TIDMBABS TIDMBABE TIDMBABU
RNS Number : 6687F
BlueCrest AllBlue Fund Ltd
28 April 2014
BlueCrest AllBlue Fund Limited
BlueCrest AllBlue Fund Limited (LSE: BABS, BABU, BABE) is
pleased to announce its annual results for the year ended 31
December 2013.
Glossary
Unless the context suggests otherwise, references within this
report to:
"AIC Code" mean the AIC Code of Corporate Governance.
"AIC" mean the Association of Investment Companies, of which the
Company is a member.
"AllBlue Leveraged" mean AllBlue Leveraged Feeder Limited.
"AllBlue" mean AllBlue Limited.
"Articles" mean the Articles of Association of the Company.
The "Company" mean BlueCrest AllBlue Fund Limited.
"BlueCrest" mean BlueCrest Capital Management LLP.
"Board" mean the Board of Directors of the Company.
"Business Day" mean any day on which banks are open for business
in the Cayman Islands, United Kingdom and/or Guernsey and/or such
other place or places as the Directors may from time to time
determine.
"Financial Year" mean the period from 1 January 2013 to 31
December 2013.
"GFSC Code" mean the Guernsey Financial Services Commission
Financial Sector Code of Corporate Governance.
"IFRS" mean the International Financial Reporting Standards as
adopted by the European Union and applicable Guernsey law.
"JTC" or the "Administrator" mean JTC Fund Managers (Guernsey)
Limited.
"Law" mean the Companies (Guernsey) Law 2008.
"Shares" mean the Sterling Shares, Euro Shares and US Dollar
Shares of the Company in issue.
"Underlying Funds" mean the six underlying funds of AllBlue
comprising BlueCrest Capital International Limited, BlueTrend
Alignment Fund Limited, BlueCrest Multi Strategy Credit Fund
Limited, BlueCrest Emerging Markets Fund Limited, BlueCrest
Mercantile Fund Limited and BlueMatrix Limited (together, including
the master funds into which such funds invest).
"UKLA" mean United Kingdom Listing Authority.
"VaR" mean Value at Risk.
Company & Investment Overview
The Company is a Guernsey investment company listed and traded
on the Premium Segment of the London Stock Exchange with assets of
approximately GBP832m**. Its objective is to invest substantially
all of its assets in AllBlue Limited.
AllBlue is a multi-strategy fund of hedge funds investing in
BlueCrest funds across its two core specialisations: discretionary
and systematic trading. These two complementary strategies are
blended using 6 underlying BlueCrest funds.
Using robust risk management, AllBlue blends these 6
non-correlated funds to produce attractive returns with low
volatility. AllBlue has full transparency into the 6 funds aiding
its return of 8.9%* per annum since inception in 2005, combined
with low volatility. A summary on each underlying fund is provided
at the end of this section.
AllBlue and the 6 underlying funds are managed by BlueCrest
Capital Management, one of the world's premier hedge fund managers
with offices in the UK, Europe, the US and Asia.
Founded in 2000, BlueCrest manages approximately $30.6bn** and
has a proven track record of generating strong levels of capital
growth whilst ensuring capital preservation. It has an
award-winning reputation for excellence in both discretionary and
systematic trading. The principals of BlueCrest have a significant
level of their own wealth invested alongside their clients,
aligning their interests with those of their investors.
The Company has three share classes, Sterling, Dollar and Euro
and seeks to provide shareholders with the following key
benefits:
-- Attractive returns which are not beholden to the direction of
asset markets, created by skilled portfolio management and a
non-correlated, multi-strategy approach.
-- Strong capital preservation characteristics reflecting robust
risk management & expert blending of various assets across
discretionary and systematic funds.
-- Good liquidity as the shares in the Company can be bought and
sold whenever the London Stock Exchange is open for business
More information on the Company, its performance and current
allocations can be found on the website,
www.bluecrestallblue.com
The six underlying funds
BlueCrest A global macro strategy, with a strong fixed income focus.
