TORONTO, Oct. 21 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced today that the net asset value of the Trust per unit as at September 30, 2009 is $3.87. This net asset value reflects the quarterly cash distribution of $0.08 per unit previously declared to unitholders of record on September 30, 2009.
The return of the Trust for the month of September is -1.12%. The rolling 12-month return for the Trust is -21.18%.
For the month of September, 11 of the Trust's 17 managers posted positive returns, while six of the seven strategies included within the Trust's portfolio added to the bottom line. Specifically, the Trust's convertible arbitrage strategy was the largest positive contributor to the estimated return of the Trust for the month.
The Trust relies on estimates provided by administrators or managers of each of the Trust's underlying hedge funds. Occasionally, these estimates may be revised and the Trust will be required to capture these revisions in subsequent net asset value calculations. The net asset value of the Trust is also affected by the finalization of the net asset value by the administrators of the underlying hedge funds.
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 falls below 92.5% of the net asset value of the Trust. The Trust also makes purchases of its units pursuant to a normal course issuer bid. The Trust did not purchase any units under these programs during the month.
Northwater Fund Management Inc., in its capacity as manager of the Trust, has previously advised unitholders on the loss of the Trust's "qualified investment" status for registered accounts with effect from July 29, 2009. The Trust has also provided investors with periodic updates on the Net Asset Values and the status of the termination of the Trust. Investors are advised to refer to the press releases containing these updates.
The Northwater Market-Neutral Trust is a fund of hedge funds. Units are listed on The Toronto Stock Exchange under the symbol NMN.UN.
SOURCE Northwater Market-Neutral Trust
For further information: For further information: Mohamed Khaki at Northwater Capital Management Inc. at (416) 360-5435