For Professional Investors and Relevant Persons* only - Not for general Public distribution
Aberdeen International Multi-Strategy Fund
Limited
Performance Data and Analytics to 31 July 2016
Investment Objective
To seek long term capital appreciation.
Performance (net of fees)
Annualised
Fund
AIMS USD
AIMS EUR
AIMS GBP
AIMS USD FDR
Class
Class A
Class A
Class A
Class A
NAV per 1 month
share
(%)
10,277.29
10,079.27
10,326.83
10,107.72
0.83
0.62
0.71
0.70
Quarter
To Date
(%)
Year to
Date
(%)
1 year
(%)
0.83
0.62
0.71
0.70
-2.31
-3.30
-2.86
-2.95
-4.99
-6.36
-5.67
-5.93
3 years
(%)
0.90
0.39
0.91
0.38
5 years
(%)
-
Total
compound
return (%)
Key information
2.77
0.79
3.27
1.08
Past performance is not a guide to future results.
References to particular market indices in this literature are included only to indicate the basis upon which market growth is calculated, and not
to indicate any association between AAM and the third party index provider or endorsement of this product by the index provider.
Macro review
In July global markets recovered quickly from the shock of “Brexit”, with investors taking the view that the
economic impact of the referendum beyond the UK was likely to be modest. In the US, PMI survey readings
for both services and manufacturing were better than expected and the non-farm payrolls report showed
an encouraging 287k jobs added the month prior. In addition, while the flash estimate for Q2 GDP in the US
was sluggish, underlying demand was strong. The MSCI World Equity Index (USD) rallied over 4% in July with
strong gains seen across all major regions. Credit markets also delivered positive performance, with even
US high yield bonds and emerging market debt rallying while oil prices declined. Emerging markets overall
are attracting strong interest as yields on developed market bonds continue to decline. Precious metals also
continue attract demand with strong year-to-date price gains.
Fund review
The Fund ended the month with a decent gain. Strategy returns were positive across the board in July with
only a handful of funds posting a loss. The Equity Long/Short strategy was the largest positive contributor
to returns with notable gains generated by Basswood Financial and Egerton European. Basswood benefitted
from a recovery in US regional banks while Egerton benefitted from good stock selection in the information
technology sector. TPH Energy Infrastructure was the exception, impacted by the sharp sell-off in oil prices
during the month. The Global Macro Strategy was the second largest contributor to returns. The bulk of
the gains were driven by the Systematic Macro managers (including CCP Quantitative and Discus) although
Discretionary Macro managers also finished the month in positive territory. The Relative Value strategy also
aided performance with positive results across sub-strategies including systematic market neutral (Two
Sigma), merger arbitrage (Tiedeman) and fixed income relative value (BlackRock FIGA). The MS PSAM Global
Event fund was the main driver behind gains in the Event Driven Equity strategy while Kohinoor (a tail hedge
strategy) finished the month with a loss as volatility levels subsided.
A
Investment manager
Aberdeen Asset Managers
Limited
Fund type
Open-Ended investment
company, Cayman Islands
Active fund sizeA
16 (US$m)
Inception date
1 April 2012
Master Fund including currency feeder assets
Additional information
Min. initial investment US$ 250,000
Subscriptions
Monthly
Redemptions
Monthly with 40 calendar
days' notice. Subject to
any earlier redemption
deadline set by your
adviser. Your adviser can
provide the exact date.
BNP Paribas Securities
Services, Luxembourg
Branch
BNP Paribas Fund
Services Dublin Limited
KPMG
Custodian
Administrator
Auditors
Legal adviser
Maples and Calder,
Cayman Islands
Core Supporter of the Hedge Fund Standards Board
All sources (unless indicated):
Aberdeen Asset Managers Limited 31 July 2016
For Professional Investors and Relevant Persons* only - Not for general Public distribution
Aberdeen International Multi-Strategy Fund Limited
Underlying funds and contribution (%)
Funds
Style
Allocation
01 Jul 2016
Contribution
Basswood Financial Fund Inc
Long/Short Equity
10.23
0.37
Egerton Long-Short Fund (USD) Limited
Long/Short Equity
7.14
0.21
CCP Quantitative Fund
Global Macro
4.73
0.14
MS PSAM Global Event (UCITS)
MS Event Driven Bias
4.37
0.10
BlackRock Fixed Income GlobalAlpha Fund
Relative Value
4.15
0.09
Discus Feeder Ltd
Global Macro
3.45
0.08
BlackRock European Hedge Fund
Long/Short Equity
10.46
0.07
Trend Macro Offshore Ltd
Global Macro
9.46
0.06
RWC Europe Absolute Alpha Fund
Long/Short Equity
8.47
0.03
Lyxor/Tiedemann Arbitrage Strategy Fund
Relative Value
10.07
0.02
Two Sigma Absolute Return Cayman Fund, Ltd
MS Quant
8.29
0.02
Atreaus Overseas Fund Ltd
Global Macro
8.01
-0.05
Kohinoor Series Three Fund
Niche
3.13
-0.06
TPH Energy Infrastructure Offshore Fund, LP
Long/Short Equity
8.21
-0.09
Cash
-0.16
Abbreviations: MS - Multi-Strategy
Cash is assumed to have zero contribution
Figures may not always sum due to rounding
Investment strategy (%)
Style
Allocation
31 Jul 2016
Long/Short Equity
Global Macro
Relative Value
Niche
