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BH Macro
Limited
INVESTOR STATEMENT
For the quarter ended 30 June 2017
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS
DOCUMENT
© Brevan Howard Capital Management LP (2017). All Rights
Reserved. |
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Overview and
Objective |
This Investor Statement covers the
period of 1 April 2017 to 30 June 2017 and is being circulated to
satisfy the quarterly account statement obligations of the
commodity pool operator of BH Macro Limited ("BHM") pursuant to
CFTC Regulation 4.7. |
Company
Size |
The total net assets of BHM are
summarised as follows:
Share
Class |
30 June
2017
Currency USD (mm) |
31
March 2017
Currency USD (mm) |
Change
in Net Assets
31 March 2017 to 30 June 2017 Currency: USD (mm) |
30 June
2017
In Currency Class (mm) |
31
March 2017
In Currency Class (mm) |
USD
Shares |
61.3 |
210.3 |
-149.0 |
61.3 |
210.3 |
GBP
Shares |
390.9 |
612.7 |
-221.9 |
300.9 |
490.0 |
EUR
Shares* |
- |
33.5 |
-33.5 |
- |
31.3 |
Total |
452.2 |
856.6 |
-404.4 |
- |
- |
*As previously announced by the Company, the Company determined
that all remaining shares in the Euro share class be converted into
Sterling shares effective as of 29 June
2017 and all Euro shares held by the Company in treasury
were cancelled on that date. The Euro share class has been
closed and its listing has been cancelled.
Source: Northern Trust International Fund Administration
Services (Guernsey) Limited (“Northern Trust”)
Figures are rounded to one decimal place.
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Share
Capital |
The number of shares in issue in each share class of BHM is
summarised as follows:
Share
Class |
30 June
2017 |
31
March 2017 |
USD
Shares |
2,849,663 |
9,944,059 |
GBP
Shares |
13,995,456 |
22,429,359 |
EUR
Shares |
- |
1,474,935 |
Source: Northern Trust
|
Performance
Review |
The closing share price* of each share class of BHM is
summarised as follows:
Share
Class |
30 June
2017 |
31
March 2017 |
USD
Shares (US$) |
19.05 |
20.27 |
GBP
Shares (£) |
19.15 |
21.20 |
EUR
Shares (€) |
- |
20.40 |
Source: Bloomberg
The NAV per share* of each share class of BHM is summarised as
follows:
Share
Class |
30 June
2017 |
31 March 2017 |
USD
Shares (US$) |
21.53 |
21.15 |
GBP
Shares (£) |
21.50 |
21.84 |
EUR
Shares (€) |
- |
21.25 |
* NAV performance is provided for information purposes only.
Shares in BHM do not necessarily trade at a price equal to the
prevailing NAV per Share.
Source: BHM’s Net Asset Value per Share data is provided by
BHM’s Administrator, Northern Trust, and is based on the Fund’s (as
defined below) Net Asset Value data provided by the Administrator
of the Fund, International Fund Services (Ireland) Limited. BHM’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 BHM. In addition, the Fund is subject to an operational services
fee.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Further details of monthly performance information and the
outlook of Brevan Howard Master Fund Limited (the “Fund”) and BHM
can be obtained from BHM’s Shareholder Reports, copies of which can
be found on BHM’s website: www.bhmacro.com
To the best of my knowledge and
belief, the information detailed in this statement is accurate and
complete:
By:
Name: Jonathan Wrigley
Title: Group Head of Finance 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 Macro Limited.
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Important Legal Information and
Disclaimer
BH Macro Limited (“BHM") is a feeder fund investing in Brevan
Howard Master Fund Limited (the "Fund"). Brevan Howard
Capital Management LP acting through its general partner Brevan
Howard Capital Management Limited (“BHCM”) has supplied certain
information herein regarding BHM’s and the Fund’s performance and
outlook. BHCM is regulated by the Jersey Financial Services
Commission as a fund services business and is the commodity pool
operator of BHM.
The material relating to BHM and the Fund 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 BHM or the Fund and is not intended to constitute
“marketing” of either BHM or the Fund 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 BHM 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 BHM, 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.
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