TORONTO, Jan. 5, 2012 /CNW/ - The Northwater Market-Neutral Trust (the "Trust") announced that the projected net asset value of the Trust per unit as at December 31, 2011 is $0.74. The return of the Trust for the month of December is estimated at -31.05% reflecting the previously announced reduction in the net asset value of the Trust incurred as a result of the secondary market sales of the remaining illiquid hedge funds held by the Trust. The rolling 12-month return for the Trust is approximately -33.06%.
As previously announced, the closing of each of these sales is subject to a number of conditions including the consent of managers of the relevant underlying funds. Northwater Fund Management Inc. (the "Manager"), in its capacity as manager of the Trust, expects to close most of such sale transactions by not later than March 31, 2012 and to make distributions of the net proceeds from such sales as soon as reasonably practicable after such closings occur.
The final net asset value per unit and the final return of the Trust for December 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 further information:
Dan Mills at Northwater Capital Management Inc. at (416) 360-2101.