BH Global Limited Investor Statement - December 2020
January 29 2021 - 11:51AM
UK Regulatory
TIDMBHGG TIDMBHGU
BH GLOBAL LIMITED
INVESTOR STATEMENT
FOR THE QUARTER ENDED 31 DECEMBER 2020
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT
Overview and This Investor Statement covers the period of 1 October 2020 to 31
Objective December 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 31 30 Change in 31 December 30 September
December September Net Assets 2020 2020
2020 2020 30
September -
31 December
2020
Currency Currency Currency In Currency In Currency
USD (mm) USD (mm) USD (mm) of Class of Class
(mm) (mm)
USD Shares 53.0 48.3 4.7 53.0 48.3
GBP Shares 540.1 480.1 60.0 395.0 371.3
Total 593.0 528.4 64.7 - -
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 31 December 30 September
Class 2020 2020
USD 2,624,216 2,528,539
Shares
GBP 20,142,421 19,978,534
Shares
Source: Northern Trust
Performance The closing share price* of each share class of BHG is summarised as
Review follows:
Share Class 31 December 30 September
2020 2020
USD Shares 20.15 20.00
(US$)
GBP Shares 19.25 18.75
(£)
Source: Bloomberg
The NAV per share* of each share class of BHG is summarised as
follows:
Share Class 31 December 30 September
2020 2020
USD Shares 20.18 19.10
(US$)
GBP Shares 19.61 18.59
(£)
* 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 Hughes
Title: Chief Financial Officer 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 here
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