TORONTO, Oct. 7 /CNW/ - Northwater Top 75 Income Trusts Plus (the "Trust") announced today that the projected net asset value of the Trust per unit, as at September 30, 2009, is $2.71. The return of the Trust for the month of September is estimated at 4.18%. The rolling 12-month return for the Trust is approximately -51.56%.
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 9.28%.
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, 7 of the Fund's 11 managers posted positive returns while 4 out of the 6 market-neutral strategies included within the Fund's portfolio contributed positively to the bottom line. Specifically, the Fund's convertible arbitrage strategy was the largest positive 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 September, the Trust purchased 3,500 units under this program.
An update on the Status of Wind-up was provided through a press release dated October 1, 2009. Unitholders are encouraged to refer to this press release for information on the wind-up.
The Northwater Top 75 Income Trusts Plus is a fund of income trusts and hedge funds. Units are listed on the Toronto Stock Exchange under the symbol NTP.UN.
SOURCE NORTHWATER TOP 75 INCOME TRUSTS PLUS
For further information: For further information: Mohamed Khaki at Northwater Capital Management Inc. at (416) 360-5435