TORONTO, Sept. 8 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") announced today that the projected net asset value of the Trust
per unit, as at August 31, 2009, is $7.20. The return of the Trust for the
month of August is estimated at 0.84%. The rolling 12-month return for the
Trust is approximately -35.43%.
The Trust had exposure to a portfolio of market-neutral hedge funds
through its ownership of the Northwater Five-Year Market- Neutral Fund Limited
(the "Fund"). For the month of August, 9 of the Fund's 19 managers posted
positive returns. Five of the eight market-neutral strategies included within
the Fund's portfolio contributed positively to the bottom line. Specifically,
the Fund's convertible arbitrage managers, in aggregate, were the largest
positive contributors to the estimated return of the Trust for the month.
As announced in the press release dated July 6, 2009, the Trust has
direct exposure to the fund of hedge funds from June 30, 2009. These funds are
denominated primarily in US dollars. In August 2009, the US dollar appreciated
against the Canadian dollar by 1.59%.
In calculating the estimated return of the Trust for the month and the
net asset value of the Trust, the Trust relies on estimates provided by
administrators and/or managers of each of the Fund's underlying hedge funds.
The estimates received by the Fund's investment advisor from such
administrators and/or managers of the Fund's underlying hedge funds may differ
from the final reported monthly returns of such underlying hedge funds.
The Trust will firm up its net asset value per unit as reports from
administrators and managers of the underlying hedge funds held by the Fund are
finalized. The final net asset value per unit of the Trust will be provided to
investors once it is available. It is possible that the final net asset value
per unit and the final return of the Trust for the month may differ from the
preliminary estimates provided herein.
Subject to limits set out in the Trust's prospectus, the Trust is
required to purchase its units in the market in the event that the market
price of a unit of the Trust falls below 95% of the net asset value of the
Trust per unit. For the month of August, the Trust did not purchase any units
under this program.
Regular updates on the Status of Wind-up are provided through by way of
press releases, the most recent being on September 1, 2009. Unitholders are
encouraged to refer to these press releases for information on the wind-up.
The Northwater Five-Year Market-Neutral Trust is a fund of hedge funds.
Units are listed on The Toronto Stock Exchange under the symbol NYF.UN.
For further information:
For further information: Mohamed Khaki at Northwater Capital Management
Inc. at (416) 360-5435