TORONTO, Jan. 4 /CNW/ - The Northwater Market-Neutral Trust announced
today that the projected net asset value of the Trust per unit, as at December
31, 2007, is $13.46. This net asset value reflects the quarterly cash
distribution of $0.28 per Unit previously declared to unitholders of record on
December 31, 2007 but does not take into account any additional special
distribution that the Trust may be required to make so that the Trust will not
be liable to pay income tax under Part I of the Income Tax Act. The return of
the Trust for the month of December is estimated at -0.19%. The rolling
12-month return for the Trust is approximately 3.31%. 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.
For the month of December, 23 of the Trust's 37 hedge funds posted
positive returns, while six of the 11 market-neutral strategies included
within the Trust's portfolio added to the bottom line. Specifically, the
Trust's fixed income arbitrage managers, in aggregate, were the largest
contributors to the estimated return of the Trust for the month.
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 net asset value. The Trust also makes purchases of
its units pursuant to a normal course issuer bid. The Trust purchased 10,000
units under these programs during the month.
The Northwater Market-Neutral Trust is a well-diversified fund of
market-neutral hedge funds. Units are listed on The Toronto Stock Exchange
under the symbol NMN.UN.
For further information:
For further information: Mohamed Khaki or Stephen Foote at Northwater
Capital Management Inc. at (416) 360-5435