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マン・AHL・マイルストーン 米ドル建/ルクセンブルグ籍オープンエンド契約型外国投資信託

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マン・AHL・マイルストーンは、英国大手ヘッジファンドのマンインベストメンツ(世界最大級のオルタナティブ運用会社)が運用するマンAHLダイバーシファイド・プログラムの値動きにパフォーマンスが連動するファンドです。

マン・AHL・マイルストーンの先物・通貨取引の運用は2003年9月より、AHL分散投資プログラム100%で運用されています。

ファンドの投資目的は、AHL分散投資プログラムおよび場合により投資運用会社が選定する複数の独立した運用者の運用するその他の先物戦略に直接的または間接的に投資するか、または投資運用会社が運用する投資信託に投資することにより、受益証券の価額に反映されるおよび/または分配金支払いを通じての中期的な確固とした成長を達成することにあります。
ファンドは、市場および戦略の分散の重視によって、確固とした中期的な元本の成長を目的としています。

メモ
■ 購入単位 50口以上1口単位
■ 購入価額 当該申込直後の評価日現在における受益証券1口当り純資産価格
■ 換金(買戻)単位 1口以上1口単位
■ 信託期間 信託設定日は平成12年3月17日、存続期限は無期限です。
■ 決算日 毎年3月31日
■ 課税関係 課税上は公募外国株式投資信託として取扱われます。

マン・AHL・マイルストーンは、三菱UFJモルガン・スタンレー証券で購入ができます。

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Man AHL Diversified plc(ADP)Monthly Report as of 31 March 2016

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Man AHL Diversified plc(ADP)
Monthly Report as of 31 March 2016

Monthly commentary
Following the initial weak start to the year for risk assets, March continued the
recovery for global markets, with more support coming from the European Central
Bank (ECB) and the US Federal Reserve. In spite of apparent disagreements
within the ranks of the US Federal Open Market Committee, with both hawkish
and dovish commentary reported over the month, Janet Yellen ultimately guided
markets to expect lower rates for much of the year. The fund saw mixed
performance, with the on-going reversal in equities and commodity markets
causing losses while the weaker US dollar helped drive positive performance in
currency trading, leaving overall returns for the month down -2.15%.
In commodities the reversal in risk appetite saw crude oil prices climb more than
40% from the lows in mid-February, before falling back. The higher volatility and
the scale of the reversal saw fund short positions in energy markets cut sharply
and limited losses from both oil markets and related products. Natural gas in the
US also saw a jump in prices following months of weakness as cold weather
concerns returned following the unusually warm February. The fund realised a
loss on its short position in this commodity and also on shorts in grain markets
such as soybeans and wheat that saw a modest rally in prices. Month-end
planting figures from the USDA, however, seemed to trigger a collapse in price for
corn where the fund made more positive returns. The US dollar was really the
biggest mover in currency markets, retreating against most other currencies as
expectations for higher interest rates faded. Appetite for emerging market risk has
been growing and the biggest contributors to performance for the fund came from
long FX positions in Turkey, Brazil and Malaysia, where currencies each
appreciated between 5 and 10% over the month. While emerging FX trading was
very positive for the period, developed markets were less successful with dollar
weakness ending the recent trend in under-performance for the UK pound and
impacting the fund’s short position. Risk positioning in equities was short going
into the month. The biggest losses in futures trading came in Asia where shorts in
the Kospi and Hang Seng indices cost the fund as markets rallied. Shorts in US
banking and energy sector stocks also took losses, while longs in stocks from
utility and food and beverage companies added positively. Early in the month,
when risk markets rallied, developed market bonds fell out of favour. Declines in
prices for US treasuries, gilts and Japanese government bonds saw the fund face
losses on long positions, although other markets were more supported. Italian and
French bond futures in particular continued to rise with more stimulus announced
by the ECB’s Mario Draghi, contributing to more positive performance overall.

