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BH GLOBAL LIMITED
INVESTOR STATEMENT
For the quarter ended 31 March 2018
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS
DOCUMENT
© Brevan Howard Capital Management LP (2018). All Rights
Reserved. |
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| Overview and
Objective |
This Investor
Statement covers the period of 1 January 2018 to 31 March
2018 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. |
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| Company
Size |
The total net assets of BHG are
summarised as follows:
| Share
Class |
31
March 2018
Currency USD (mm) |
31
December 2017
Currency USD (mm) |
Change
in Net Assets
31 December 2017 to 31 March 2018
Currency: USD (mm) |
31
March 2018
In Currency of Class (mm) |
31
December 2017
In Currency of Class (mm) |
| USD
Shares |
42.7 |
43.7 |
-1.0 |
42.7 |
43.7 |
| GBP
Shares |
410.5 |
398.6 |
11.9 |
292.5 |
296.6 |
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Total |
453.2 |
442.3 |
10.9 |
- |
- |
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 BHG is
summarised as follows:
| Share
Class |
31
March 2018 |
31
December 2017 |
| USD
Shares |
2,912,002 |
3,004,442 |
| GBP
Shares |
19,941,502 |
20,346,871 |
Source: Northern Trust
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Performance Review |
The closing share price* of each share class of BHG is
summarised as follows:
| Share
Class |
29
March 2018 |
29
December 2017 |
| USD
Shares (US$) |
13.85 |
13.40 |
| GBP
Shares (£) |
13.80 |
13.64 |
Source: Bloomberg
The NAV per share* of each share class of BHG is summarised as
follows:
| Share
Class |
31
March 2018 |
31
December 2017 |
| USD
Shares (US$) |
14.67 |
14.56 |
| GBP
Shares (£) |
14.67 |
14.58 |
* 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.
Source: BHG’s Net Asset Value per Share data is provided by
BHG’s Administrator, Northern Trust, and is based on Brevan Howard
Multi-Strategy Master Fund Limited (“BHMS”) Net Asset Value data
provided by the Administrator of BHMS, International Fund Services
(Ireland) Limited. BHG is a feeder fund to BHMS. 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.
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
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 Global Limited.
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Important Legal Information and
Disclaimer
BH Global Limited (“BHG”) is 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 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.
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