As at 18 March, the shares were trading at a 12.9% discount to net asset value. The net asset value performance since inception in December 1996 to 5 March is 145.92%, equivalent to an annualised rate of 7.02%.

The company invests in a diversified portfolio of hedge funds on a worldwide basis with the aim of achieving superior absolute returns with low volatility.

It said the investment manager was currently most positive on the return outlook for the long/short equity, macro and credit strategies and the company continued to maintain significant exposure to these areas.

It added: "Stock picking is expected to be better rewarded in 2010 for hedge fund managers focused on the equity and credit markets and managers that have a flexible approach are expected to have many opportunities to take advantage of in the fixed income markets."

Story provided by Business Financial Newswire