BlueCrest AllBlue Fund Ltd Monthly Performance Review (8524R)
September 17 2014 - 1:01AM
UK Regulatory
TIDMBABS TIDMBABE TIDMBABU
RNS Number : 8524R
BlueCrest AllBlue Fund Ltd
17 September 2014
FOR IMMEDIATE RELEASE
17 September 2014
BLUECREST ALLBLUE FUND LIMITED
MONTHLY PERFORMANCE REVIEW FOR AUGUST 2014
"BCAB rose by a further 0.9% in August"
BlueCrest AllBlue Fund Limited (BCAB) rose by a further 0.9% in
August bringing the year to date return to 5.8% (Sterling Class
NAV). The rolling 12 month return has increased to 8.9% with
volatility low and stable at 2.2%.
Events did not provide a positive backdrop to markets for August
but, despite this, healthy rallies were seen in both equity and
bond markets. Geopolitical issues persisted, with Ukraine tensions
escalating, the Argentinian default and a flare up of concern in
Europe as Banco Espirito Santo in Portugal reminded investors of
the fragility of the Eurozone financial system. Economic data also
did little to hearten investors in Europe or Asia.
Market momentum derived primarily from expectations of further
stimulus from the ECB as Mario Draghi hinted at additional action,
action that was fulfilled in September. This saw equities up around
2% in both developed and emerging markets and sovereign bond yields
dropping notably, including German 10 year yields below 1% for the
first time. Credit spreads also tightened.
"BlueTrend had an excellent month"
Six of the seven strategies generated positive performance in
August with just BlueCrest Capital International detracting
modestly. BlueTrend and BlueCrest Emerging Markets were the
strongest performers but BlueCrest Equity Strategies also produced
strong gains as stock specific trades led returns.
Trading conditions in developed sovereign bonds remain
challenging. As a result, BlueCrest Capital International fell by
0.4% in August and the allocation to the fund has been further
reduced by 1% to 14% of AllBlue, a historical low level. Small
gains were made from directional long positions in European and
Sterling rates and in cross-market positions but were outweighed by
losses in the US from the short directional bias and from curve
steepening trades. Relative value and volatility trading were
essentially flat.
BlueTrend by contrast had an excellent month, rising by nearly
5%. Strong gains were made from the long positions in bonds and
equities as both markets rallied. Exposure remains within normal
historical bounds and the fund entered September with a long bias
to fixed income and equities.
The 1% allocation reduction from BlueCrest Capital International
was placed into BlueMatrix, the systematic equity fund, bringing
its allocation up to 23% of AllBlue. BlueMatrix generated a return
of 0.6% in August with gains principally made in Europe and Asia.
The fund held a net position close to zero both in aggregate and by
region, and a gross of approximately 600% at month end with a long
bias to the IT sector and short industrials.
"Little requirement for buybacks during the month"
An EGM was held in August to permit shareholders in the Euro
class to vote on the closure and return of capital for that class.
All resolutions were passed and the listing of the BCAB Euro class
will be cancelled from 2nd October with proceeds expected to be
paid by mid November.
There was little requirement for the buyback during the month
but both Sterling and Dollar shares were repurchased in the final
week of August. The share price discount to NAV was stable at
around 4%.
The Half Yearly Financial Report as at 30th June 2014 has been
published and can be found at www.bluecrestallblue.com
PERIODIC PERFORMANCE AND OTHER INFORMATION
GBP Share EUR Share USD Share
Class Class Class
-------------------------------- ------------- ------------- -------------
MTD NAV 0.89% 0.83% 0.89%
-------------------------------- ------------- ------------- -------------
YTD NAV 5.82% 5.66% 5.67%
-------------------------------- ------------- ------------- -------------
Rolling 12 m NAV 8.87% 8.74% 8.76%
-------------------------------- ------------- ------------- -------------
Rolling 12 m Share price 7.01% 6.13% 3.61%
-------------------------------- ------------- ------------- -------------
Since inception NAV 97.14% 89.91% 88.30%
-------------------------------- ------------- ------------- -------------
Since inception NAV annualised 8.55% 8.06% 7.95%
-------------------------------- ------------- ------------- -------------
Premium/discount -4.67% -2.42% -4.79%
-------------------------------- ------------- ------------- -------------
ISIN GB00B13YVW48 GB00B13YXC81 GB00B13YXH37
-------------------------------- ------------- ------------- -------------
Bloomberg ticker BABS LN BABE LN BABU LN
-------------------------------- ------------- ------------- -------------
Disclaimer:
This document is directed only at: (i) persons having
professional experience in matters relating to investments who fall
within the definition of "investment professionals" in Article
19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005; or (ii) high net worth bodies corporate,
unincorporated associations and partnerships and trustees of high
value trusts as described in Article 49(2) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 and
persons who receive this document who do not fall within (i) or
(ii) above should not rely on or act upon this document.
This document is issued by BlueCrest AllBlue Fund Limited (the
"Company") to and for the information of its existing shareholders
and does not in any jurisdiction constitute investment advice or an
invitation to invest in the shares or any other securities of the
Company or any other entity (body corporate or otherwise).
The Company has used reasonable care to ensure that the
information included in this document is accurate at the date of
its issue, but does not undertake to update or revise the
information, including any information relating to AllBlue Limited
and its underlying funds (the "Funds") provided by BlueCrest
Capital Management (UK) LLP or any member of the BlueCrest group of
companies (as applicable) ("BlueCrest"), or guarantee the accuracy
of such information. To the extent permitted by law neither the
Company, the Funds, BlueCrest nor their directors or officers shall
be liable for any loss or damage that anyone may suffer in reliance
on such information.
The information in this document may be changed by the Company
at any time. Past performance cannot be relied on as a guide to
future performance. The Company's investment strategy is
speculative and entails substantial risks. The value of an
investment may go down as well as up and some or all of the total
amount invested may be lost. This document may not, in whole or in
part, directly or indirectly, be taken, transmitted or distributed
into the United States of America, its territories or possessions
or made available to any national, resident or citizen of the
United States of America or any other jurisdiction where applicable
laws prohibit its release, distribution or publication. Any failure
to comply with these restrictions may be a violation of the law in
relevant jurisdictions.
JTC (Guernsey) Limited
Secretary
Tel: Guernsey 01481 702400
END OF ANNOUNCEMENT
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