EB&B sheds $41.2 million
The Everest Babcock & Brown (EB&B) Alternative Investment Trust has reported a net loss of $41.2 million for the half year ended June 30, 2008, as the group’s share price took a turn for the worse.
EB&B chief executive Jeremy Reid called the result “disappointing”, but said that over the past six months the group has worked to “de-risk” the portfolio by reducing leverage and favouring more conservative investment strategies and managers.
Steve McKenna, EB&B’s head of absolute return funds said the investment portfolio’s largest allocation during the year was to multi-strategy investment managers, while its second largest allocation was to long-short equity strategies.
The report made to the Australian Securities Exchange shows that at June 30, 2008, the trust’s second largest holding was in cash.
The group will make distributions of 6.5 cents per unit for the period to June 30, 2008.
This year’s results compare to a net profit of $43.5 million for the half year to June 30, 2007.
The group’s leverage facilities are due to be refinanced in May 2010.
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