The final net asset value per unit of Northwater Market-Neutral Trust was $1.58 at March 31, Northwater Capital Management Inc. said Tuesday.

This net asset value reflects the third termination distribution of $0.50 previously declared to unitholders of record on March 31, Northwater said.

The trust’s return for March 2010 was -2.88%. The rolling 12-month return was -4.15%.

Update on status of wind-up

Northwater also provided investors with an update on the status of the wind-up of the trust and its ongoing efforts to liquidate the remaining assets of the trust.

The termination of the trust was originally scheduled to occur on December 31, 2009.

Northwater reiterated that market conditions have caused all of the remaining hedge funds held by the trust to invoke various restrictions on redemptions. This has prevented the trust from being able to proceed with the distribution of the remaining assets of unitholders and has forced the trust to continue to exist, Northwater said.

Northwater “continues to actively seek alternative means of affecting the monetization of the underlying hedge fund portfolio of the trust in an effort to distribute the proceeds to unitholders as soon as practicable,” it said.

The Toronto Stock Exchange delisted units of the trust on Dec. 31, 2009.

Regardless of the delisting, “the trust will continue to exist and unitholders will have a right to the return of their pro rata share of the assets of the trust as such assets are liquidated and cash becomes available for distribution to unitholders,” Northwater said.

IE