INTERVIEW - 1

Roland Neuwirth: "The crisis will dissolve into thin air"

Fund Manager of the Salus Alpha Special Situations Fund reveals his favorite stocks.

21.2.2012, Interview: Carolina Burger

#   The Greeks get money again. The second rescue package is passed. Is the crisis now finally over?

Neuwirth: The crisis dissolves into thin air. Greece or not. The markets have taken the attitude that the worst is over and now includes the actual economic data, which are not just bad. But the stock market rise since the beginning. 

# What did it start signal?

Neuwirth:  That was the end of 2011, the € 500 billion injection by the ECB.

# Do you have the equity exposure in their funds already screwed up?

Neuwirth:   No. The equity allocation in the Salus Alpha Special Situations is still at 40 percent. I still do not act as if the crisis would actually pass. No one is currently fully invested. Everyone is for sale in the stock market rally. I've thrown ten percent of my shares on the market. That was the learning process last year was regarded as the motto, and while the prices a bit, you need to control, because it then goes back down.

# Now the tide has turned, however?

Neuwirth:   Yes. Now the stock market go up in a bar and all the questions: Why is it goes up, it's all so negative? But the stock market is: extremely fast and extremely proactive.

# How long will the rally continue?

Neuwirth:  I expect a short-term consolidation. The ATX could fall in the next few weeks by about 150 points. The DAX I'm not sure if he comes back again to 6500 points. If I am right with what I say, you have to actually use the low prices to buy.

# At which shares would strike you?

Neuwirth:   Add to my favorites include: Polytec, RHI, Mayr-Melnhof and the large real estate stocks like Conwert, CA real estate and real estate finance.

NEWS - 19

Salus Alpha adds three strategies to Deutsche Bank's Managed Account Platform

01/02/2012

Stockholm (HedgeFonder.nu) - In late autumn 2011 added Salus Alpha "GAX - Global Alpha Strategy", "RVX - Relative Value Strategy" and "CAX - Commodity Arbitrage Strategy" to Deutsche Bank's platform. The strategies that are UCITS III compliant is quite systematic and market-neutral. The common model is based on portfolio optimization and cDaR - conditional Drawdown at Risk - which calculates an optimal portfolio based on a pre-defined risk and return. RVX has been managed since 2003, while GAX CAX and has been managed since 2007.

GAX - Global Alpha Strategy deals with futures, options and spreader on stock indices, currencies, volatility and interest-bearing instruments. The strategy includes, for example spreads in the Large Cap Vs. small cap, emerging markets vs. developed markets, value versus growth, debt vs. shares and optionsspreadar.

RVX - Relative Value Strategy involves futures, options and spreads on short and long term debt instruments. The strategy includes flattening and steep tion on the yield curve as well as more sophisticated arbitrage strategies.

CAX - Commodity Arbitrage Strategy is spreads in commodity futures. Among both related materials' inter-commodity arbitrage "and between commodity futures contracts with different maturities" intra commodity arbitrage "through strategies such as contango, backwardation, and seasonal variations.

It was previously found Salus Alpha's trend-following CTA , "DMX - Directional Markets Strategy ', on the platform. It is based on a statistical model that predicts future price levels of close to 100 underlying futures contract. Thanks to the daily forecasts and their evaluation based on the direction (trend) and quality (volatility), the model is adaptive and may change between different time horizons and strategies, that is, between short-and long-term and intermediate trend and "contrarian". The strategy has since its inception in March 2003 generated a total return of 346%. The average annual return is 17.3% at a volatility of 14% with a rolling beta and alpha on an annual basis at -0.08 and 16.52% of OMX Stockholm 30th

"The Deutsche Bank's Managed Account platform Swedish investors to reach all strategies with full transparency and daily valuation in Swedish kronor through products such as Unfunded Total Return Swaps, Managed Accounts, UCITS III funds and structured products, "says Markus Rudling, Managing Director of Salus Alpha in the North.

NEWS - 18

Salus Alpha Equity Hedged returned 4.77% in December

Fri, 20/01/2012

The Salus Alpha Equity Hedged had a performance of +4.77% for December, outperforming the S&P 500 Index by +3.92%. The 12 month rolling alpha of Salus Alpha Equity Hedged to the S&P500 is 6% p.a., the 12 month rolling beta is currently -0.1. This implies that in the past 12 months, the fund had a return of 6% due to active management (alpha). The Salus Alpha Equity Hedged currently has a 5% exposure to Long Bias, 42% to Market Neutral, 47% to Long Short Variable Bias, and 6% to Short Bias.

The Salus Alpha Managed Futures had a performance of +1.37% for the month to date, outperforming the S&P 500 Index by +0.52%.

The CTAs, Global Macro and FX Managers in the Salus Alpha Managed Futures portfolio profited by continuing trends in Softs, Precious Metals, Industrial Metals and Financials.

