TORONTO, Jan. 8 /CNW/ - Northwater Top 75 Income Trusts Plus (the
"Trust") announced today that the projected net asset value of the Trust per
unit, as at December 31, 2008, is $2.48. This net asset value reflects the
monthly cash distribution of $0.02 per Unit previously declared to unitholders
of record on December 31, 2008 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
-12.59%. The rolling 12-month return for the Trust is approximately -64.75%.
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
December, the S&P/TSX Capped Income Trust Index posted a return inclusive of
reinvested distributions of -8.65%.
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
For the month of December, 6 of the Fund's 23 managers posted positive
returns while 4 out of the 10 market-neutral strategies included within the
Fund's portfolio contributed positively to the bottom line. Specifically, the
Fund's mortgage backed securities strategy was the largest negative
contributor to the estimated return of the Trust for the month.
In calculating the estimated return of the Trust for the month and the
net asset value of the Trust, the Trust relies on estimates provided by
administrators and/or managers of each of the Fund's underlying hedge funds.
The estimates received by the Fund's investment advisor from such
administrators and/or managers of the Fund'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.
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 December, the Trust did not purchase any
units under this program.
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 at Northwater Capital Management
Inc. at (416) 360-5435