TORONTO, Sept. 8 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") is pleased to announce today that the projected net asset value
of the Trust per unit, as at August 31, 2008, is $19.43.
The return of the Trust for the month of August is estimated at -1.33%.
The rolling 12-month return for the Trust is approximately -3.79%. The Trust
will firm up its net asset value per unit as reports from administrators and
managers are finalized. The final net asset value per unit will be provided to
investors once it is available.
The Trust, through a forward purchase and sale agreement, has exposure to
approximately 150% of a portfolio of market-neutral hedge funds held by
Northwater Five-Year Market-Neutral Fund Limited (the "Fund"). For the month
of August, 7 of the Fund's 32 managers posted positive returns and 2 out of
the 10 market-neutral strategies included within the Fund's portfolio
contributed positively to the bottom line. Specifically, the Fund's asset
backed securities managers, in aggregate, were the largest positive
contributors to the estimated return of the Trust for the month.
The Fund's exposure to a fixed interest rate swap increased the Trust's
return as the interest rate environment was favourable to the Trust over the
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.
The Northwater Five-Year Market-Neutral Trust is a well-diversified fund
of market-neutral hedge funds. Units are listed on The Toronto Stock Exchange
under the symbol NYF.UN.
For further information:
For further information: please contact: Mohamed Khaki or Stephen Foote
at Northwater Capital Management Inc. at (416) 360-5435