BH Global Limited Investor Statement

 
TIDMBHGG TIDMBHGU 
 
BH GLOBAL LIMITED 
 
INVESTOR STATEMENT 
FOR THE QUARTER ENDED 30 SEPTEMBER 2019 
 
 
 
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT 
 
 
 
 
Overview and         This Investor Statement covers the period of 1 July 2019 to 30 
Objective            September 2019 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       30 June     Change in     30        30 June 
                       Class    September        2019   Net Assets   September       2019 
                                   2019                   30 June        2019 
                                                         2019 - 30 
                                                         September 
                                                           2019 
 
                                 Currency    Currency    Currency   In Currency     In 
                                 USD (mm)    USD (mm)    USD (mm)    of Class    Currency 
                                                                       (mm)      of Class 
                                                                                   (mm) 
 
                     USD Shares    42.6        43.8        -1.1        42.6        43.8 
 
                     GBP Shares    394.5       412.6       -18.0       320.2      324.1 
 
                       Total       437.1       456.3       -19.2         -          - 
 
                     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 September   30 June 2019 
                       Class        2019 
 
                        USD      2,601,472      2,641,472 
                      Shares 
 
                        GBP      19,918,275     19,886,259 
                      Shares 
 
                     Source: Northern Trust 
 
 
 
Performance          The closing share price* of each share class of BHG is summarised as 
Review               follows: 
 
                      Share Class   30 September    28 June 2019 
                                        2019 
 
                      USD Shares        16.55           16.35 
                         (US$) 
 
                      GBP Shares        15.50           16.45 
                          (GBP) 
 
                     Source: Bloomberg 
 
                     The NAV per share* of each share class of BHG is summarised as 
                     follows: 
 
                     Share Class   30 September    30 June 2019 
                                       2019 
 
                      USD Shares       16.38           16.56 
                        (US$) 
 
                      GBP Shares       16.08           16.30 
                         (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 
                     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. 
 
A PDF version of the announcement can be found here: https://mma.prnewswire.com 
/media/1020317/BHG___Investor_Statement___September_2019___ADV011016.pdf 
 
 
 
END
(END) Dow Jones Newswires
October 30, 2019 13:45 ET (17:45 GMT)
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