Acencia Debt Strategies (LON:ACD) - Low volatility earnings enhanced by capital return

Jan 29th 2013 - Edison Investment Research today published a report on Acencia Debt Strategies (ACD.L, LSE:ACD, LON:ACD) entitled "Low Volatility Earnings Enhanced By Capital Return". In summary, the report says:

Acencia Debt Strategies (ACD), a closed-ended investment company, offers exposure to a focused range of predominantly debt-oriented strategies, particularly distressed debt, via a portfolio of carefully selected hedge funds. It gives exposure to some underlying managers with very strong track records, whose funds are either closed to new investment or otherwise difficult to access. Performance has been positive in every year except 2008 and has been achieved with lower volatility than the S&P500 or high yield US debt. 2012 NAV total return was c 9.7% and expected dividends represent a yield of c 4%. Continuation of the fund beyond 2014 will require unanimous support from shareholders, which appears unlikely. A closing of the c 12% discount to NAV over the...