BH Global Limited Investor Statement
30 Octobre 2014 - 5:26PM
UK Regulatory
TIDMBHGG TIDMBHGE TIDMBHGU
BH GLOBAL LIMITED
INVESTOR STATEMENT
For the quarter ended 30 September 2014
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT
© Brevan Howard Capital Management LP (2014). All Rights Reserved.
Overview and This Investor Statement covers the period of 1 July 2014 to 30
Objective September 2014 and is being circulated to satisfy the quarterly
account statement obligations of the commodity pool operator of BH
Global Limited ("BHG") pursuant to CFTC Regulation 4.7.
Company Size The total net assets of BHG are summarised as follows:
Change in Net
Assets
30 30 June
30 September 30 June 2014 30 June 2014 September 2014
Share 2014 to 30 2014
Class Currency: September In
Currency: USD 2014 In Currency
USD (mm) Currency: USD Currency of Class
(mm) (mm) of Class (mm)
(mm)
USD 91.5 90.0 1.6 91.5 90.0
Shares
EUR
Shares - 221.6 -221.6 - 161.9
*
GBP 610.8 654.1 -43.3 376.8 382.6
Shares
Total 702.4 965.7 -263.3 - -
Source: Northern Trust International Fund Administration Services
(Guernsey) Limited ("Northern Trust")
Figures are rounded to one decimal place.
* All EUR Shares were redeemed on 22 August 2014 following the the
Euro class closure.
Share Capital The number of shares in issue in each share class of BHG is
summarised as follows:
Share Class 30 September 2014 30 June 2014
USD Shares 6,835,001 6,867,652
EUR Shares* - 12,456,014
GBP Shares 27,799,136 28,877,578
Source: Northern Trust
* All EUR Shares were redeemed on 22 August 2014 following the the
Euro class closure.
Performance The closing share price* of each share class of BHG is summarised as
Review follows:
Share Class 30 September 30 June
2014 2014
USD Shares 12.15 12.00
(US$)
EUR Shares - 12.475
(EUR)*
GBP Shares 12.20 11.96
(GBP)
Source: Bloomberg
* All EUR Shares were redeemed on 22 August 2014 following the the
Euro class closure.
The NAV per share* of each share class of BHG is summarised as
follows:
Share Class 30 September 30 June
2014 2014
USD Shares 13.39 13.10
(US$)
EUR Shares - 13.00
(EUR)**
GBP Shares 13.55 13.25
(GBP)
* NAV performance is provided for information purposes only. Shares
in BHG do not necessarily trade at a price equal to the prevailing
NAV per Share.
** All EUR Shares were redeemed on 22 August 2014 following the the
Euro class closure.
Source: BHG's Net Asset Value per Share data is provided by BHG's
Administrator, Northern Trust, and is based on BHGO Net Asset Value
data provided by the Administrator of BHGO, International Fund
Services (Ireland) Limited. BHG's Net Asset Value data in this report
is unaudited and net of all investment management fees and all other
fees and expenses payable by BHG and BHGO.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Further details of monthly performance information and the outlook of
the BHG can be obtained from BHG's Shareholder Reports, copies of
which can be found on BHG's website: www.bhglobal.com
Material Prior to 1 September 2014, BHG invested all of its assets (net of
Events short-term working capital) in the ordinary shares of Brevan Howard
Global Opportunities Master Fund Limited ("BHGO").
Following shareholder approval on 28 August 2014, with effect 1
September 2014, BHG changed its investment policy to invest all of
its assets (net of short-term working capital) in the ordinary shares
of Brevan Howard Multi-Strategy Master Fund Limited ("BHMS").
The investment objective of BHMS is to generate consistent long-term
appreciation through active, direct and indirect, leveraged trading
and investment on a global basis in multiple investment strategies.
BHMS employs an investment process which uses a combination of (a)
allocations to investment funds managed or investment managed by
Brevan Howard or affiliates entities ("BH"); and (b) targeted and
opportunistic allocations directly to the traders of BH Investment
Managers.
BHG has also simlified its fee arrangements with its manager, Brevan
Howard Capital Management LP. Prior to 1 September 2014, BHG paid its
manager a 0.5% management fee p.a. and was indirectly subject to the
manager fees charged to the underlying funds in which BHGO invested.
With effect 1 September 2014, BHG pays its manager a 2% management
fee p.a. and a 20% performance fee (subject to a high water mark) and
bears no additional manager fees at underlying fund level. This means
that BHG's manager has assumed the netting risk across BHG's
underlying fund investments i.e. investors in BHG only pay fees at
one level on the aggregate performance of BHMS and not per individual
underlying investment of BHMS.
Further details on the changes described above can be found on BHG's
website: www.bhglobal.com
To the best of my knowledge and belief, the information detailed in
this statement is accurate and complete:
By:
Name: David Barton
Title: Head of Legal and Authorised Signatory
Brevan Howard Capital Management Limited as general partner of Brevan
Howard Capital Management LP, the manager and commodity pool operator
of BH Global Limited.
Important Legal Information and Disclaimer
Prior to 1 September 2014, BH Global Limited ("BHG") was a feeder fund to
Brevan Howard Global Opportunities Master Fund Limited ("BHGO") so all
performance information for periods prior to 1 September 2014 relate to the
performance of BHG whilst it was a feeder fund to BHGO. With effect from 1
September 2014, BHG changed its investment policy to become a feeder fund to
Brevan Howard Multi-Strategy Master Fund Limited ("BHMS"). Brevan Howard
Capital Management LP acting through its general partner Brevan Howard Capital
Management Limited ("BHCM") has supplied certain information herein regarding
the performance and outlook of BHG, BHGO and BHMS (together "the Funds"). BHCM
is regulated by the Jersey Financial Services Commission as a fund services
business and is the commodity pool operator of BHG.
The material relating to the Funds included in this investor statement is
provided for information purposes only, does not constitute an invitation or
offer to subscribe for or purchase shares in the Funds and is not intended to
constitute "marketing" of the Funds as such term is understood for the purposes
of the Alternative Investment Fund Managers Directive as it has been
implemented in states of the European Economic Area. This material is not
intended to provide a sufficient basis on which to make an investment decision.
Tax treatment depends on the individual circumstances of each investor in BHG
and may be subject to change in the future. Returns may increase or decrease as
a result of currency fluctuations.
You should note that, if you invest in BHG, your capital will be at risk and
you may therefore lose some or all of any amount that you choose to invest.
This material is not intended to constitute, and should not be construed as,
investment advice. All investments are subject to risk. You are advised to
seek expert legal, financial, tax and other professional advice before making
any investment decisions.
THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU MAY NOT GET BACK THE
AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT. PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.
END
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