AHL


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Man AHL Diversified plc(ADP)Monthly Report as of 29 February 2016

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Man AHL Diversified plc(ADP)
Monthly Report as of 29 February 2016

Monthly commentary
February began with continuing stresses in global markets as deepening concerns
over China, the impact of oil prices and the rise in US interest rates all weighed on
risk assets. As equity markets reached new two year lows, bearish positioning in
the Fund aligned well with the prevailing sentiment. Following predictably
supportive words by central bankers, there was something of a reversal in prices
later in the month, but the Fund performed well over the period. Positive returns
coming from all asset classes except currencies, and the Fund ended the month
up 3.42% net.

Some of the clearest market stresses showed up early in the month in European
banks. Following weaker than expected earnings both Deutsche and Credit
Suisse saw their Credit Default Swap (CDS) spreads widen sharply as the market
factored the risk of default in their additional Tier 1 bonds. The Fund’s overall
position of long credit protection benefited as spreads widened both in investment
grade and high yield indices. European financial stress may have been the trigger
to Mario Draghi to speak out mid-month and promise that the European Central
Bank “will not hesitate to act” in an effort to stabilise prices. While this statement
appears to have helped halt the downward march in both equity markets and
perhaps more surprisingly the oil market, its implication led to a further rally in
safe-haven bonds and short interest rate futures, to the benefit of the Fund’s long
fixed income positions. Elsewhere, the announcement of the British referendum,
due in June this year, over whether the UK should leave the European Union led to
significant weakness in the pound, while gilts also rallied.

Energy markets continued to see high volatility, with crude oil trading in a range of
more than 20% intra-month. The Fund did well in the first two weeks, but suffered
as markets reversed following Draghi’s speech despite ongoing disagreements
between Saudi Arabia, Iran and Russia about cuts to oil production. In fact, it was
the US natural gas market that saw the largest directional moves, with April 2016
contracts falling 26% steadily over the period, accelerating a trend that started in
the middle of last year, and making it the biggest positive contributor to
performance this month. Currency trading was more mixed, with a wide spread
between different markets reflecting divergence in economies and central bank
policies. The euro, which had rallied early in the month, saw a sharp reversal as
the market anticipated potential lower interest rates in Europe leading to losses on
euro crosses to most other currencies. Long positions in Japanese yen, however,
and short positions in British pounds both helped as the yen rallied and sterling
fell.

Man AHL Diversified plc February 2016


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Man AHL Diversified plc(ADP)

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2015年9月までのMan AHL Diversified plcのパフォーマンス。

AHL


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ヘッジファンドインデックス S&P500 世界株式指数 世界債券指数

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ヘッジファンドインデックス S&P500 世界株式指数 世界債券指数のパフォーマンスです。


2015年5月までの主なインデックスのパフォーマンスです。

~May 2015

Dow Jones Credit Suisse Hedge Fund Index YTD 3.35%


S&P 500 USD YTD 3.23%

Goldman Sachs Commodities Index USD YTD -0.09%

Credit Suisse High Yield II Index USD YTD 0.00%

Citigroup World Government Bond Index USD YTD -3.76%

Dow Jones World Index USD  YTD 4.54%

Dow Jones World Emerging Index USD YTD 5.28%

Dow Jones Latin America Index USD YTD -8.87%

Dow Jones Global 1800 Asia Pacific ex Japan Index USD YTD 2.70%

Dow Jones STOXX Eastern Europe Total Market Index USD YTD 9.64%


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<PR>
配当金がザクザク増える配当成長銘柄の選び方
米国株の高配当・連続増配銘柄に投資するには米国株式投資の配当成長銘柄投資戦略とは
J-REIT老後資金の貯め方マンション購入注意点外国為替動向米国株高配当銘柄
不動産投資外国債券投資お金の増やし方機関投資家 運用資産規模
米国株高配当銘柄&連続増配銘柄米国株おすすめ銘柄60代資産運用70代資産運用
========================================================

証券会社が売りたがらない米国債を買え!証券会社が売りたがらない米国債を買え!
(2011/08/26)
林 敬一

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