MONTHLY NAV
BlackRock Absolute Return Strategies Ltd (ticker symbol - BARS)
(the "Company")
Net Asset Value and Performance Data*
As at the close of business on 30
November 2012, the net asset value and performance of the
Company's shares as prepared by the Sub-Administrator and
Custodian, UBS Fund Services (Cayman) Ltd., are as follows:
Share class Net Asset November YTD
Value performance performance
GBP Shares £9.76 0.45% -1.90%
*IMPORTANT NOTES
1. Calculation of Net Asset Value and Performance Data
Set out above are the performance figures for the month of
November and the year to date ("YTD"). Not all Managers report
weekly, bi-weekly or monthly estimated performance. The November
performance figure is calculated by reference to the previous
month's published estimated net asset value ("NAV"), or final NAV,
if available, and the most recently available subsequent estimated
performance. The YTD performance figure is calculated by reference
to the NAV at the end of the last calendar year and adjusted for
the most recently available subsequent month(s)' and/or week(s)'
estimated or final NAV, as appropriate. A month to date performance
figure is not provided for the week in which the last business day
of the month occurs.
Performance data generally is determined based upon the latest
available valuations (or estimated valuations) provided, directly
or indirectly, by the investment managers ("Managers") selected by
the Company's investment advisor (the "Investment Advisor"). In
some cases, valuations use assumptions that may be complex and
susceptible to significant uncertainty, and may prove incorrect.
Final month-end NAVs may be materially different from the
intra-month estimates provided and NAV and performance data should
only be taken as indicative values for information only. No
reliance should be placed on any estimated valuations. Furthermore,
the actual value of the Company's assets may be materially
different from published estimated values. Estimated valuations are
particularly susceptible to inaccuracies during periods of market
volatility or uncertainty, and additional information may become
available subsequently which materially alters assumptions or other
inputs to the estimates. In the event that an estimated valuation
subsequently proves to be incorrect, no adjustment to a previously
published estimated valuation is expected to be made nor would
compensation be payable.
Certain securities or other assets in which the Managers invest
may not have a readily ascertainable market price or may otherwise
be difficult to value and will be priced by the Managers.
Valuations (or estimated valuations) received by the Company may
be unaudited or may be subject to little verification or other due
diligence and may not comply with generally accepted accounting
practices or other valuation principles.
Estimated valuation of the Company's NAV and performance have
been prepared in good faith by the Investment Advisor with respect
to estimated performance and UBS Fund Services (Cayman) Ltd., the
Company's sub-administrator (the "sub-Administrator") with respect
to final monthly performance. Neither the Company's
Sub-Administrator nor the Investment Advisor will generally have
sufficient information to be able to independently confirm or
review the completeness, genuineness or accuracy of the Managers'
valuations (or estimated valuations). In certain circumstances as
set out in the Company's prospectus, including if the Investment
Advisor determines, in its sole discretion, that a valuation is
inaccurate or incomplete, the Investment Advisor may, in its sole
discretion, determine the fair value of the Company's interests
independently of the Managers' valuations based on information
available to, and factors deemed relevant (at its sole discretion)
by, the Investment Advisor at the time of such valuation.
Other risk factors which may be relevant to this estimated
valuation are set out in the Company's prospectus dated
4 April 2008 and the Circulars sent
to Shareholders dated 15 July 2011
and 26 November 2012.
2. ERISA
The articles of association of the Company prohibit any purchase
or acquisition of shares by or on behalf of or for the benefit of
an ERISA plan or benefit plan investor subject to similar laws (a
"Plan Investor"), and incorporate provisions whereby purported
purchases of shares by or on behalf of or for the benefit of an
ERISA plan or Plan Investor will not operate to confer any interest
or rights whatsoever in such shares in favour of an ERISA plan or
Plan Investor, but instead will take effect as a trust for
redemption in favour of the Company and the Company will
subsequently purchase or redeem such shares, which purchase or
redemption may take place at an amount per share which is less than
the price paid by an ERISA plan or Plan Investor on the purported
acquisition.
3. For the Attention of United States Residents
The shares may not be offered or sold within the United States or to, or for the account or
benefit of, US Persons (as defined in the Regulation S under the
Securities Act of 1933 or any person who would be considered a US
person under Rule 4.7 of the United States Commodity Exchange
Act).
This document is for information purposes only and is not an
offer to invest. Estimated results, performance or achievements may
differ materially from any actual results, performance or
achievements. Except as required by applicable law, the Company
expressly disclaims any obligations to update or revise such
estimates to reflect any change in expectations, new information,
subsequent events or otherwise. All investments are subject to risk
and the value of investments may fluctuate. Past performance is no
guarantee of future returns. Prospective investors are advised to
seek expert legal, financial, tax and other professional advice
before making any investment decision.