The Salus Alpha RN Special Situations had a performance of +1.29% for the month to date, outperforming the S&P 500 Index by +0.44%.

The Salus Alpha Commodity Arbitrage had a performance of +0.20% for the month to date. The fund outperformed the Dow Jones UBS Commodity Index by 3.95% during the reporting period, which  lost -3.75%, and it outperformed the S&P GSCI Index by 2.19%, which booked a loss of -1.99% in the reporting period.

Salus Alpha Commodity Arbitrage tracks the CAX - Commodity Arbitrage Index. The CAX Index covers the performance of arbitrage strategies, which aim to extract consistent market neutral returns from valuation inefficiencies arising among related commodities - like for example Brent Crude vs. WTI Light Sweet Crude - or among different maturities of futures contracts on one commodity due to Contango, Backwardation and Seasonality.

Contango denotes a market situation where longer-dated commodity futures are priced higher than shorter-dated commodity futures. Markets in contango are characterised by low demand relative to available supply. In these markets, investors holding a long position suffer a roll loss when selling expiring contracts at low prices, and buying new contracts as higher prices. The CAX Index currently has a 4.85% spread position in Lean Hogs, which is currently 26.77% p.a. contangoed.

The Salus Alpha Real Estate had a performance of -0.16% for the month to date, outperforming the EPRA / NAREIT Index by +0.53%. Salus Alpha Real Estate is a single manager single strategy fund, which invests according to Salus Alpha’s proprietary Global Real Estate Model. The Salus Alpha Real Estate outperformed the EPRA/NAREIT Real Estate Index by 0.53% during the month of December.

The current volatility in the Real Estate markets is above the model’s risk threshold. The fund therefore has no allocation to equities and is invested exclusively in risk neutral assets.

Salus Alpha Real Estate has been awarded a 5 Star Rating by www.fondsprofessionell.de for its exceptional performance since inception on 21 January 2008. The fund outperformed the EPRA/NAREIT Real Estate Index by +25.57% in this timespan.

The Salus Alpha Multi Style had a performance of -0.52% for the month to date.

The Salus Alpha Directional Markets had a performance of -5.38% for the month to date.

NEWS - 17

Salus Alpha Even Driven strategy returned +1.51% in November

Fri, 09/12/2011

The Salus Alpha Event Driven had a performance of +1.51% for the month to date, outperforming the S&P 500 Index by +2.02%. The 24 month rolling alpha of Salus Alpha Event Driven to the S&P500 is 3% p.a., the 24 month rolling beta is currently 0.0. This implies that in the past 24 months, the fund had a return of 3% due to active management (alpha).

The Salus Alpha Real Estate had a performance of -1.11% for the month to date, outperforming the EPRA / NAREIT Index by +3.49%. Salus Alpha Real Estate is a single manager single strategy fund, which invests according to Salus Alpha’s proprietary Global Real Estate Model. The Salus Alpha Real Estate outperformed the EPRA/NAREIT Real Estate Index by 3.49% and the GPR 250 Europe Index by 0.39% during the month of November. The fund currently has an exposure of 100% to the Real Estate markets.

Salus Alpha Real Estate has been awarded a 5 Star Rating by www.fondsprofessionell.de for its exceptional performance since inception on 21 January 2008. The fund outperformed the EPRA/NAREIT Real Estate Index by +25.38% in this timespan.

The Salus Alpha Directional Markets had a performance of -1.62% for the month to date.

The Salus Alpha Equity Hedged had a performance of +1.36% for the year to date until 11/30/2011, outperforming the S&P 500 Index by +2.21%. The Salus Alpha Equity Hedged currently has a 14% exposure to Long Bias, 34% to Market Neutral, 22% to Long Short Variable Bias,  and 30% to Short Bias.

The Salus Alpha Commodity Arbitrage had a performance of +2.35% for the year to date until 11/30/2011, outperforming the S&P 500 Index by +3.20%. Salus Alpha Commodity Arbitrage tracks the CAX - Commodity Arbitrage Index. The CAX Index covers the performance of arbitrage strategies, which aim to extract consistent market neutral returns from valuation inefficiencies arising among related commodities - like for example Brent Crude vs. WTI Light Sweet Crude - or among different maturities of futures contracts on one commodity due to Contango, Backwardation and Seasonality.

The Salus Alpha Multi Style had a performance of -6.62% for the month to date.

The Salus Alpha RN Special Situations had a performance of -7.17% for the month to date.

The Salus Alpha Managed Futures had a performance of -12.26% for the month to date.

Event - Pictures of Salus Alpha Analyst Award 2011

Pictures of Salus Alpha Analyst Award 2011

On 5 December, it happened again. The 12th Salus Alpha Analyst Awards 2011 were awarded to the best analytical team and the best individual analysts.

More Info at :- http://www.analyst-award.at/analystaward/award_2011