TORONTO, Oct. 5 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced today that the projected net asset value of the Trust per unit as at September 30, 2009 is $3.90. 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 estimated at -0.24%. The rolling 12-month return for the Trust is approximately -20.48%.
The Trust relies on estimates provided by administrators and/or managers of each of the Trust's underlying hedge funds. The estimates received by the Trust from such administrators and/or managers of the Trust'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 and the return of the Trust for the month as reports from administrators and managers are updated. The final net asset value per unit and the final return of the Trust will be provided to investors once they are 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.
For the month of September, 7 of the Trust's 17 managers posted positive returns, while 4 of the 7 market-neutral 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.
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.
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