BH Global Limited Investor Statement

 
TIDMBHGG TIDMBHGU 
 
BH GLOBAL LIMITED 
 
INVESTOR STATEMENT 
FOR THE QUARTER ENDED 30 SEPTEMBER 2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT 
 
 
 
 
Overview and         This Investor Statement covers the period of 1 July 2020 to 30 
Objective            September 2020 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 Class    30      30 June   Change in      30      30 June 2020 
                                 September   2020    Net Assets   September 
                                   2020                30 June      2020 
                                                      2020 - 30 
                                                      September 
 
                                 Currency  Currency   Currency   In Currency In Currency 
                                 USD (mm)  USD (mm)   USD (mm)    of Class     of Class 
                                                                    (mm)         (mm) 
 
                     USD Shares    48.3      48.1        0.2        48.3         48.1 
 
                     GBP Shares    480.1     455.2      24.9        371.3       368.4 
 
                        Total      528.4     503.3      25.1          -           - 
 
                     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 2020 
                       Class        2020 
 
                        USD      2,528,539      2,542,136 
                      Shares 
 
                        GBP      19,978,534     19,967,808 
                      Shares 
 
                     Source: Northern Trust 
 
 
 
Performance          The closing share price* of each share class of BHG is summarised as 
Review               follows: 
 
                      Share Class   30 September    30 June 2020 
                                        2020 
 
                      USD Shares        20.00           18.85 
                         (US$) 
 
                      GBP Shares        18.75           18.45 
                          (GBP) 
 
                     Source: Bloomberg 
 
                     The NAV per share* of each share class of BHG is summarised as 
                     follows: 
 
                     Share Class   30 September    30 June 2020 
                                       2020 
 
                      USD Shares       19.10           18.91 
                        (US$) 
 
                      GBP Shares       18.59           18.45 
                         (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: Reamonn O'Sullivan 
 
                     Title: Head of Compliance 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. 
 
 
Please click the below link for a PDF version of the announcement: 
https://mma.prnewswire.com/media/1323506/ 
BHG___Investor_Statement___September_2020___ADV011952.pdf 
 
 
 
END
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