment portfolio.
Allocation by Country
Country Holding
Cayman Islands 20.23%
Philippines 17.45%
United Arab Emirates 11.97%
Singapore 10.05%
China 9.46%
India 4.70%
Russia 3.16%
Brazil 1.84%
Nigeria 1.76%
Qatar 0.74%
Other Countries 0.77%
Cash & Equivalent, and G7 17.88%
Total 100.00%
Allocation by Industry*
Industry Holding
Real Estate 21.03%
Electric Integration/Generation 20.23%
Telecommunications 10.05%
Healthcare Services 9.75%
Oil & Gas 2.73%
Electrical Components/Equipment 2.48%
Retail 2.28%
Mining 1.84%
Miscellaneous Manufacturing 1.76%
Other Industries 1.54%
Cash & Equivalent, and G7** 26.30%
Total 100.00%
* Bloomberg industry group classifications
** Includes EM cash holdings which comprise 11.19% of the portfolio
Allocation by investment*
Quarterly NAV
Investment Name Holding Performance Investment Description
(net)
Ashmore Global Global emerging markets special situations
Special 28.06% -5.85% investment Fund with a 7 year fixed life
Situations Fund and limited partnership structure.
4
Ashmore Global Global emerging markets special situations
Special 14.00% -8.71% investment Fund with a 7 year fixed life
Situations Fund and limited partnership structure.
5
AEI owns, operates and develops interests
AEI 12.17% 0.00% in multiple power generation assets in
Latin America.
Asian special situations with investments
mainly in corporate restructurings through
Ashmore Asian 10.94% 4.91% distressed debt, private & public equity.
Recovery Fund Shareholders voted in January 2013 in
favour of proposals to wind-up this Fund
in an orderly manner.
AA Development Fund focusing on developmental capital
Capital India 5.28% -8.50% deals on Indian subcontinent.
Fund
VTBC Ashmore Russian real estate Fund currently
Real Estate 3.13% -16.01% investing in the Moscow metropolitan area.
Partners
Ashmore Global Global emerging markets special situations
Special 2.39% -0.54% investment Fund with a 7 year fixed life
Situations Fund and limited partnership structure.
3
Everbright Fund focusing on direct Chinese real
Ashmore estate primarily in the residential and
China Real 1.61% 44.67% retail sectors in growing tier 2 and 3
Estate Fund cities in conjunction with a local
partner, Everbright.
A 5 year fixed life Fund focussing on
Ashmore Asian bottom-up, event-driven Asian special
Special 0.78% 1.42% situation opportunities which are accessed
Opportunities by purchasing shares of the Ashmore Asian
Fund Recovery Fund at a discount to its
prevailing NAV.
Ashmore Global Global emerging markets special situations
Special 0.75% -0.69% investment Fund with a 5 year fixed life
Situations Fund and limited partnership structure.
2
* Holdings of less than 0.5% not shown.
Enquiries:
Ashmore Investment Advisors Limited
Robert Hegt
Tel: +44 (0) 203 077 6147
Northern Trust International Fund Administration Services (Guernsey) Limited
Andrew Maiden
Tel: +44 (0) 1481 745 368
END
Ashmore Global Opportuni... (LSE:AGOL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ashmore Global Opportuni... (LSE:AGOL)
Historical Stock Chart
From Apr 2023 to Apr 2024
