2005 06 - ONE Class B - Euro dollar -  Monthly  comment - BB
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2005 06 - ONE Class B - Euro dollar - Monthly comment - BB

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ONE MULTI-STRATEGY FUND LIMITED – Class BJune 2005 Monthly CommentsOne Multi Strategy had a strong month in June. The Dollar class was up 1.60% and the Euro class was up 1.52%. The leading contributors to the performance were long short equity and distressed high yield trading. An overall recovery may be underway; stocks and corporate bonds rallied and fear is near its lowest point; as measured by the VIX, volatility was at 12.04%. On June 30 2005, the Fed raised the federal funds rate to 3.25% and equity markets closed the month flat (the S&P 500 is 0.14% MTD and -0.81% YTD). Hedge funds had a generally decent month; the S&P hedge fund index was up 0.90%. Strategy Allocation for June 2005Cash ConvertibleFixed 0.00% arbitrageIncome2.34%ArbitrageCTA2.33%11.83%L/S Equity17.32%Options Arbitrage18.65%Distressed/HighFund of Yi e ldFunds / Multi- 18.96%Strategy28.58%Class B – USD - ISIN code: KYG6751G1394 Class B– Euro – ISIN code: KYG6751G1212Monthly Net Returns (%) - EURO Class B Monthly Net Returns (%) - USD Class B2000 2001 2002 2003 2004 20052000 2001 2002 2003 2004 2005Jan 1.38 1.72 0.88 0.64 0.49 (0.38)Jan1.551.720.780.680.40(0.36)Feb 4.57 2.80 0.30 0.34 0.11 1.05Feb4.742.800.0.310.11.12Mar 1.48 1.17 0.41 (0.17) 0.42 0.01Mar 1.64 1.17 0.26 (0.26) 0.24 0.03Apr 2.31 0.28 0.51 1.01 (1.10) (0.99)Apr 2.48 0.80 0.50 0.96 (1.39) (0.93)May 0.86 0.92 0.56 1.29 (0.82) 0.81 May 0.69 0.94 0.52 1.15 (0.89) 0.81Jun 1.20 0.42 (0.45) 0.18 0.32 1.60 Jun 1 ...

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ONE
MULTI-STRATEGY FUND LIMITED – Class B
www.onemsf.com
E-mail: info@onemsf.com
Strategy Allocation for June 2005
Minimum Investment:
$/€ 500,000
Subscriptions:
Monthly
Redemptions:
Monthly
Management fee:
1.25% annually
Performance fee:
5% per annum
Investment Manager:
One Capital Management Limited
Administrator:
Circle Partners
Custodian:
Bank of Bermuda Limited
Auditor:
PricewaterhouseCoopers (Cayman).
Counsel:
Truman Bodden & Company
Terms and Structure
June 2005 Monthly Comments
Class B – USD - ISIN code: KYG6751G1394
June NAV : $168.95
Class B– Euro – ISIN code: KYG6751G1212
June NAV : €171.07
2000
2001
2002
2003
2004
2005
Jan
1.38
1.72
0.88
0.64
0.49
(0.38)
Feb
4.57
2.80
0.30
0.34
0.11
1.05
Mar
1.48
1.17
0.41
(0.17)
0.42
0.01
Apr
2.31
0.28
0.51
1.01
(1.10)
(0.99)
May
0.69
0.94
0.52
1.15
(0.89)
0.81
Jun
1.03
0.06
(0.55)
0.20
0.38
1.52
Jul
0.35
0.05
(0.32)
(0.56)
(0.42)
Aug
1.33
0.68
0.73
(1.96)
0.41
Sep
2.06
(1.01)
(2.23)
1.29
0.05
Oct
0.54
0.60
(0.18)
0.78
0.69
Nov
1.41
0.54
0.85
0.51
2.16
Dec
1.71
0.94
0.33
0.35
1.42
YTD
20.50
9.08
1.22
3.59
3.74
2.02
Monthly Net Returns (%) - EURO Class B
2000
2001
2002
2003
2004
2005
J
a
n
1
.
5
5
1
.
7
2
0
.
7
8
0
.
6
8
0
.
4
0
(
0
.
3
6
)
F
e
b
4
.
7
4
2
.
8
0
0
.
0
8
0
.
3
1
0
.
0
1
1
.
1
2
Mar
1.64
1.17
0.26
(0.26)
0.24
0.03
Apr
2.48
0.80
0.50
0.96
(1.39)
(0.93)
May
0.86
0.92
0.56
1.29
(0.82)
0.81
Jun
1.20
0.42
(0.45)
0.18
0.32
1.60
Jul
0.52
(0.03)
(0.50)
(0.63)
(0.57)
Aug
1.49
0.87
0.61
(1.97)
0.42
Sep
2.23
(0.62)
(2.80)
1.07
0.02
Oct
0.71
0.55
(0.25)
0.86
0.72
N
o
v
1
.
5
8
0
.
4
7
0
.
9
3
0
.
5
1
2
.
3
4
D
e
c
1
.
8
8
0
.
8
4
0
.
2
2
0
.
6
1
1
.
5
0
YTD
22.92
10.33
(0.12)
3.62
3.18
2.26
Monthly Net Returns (%) - USD Class B
L/S Equity
17.32%
Convertible
arbitrage
2.34%
Fixed
Income
Arbitrage
2.33%
Cash
0.00%
CTA
11.83%
Options Arbitrage
18.65%
Fund of
Funds / Multi-
Strategy
28.58%
Distressed/High
Yield
18.96%
One Multi Strategy had a strong month in June. The Dollar class was up 1.60% and the Euro class was
up 1.52%. The leading contributors to the performance were long short equity and distressed high yield
trading.
An overall recovery may be underway; stocks and corporate bonds rallied and fear is near its
lowest point; as measured by the VIX, volatility was at 12.04%. On June 30 2005, the Fed raised the
federal funds rate to 3.25% and equity markets closed the month flat (the S&P 500 is 0.14% MTD and -
0.81% YTD). Hedge funds had a generally decent month; the S&P hedge fund index was up 0.90%.
ONE
MULTI-STRATEGY FUND LIMITED – Class B
www.onemsf.com
E-mail: info@onemsf.com
Convertible Arbitrage
Although the YTD performances are still on the negative side, convertible bonds are regaining value
and new issues are growing in number. However, two factors are working against the strategy: a slow
forward calendar and continuing low equity volatility.
Long/Short Equities
The Trading Advisor’s positive market outlook remains the same. A steadily growing economy, a
friendly Fed, tame inflation, higher dividends paid and increased cash on companies’ balance sheets, all
point to a low downside risk.
Fund of Funds
The month was exceptionally strong led by the equity long short, relative value and multi-strategy
returns. Although new funds continue to be added to the portfolio, increased allocations are also being
made to existing funds that show the strongest performance profiles.
Options Arbitrage
The manager exited the strategy June 27 2005, and the portfolio continued to be invested in T-bills.
CTA
June was a strong month for the strategy. The US Dollar positions led the performance among the
strategy as the Euro and Yen continued losing strength versus the Dollar. The fixed income strategy
returned positive results owing to a flattening of the yield curve.
Multi Strategy
The multi-sector arbitrage (formerly event arbitrage) book delivered the largest positive contribution
(gross), while the energy book has made the largest negative contribution (gross) in June.
The results of
the other books were close to flat.
Leverage is non-existent at 0.7 to 1.
Distressed / High Yield Trading
The equity part of the portfolio that focuses on post reorganization events led the performance of the
strategy.