TORONTO, July 8 /CNW/ - The Northwater Five-Year Market-Neutral Trust
(the "Trust") is pleased to announce today that the projected net asset value
of the Trust per unit, as at June 30, 2008, is $19.89. The net asset value per
unit is net of the quarterly cash distribution of $0.4375 per unit previously
declared to unitholders of record on June 30, 2008.
The return of the Trust for the month of June is estimated at -0.40%. The
rolling 12-month return for the Trust is approximately -7.05%. 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.
The Trust, through a forward purchase and sale agreement, has exposure to
approximately 150% of a portfolio of market-neutral hedge funds held by
Northwater Five-Year Market-Neutral Fund Limited (the "Fund"). For the month
of June, 19 of the Fund's 33 managers posted positive returns and 7 out of the
10 market-neutral strategies included within the Fund's portfolio contributed
positively to the bottom line. Specifically, the Fund's statistical arbitrage
managers, in aggregate, were the largest contributors to the estimated return
of the Trust for the month.
The Fund's exposure to a fixed interest rate swap decreased the Trust's
return as the interest rate environment was unfavourable to the Trust over the
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 June, the Trust did not purchase any units
under this program.
The Northwater Five-Year Market-Neutral Trust is a well-diversified fund
of market-neutral hedge funds. Units are listed on The Toronto Stock Exchange
under the symbol NYF.UN.
For further information:
For further information: Mohamed Khaki or Stephen Foote at Northwater
Capital Management Inc. at (416) 360-5435