BH Global Limited Investor Statement

 
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BH GLOBAL LIMITED 
                             INVESTOR STATEMENT 
                             For the quarter ended 30 June 2018 
 
                             YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT 
                             © Brevan Howard Capital Management LP (2018). All Rights Reserved. 
 
 
 
 
 
 
 
Overview and         This Investor Statement covers the period of 1 April 2018 to 30 June 
Objective            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. 
 
Company Size         The total net assets of BHG are summarised as follows: 
 
                       Share    30 June  31 March  Change in  30 June  31 March 
                       Class     2018      2018       Net      2018      2018 
                               Currency  Currency   Assets      In        In 
                               USD (mm)  USD (mm)  31 March  Currency  Currency 
                                                    2018 to  of Class  of Class 
                                                    30 June    (mm)      (mm) 
                                                     2018 
                                                   Currency: 
                                                   USD (mm) 
 
                        USD      43.6      42.7       0.9      43.6      42.7 
                      Shares 
 
                        GBP      400.9     410.5     -9.5      303.7     292.5 
                      Shares 
 
                       Total     444.6     453.2     -8.6        -         - 
 
                     Source: Northern Trust International Fund Administration Services 
                     (Guernsey) Limited ("Northern Trust") 
 
                     Figures are rounded to one decimal place. 
 
Share Capital        The number of shares in issue in each share class of BHG is 
                     summarised as follows: 
 
                       Share    30 June 2018  31 March 2018 
                       Class 
 
                        USD      2,830,902      2,912,002 
                      Shares 
 
                        GBP      19,737,930     19,941,502 
                      Shares 
 
                     Source: Northern Trust 
 
Performance          The closing share price* of each share class of BHG is summarised as 
Review               follows: 
 
                     Share Class 29 June 2018  29 March 2018 
 
                     USD Shares      14.40         13.85 
                        (US$) 
 
                     GBP Shares      14.55         13.80 
                         (GBP) 
 
                     Source: Bloomberg 
 
                     The NAV per share* of each share class of BHG is summarised as 
                     follows: 
 
                     Share Class 30 June 2018  31 March 2018 
 
                     USD Shares      15.41         14.67 
                        (US$) 
 
                     GBP Shares      15.39         14.67 
                         (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. 
 
                     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. 
 
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. 
 
PDF version available here 
 
 
 
END
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