Cash
Event Driven Equity
Credit
Contribution
1 month
Contribution
12 month
1 month
12 month
43.5
27.2
22.4
3.0
2.2
1.0
0.6
0.6
0.2
0.2
-0.1
0.0
0.0
0.0
-2.5
-2.1
0.8
-0.2
0.0
0.0
0.0
Inception Date
ISIN
Codes
Bloomberg
Codes
Annual
Management
charge (%)
Performance
fee (%)
Performance Hurdle Rate
1 April 2012
1 April 2012
1 April 2012
1 April 2012
KYG2029A1031
KYG2029U1094
KYG2029T1022
KYG202841089
AIMSMTA KY
AIMSEUA KY
AIMSGBA KY
AIMSUSA KY
0.75
-
10.00
-
Federal Funds Effective Rate plus 300 basis points
-
Cash is assumed to have zero contribution
Figures may not always sum due to rounding
Codes and fees
Share Class
USD Class A
EUR Class A
GBP Class A
USD FDR Class A
Share classes with no fees invest in the corresponding USD class and therefore bear appropriate fees at that level.
Shares did not bear any performance fees until 1 April 2013
For Professional Investors and Relevant Persons* only - Not for general Public distribution
Aberdeen International Multi-Strategy Fund Limited
Net subscriptions and redemptions
Underlying funds
Style
Value
Lyxor/Tiedemann Arbitrage Strategy Fund
Relative Value
USD 0.2m
RWC Europe Absolute Alpha Fund
Long/Short Equity
USD 0.2m
Net subscriptions:
None
Net redemptions:
Abbreviation: MS - Multi-Strategy
The value of investments, and the income from them, can go down as well as up and you may get back less than the amount invested.
Important information
This document has been prepared for information purposes only. The investments and investment services referred to are not available to retail customers within the meaning of the rules of the Financial Conduct Authority,
nor for persons who are subject to US securities laws and should not be distributed in the US or to any US person nor in any jurisdiction in which its distribution would be prohibited. It should not be construed as an offer
or solicitation to buy or sell any securities or any interest in securities. The investments and investment services referred to are only available to Investment Professionals and Relevant Persons who are *(i) high net worth
companies and other persons falling within both Article 22 of the CIS Promotion Order and Article 49 of the Financial Promotion Order 2005, (ii) other persons who fall within an exemption both in the CIS Promotion Order
and of the Financial Promotion Order or (iii) other persons to whom both an invitation or inducement to engage in investment activity (within the meaning of section 21 Financial Services and Markets Act 2000 (“FSMA”))
and an invitation or inducement to participate in a collective investment scheme (within the meaning of section 238 FSMA) can lawfully be communicated.
The information in this document is confidential and is intended for use only by the recipient. It should not be reproduced or disclosed to any other person without our consent. This document remains our property and
must be returned to us on request and any copies you have made must be destroyed.
This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us. We make no representation or warranty (express or implied)
of any nature, nor do we accept any responsibility or liability of any kind, with respect to the accuracy or completeness of the information in this document. This shall not, however, restrict, exclude, or limit any duty or
liability to a person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed. Each recipient of this document should make its own independent evaluation of the transaction and of
the relevance and adequacy of the information in this document and should make such other investigations as it deems necessary to determine whether to participate in the transaction.
Past performance of the Fund is not a guide to future performance of the Fund. There may be no recognised market for this type of investment and it may therefore be difficult for you to deal in or to obtain reliable
information about its value or the extent of the risk to which it is exposed. Investments in fund of hedge funds such as the Fund involve risks and may therefore not be suitable for persons who are averse to such risks.
Investors may lose all or part of their investment, be subject to liquidity constraints and/or delays in receiving redemptions, be exposed to risks associated with fund of funds including dependence on the performance of
underlying managers and Aberdeen’s ability to allocate assets and manage resultant liquidity. Investment in the Fund is subject to the Information Memorandum and the investment considerations, risks and potential
conflicts of interest set out therein.
References to particular share indices in this report are included only for comparative purposes, and not to indicate any association between Aberdeen Asset Management and the third party index provider or endorsement
of this product by the index provider. You should not rely on any representation or undertaking inconsistent with the above paragraphs.
This document is issued by Aberdeen Asset Managers Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom. Any views or opinions (including statements or forecasts)
constitute our judgement as of the date indicated and are subject to change without notice.