Multi-Strategy Funds

Updates for Investors

Latest update - 25 May 2012

  • The Multi-Strategy Funds effectively invest in an offshore fund (‘the Master Fund’) which is managed by Federal Street.
  • To date Federal Street has fully liquidated 16 of the 26 underlying funds in the Master Fund. Of the remaining 10 funds, many have returned a significant proportion of value to investors.
  • The proceeds from the sell-down and capital return of these investments have formed the basis of the seven termination payments (approximately 99% of the portfolio value at 31 March 2009) made to investors.
  • The remainder of the portfolio is considered illiquid and it is unclear how long it will take to liquidate these assets.
  • The Multi-Strategy Funds are exposed to fluctuations in the Australian dollar versus the US dollar (as communicated to investors in July 2009).

The remaining assets which represent approximately 1% of the value of the assets at 31 March 2009 are illiquid and the timeframe for receipt of further proceeds remains unclear. We are exploring options for a sale of the remaining portfolio which may result in selling the assets at a discount to their current valuation. We remain committed to winding up the Multi-Strategy Funds as soon as possible while at all times being cognisant of our fiduciary obligation to act in the best interests of all unit holders.

We will provide a further update in relation to the wind-up of the Multi-Strategy Funds as soon as it becomes available.

We will continue to update this web page with monthly performance and any material information relating to the Multi-Strategy Funds. If you have any questions please contact our Fund Services team on 1800 034 494 or via email at fst@gs.com.

READ MORE

26 August 2011

  • The Multi-Strategy Funds effectively invest in an offshore fund (‘the Master Fund’) which is managed by Federal Street.
  • To date Federal Street has fully liquidated 16 of the 26 underlying funds in the Master Fund. Of the remaining 10 funds, many have returned a significant proportion of value to investors.
  • The proceeds from the sell-down and capital return of these investments have formed the basis of the six termination payments (approximately 97% of the portfolio value at 31 March 2009) made to investors.
  • The net asset value of the Multi-Strategy Funds is now $1.6m ($70.9m at 31 March 2009).
  • The remainder of the portfolio is considered illiquid and the length of time it will take to liquidate these assets is unclear.
  • The Multi-Strategy Funds are exposed to fluctuations in the Australian dollar versus the US dollar (as communicated to investors in July 2009).

We remain committed to winding up the Multi-Strategy Funds as soon as practicable. We are working with Federal Street to assess all options for liquidating the remaining illiquid part of the portfolio while at all times being cognisant of our fiduciary obligation to act in the best interests of all unitholders.

28 February 2011

  • The Multi-Strategy Funds effectively invest in an offshore fund (‘the Master Fund’) which is managed by Federal Street.
  • To date Federal Street has fully liquidated 15 of the 26 underlying funds in the Master Fund. Of the remaining 11 funds, many have returned a significant proportion of value to investors.
  • The proceeds from the sell-down and capital return of these investments have formed the basis of the five termination payments (approximately 94% of the portfolio value at 31 March 2009) made to investors.
  • The net asset value of the Multi-Strategy Funds is now $4.8m ($70.9m at 31 March 2009).
  • We are targeting a further payment representing approximately half of the remaining value of the Multi-Strategy Funds in August 2011
  • The remainder of the portfolio is considered illiquid and the length of time it will take to liquidate these assets is unclear.
  • The Multi-Strategy Funds are exposed to fluctuations in the Australian dollar versus the US dollar (as communicated to investors in July 2009).

After the targeted August 2011 payment, the remaining portfolio is likely to represent 3% of the value of your units at 31 March 2009.

1 September 2010

With the September 2010 payment, investors have now received four termination payments totalling approximately 85% of the value of the units at 31 March 2009.

23 July 2009

A decision was made to discontinue the foreign currency hedging of the Multi-Strategy Funds with immediate effect from 23 July 2009. As a result of the ongoing realisation of assets and subsequent distribution of cash to investors, the proportion of illiquid assets in the remaining portfolio has increased. This reduced liquidity means that we are no longer able to effectively hedge the foreign currency risk. The remaining assets in the portfolio are denominated in US dollars and the value of your investment will fluctuate with moves in the AUD/USD exchange rate.

2 February 2009

A decision has been made by Goldman Sachs Australia Managed Funds Limited (formerly known as Goldman Sachs & Partners Australia Managed Funds Limited) to terminate the Multi-Strategy Fund ARSN 104 751 135, the Retail Multi-Strategy Fund ARSN 104 764 883 and the Multi-Strategy Fund IDPS ARSN 114 217 622 (together ‘the Multi-Strategy Funds’), with effect from 2 February 2009. We appreciate that the volatility and uncertainty in financial markets has made this a difficult time for investors. We will endeavour to realise the Multi-Strategy Funds’ assets and return the proceeds to investors as quickly and effectively as possible, with a number of payments likely to be made over approximately two and a half years.

 

Performance as at 31 March 2013

  1 mth
%		 3 mths
%		 1 yr
%		 3 yrs
% p.a.		 5 yrs
% p.a.		 Since inception
% p.a.*		 Since inception
% p.a.†		 Since inception
% p.a.‡
Multi-Strategy Fund 0.0 -2.7 -4.1 -17.7 -17.5 -4.4 N/A N/A
Retail Multi-Strategy Fund 0.0 -2.7 -2.7 -15.4 -16.2 N/A -5.5 N/A
Multi-Strategy Fund IDPS 0.0 -3.2 -3.2 -17.4 -17.2 N/A N/A -9.7

Past performance is not a reliable indicator of future performance. The total net fund returns shown are prepared on an exit to exit basis (i.e. they include all ongoing fees and expenses, assume reinvestment of all income distributions and exclude return of capital payments.). They do not take taxation into account.

*June 2002       †July 2003       ‡ July 2005

Unit prices

We will publish a monthly unit price for the Multi-Strategy Funds on our website for as long as it is reasonably practicable to continue to calculate this.

How will investors be kept up to date on the process for receiving investment proceeds?

Any new information that we consider is material to investors will be made available on this page. We will also communicate any such information directly to investors.

Further information

Should you require any further information in regard to your investment, please speak directly with your financial adviser, or alternatively contact our Fund Services team on 1800 034 494 between 8.30am to 5.00pm Monday to Friday (AEST) or via email, fst@gs.com.