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3A buyback aims to cut discount

Fund of hedge funds manager 3A is buying back up to 10 per cent of shares in its Altin fund as part of its discount management programme.

Altin has traded at a premium to net asset value in the past but between January 4 and July 15, its share price traded at an average discount of 24.96 per cent to NAV. The board see this as unjustified, given its track record, high level of liquidity, diversification across 10 investment strategies and transparency across all holdings on a quarterly basis. 3A says the exact amount by which the share buyback will narrow the discount depends on how many shareholders will want to part with their shares. It expects investors to take a more favourable view of alternative investments and that a greater awareness of Altin’s quarterly disclosure of all holdings to help narrow the discount.

Delegate to the board of directors Eric Syz says: “There is an incentive for Altin to close the discount, in line with the interests of shareholders, as the management fee is paid on the market capitalisation, not the net assets.”

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