TORONTO, Oct. 22 /CNW/ - The Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the final net asset value of the Trust per unit,
as at September 30, 2008, is $6.12. This net asset value per unit reflects the
monthly cash distribution of $0.08 per unit previously declared to unitholders
of record on September 30, 2008. The return of the Trust for the month of
September is -20.47%. The rolling 12-month return for the Trust is -20.92%.
The Trust also announced that it has declared a regular monthly
distribution to be payable to unitholders of record on October 31, 2008 in the
amount of $0.08 per unit. The distribution is expected to be paid on
November 14, 2008.
The Trust generally holds an income trust portfolio comprised of an
equally weighted portfolio of the largest 75 income trusts by market
capitalization listed on the Toronto Stock Exchange. For the month of
September, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of -15.01%.
The Trust also has exposure to a portfolio of market-neutral hedge funds
held by Enhancement Fund Limited (the "Fund") through a forward purchase and
sale agreement. For the month of September, 1 of the Fund's 27 managers posted
positive returns and none of the 10 market-neutral strategies included within
the Fund's portfolio contributed positively to the bottom line. Specifically,
the Trust's mortgage backed securities strategy was the largest negative
contributor to the estimated return of the Trust for the month.
The Fund relies on estimates provided by administrators of each of the
Fund's underlying hedge funds. Occasionally, these estimates may be revised
and the Fund will be required to capture these revisions in subsequent net
asset value calculations. The net asset value of the Fund is also affected by
the finalization of the net asset value by the administrators of the
underlying hedge funds. Ultimately, the net asset value of the Fund impacts
the reported net asset value of the Trust and, accordingly, the Trust
indirectly relies on the estimates provided by administrators of each of the
Fund's 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 of a unit of the Trust falls below 95% of the net asset value of the
Trust per unit. The Trust also makes purchases of its units pursuant to a
normal course issuer bid. The Trust purchased 2,700 units under this program
during the month.
The Northwater Top 75 Income Trusts Plus is a well-diversified fund of
income trusts and market-neutral hedge funds. Units are listed on the Toronto
Stock Exchange under the symbol NTP.UN.
For further information:
For further information: Mohamed Khaki or Stephen Foote at Northwater
Capital Management Inc. at (416) 360-5435