Capital International Strategies include directional and curve trading, driven
by macro views around central bank activities, their likely
actions and market reactions that will impact the level
of rates and the shape of the yield curve. Also relative
value which looks to identify anomalies across the fixed
income markets.
BlueCrest A macro strategy that looks to identify opportunities
Emerging Markets across currency, local interest rates, sovereign and quasi-sovereign
credit markets with a focus on liquidity. The strategy
trades throughout Latin America, the Middle East, Central
and Eastern Europe, Africa and Asia.
BlueCrest Engages in opportunities across the full credit spectrum
Multi Strategy of corporate and sovereign debt markets, implementing
Credit strategies such as long / short credit, credit volatility
and capital structure arbitrage.
BlueCrest Invests in bonds and loans associated with the production
Mercantile and trade of commercial goods and commodities and then
hedges out the associated risks. The credits are purchased
from commercial banks who are under pressure to remove
them from their balance sheets in order to manage risk
concentration and to adhere to regulatory requirements.
BlueTrend A global systematic trend following strategy that trades
in excess of 150 liquid markets covering asset classes
including equities, fixed income, foreign exchange, energy,
metals and agricultural commodities.
BlueMatrix A global systematic equity market neutral strategy that
draws upon a wide variety of fundamental and technical
inputs, as well as other sources. The portfolio construction
process incorporates a sophisticated in-house risk model
which seeks to maintain market neutrality at the regional
level, as well as limiting exposures to other factors
such as size or liquidity.
====================== =====================================================================
*Net performance of AllBlue Limited (Class A GBP) to 31 March
2014
** As at 1(st) April 2014.
Information is for BlueCrest AllBlue Fund Limited as at 31
December 2013.
Chairman's Statement
Since I last wrote to you in the summer, your Company has seen
an improvement in performance. During the second half of 2013 the
net asset value per share rose by 2.5% (Sterling class), bringing
the return for the full year to +1.8%.
The share price performed more strongly than the net asset
value, with total shareholder returns of 3.0% for 2013 as a whole
(Sterling shares), and returns in excess of 4% in the Euro and
Dollar Shares. As in prior years, the returns from the Company's
investment in AllBlue have been produced with very low levels of
volatility and low levels of correlation to a broad range of asset
classes, such as equities and fixed income.
BlueCrest AllBlue Fund Performance
Whilst, of course, we would like to see a return to annual
performance in double digits, it is noteworthy that AllBlue has
continued its unbroken record of generating positive returns over
every rolling 12 month period since inception. Furthermore, in an
environment of sustained zero short term interest rates, a double
digit net return is unlikely to be achieved consistently without an
unacceptable level of risk embedded into the portfolio. We
understand that most of our shareholders own Shares in the Company
principally for their consistent return and as an effective
portfolio diversifier. These criteria hold good and both we and
BlueCrest as the manager of AllBlue are resistant to an increase in
aggregate risk or to change in the shape of the portfolio in
pursuit of higher risk and returns at a time when financial
markets, and fixed income markets in particular, are fraught with
difficulties.
Information is for BlueCrest AllBlue Fund Limited as at 31
December 2013.
BLUECREST
BlueCrest continue to invest very heavily in their business and
the Company believes it is a beneficiary of the consequent
increased capability. BlueCrest now employs over 600 people in 9
trading locations in 7 jurisdictions. Most recently BlueCrest has
opened offices in Sao Paulo, for LatAm trading, and in Toronto, for
Canadian rates trading. Personnel are split fairly evenly between
portfolio management staff and support staff. The robustness of the
risk management function, in particular, has been evident during
2013 when risk has been maintained at a low and stable level while
market volatility, particularly in fixed income and emerging
markets, has been elevated.
Whilst the Board remains in regular communication with
BlueCrest, it makes a point of visiting BlueCrest offices from time
to time, the last such visit being in March 2014. On these
occasions we have always been impressed with the professionalism of
BlueCrest but, as time has evolved since the Company launched in
2006, it has been very apparent that BlueCrest has developed into a
truly institutional style business. We believe that this is a very
positive change for you as Shareholders. It clearly differentiates
BlueCrest and the Company from many hedge funds.
PORTFOLIO MANAGEMENT
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