REG-BH Macro Limited: Investor Statement - 31 December 2015 <Origin Href="QuoteRef">BHMG.L</Origin>
29/01/2016 17:30
BH Macro Limited
INVESTOR STATEMENT
For the quarter ended 31 December 2015
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT
© Brevan Howard Capital Management LP (2016). All Rights Reserved.
Overview and Objective This Investor Statement covers the period of 1 October 2015 to 31 December
2015 and is being circulated to satisfy the quarterly account statement
obligations of the commodity pool operator of BH Macro Limited ("BHM")
pursuant to CFTC Regulation 4.7.
Company Size The total net assets of BHM are summarised as follows:
Share Class 31 Dec 2015 30 Sep 2015 Change in 31 Dec 2015 30 Sep 2015
Currency: Currency: Net Assets In In Currency
USD (mm) USD 30 Currency: of Class
(mm) September Class (mm) (mm)
2015 to 31
December
2015
Currency:
USD (mm)
USD Shares 349.7 375.4 -25.6 349.7 375.4
EUR Shares 93.4 108.0 -14.6 85.6 96.7
GBP Shares 1,051.8 1,173.2 -121.4 709.2 774.5
Total 1,494.9 1,656.5 -161.6 - -
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 BHM is summarised as
follows:
Share Class 31 December 30 September
2015 2015
USD Shares 17,202,974 18,133,823
EUR Shares 4,163,208 4,640,027
GBP Shares 33,427,871 35,895,282
Source: Northern Trust
Performance The closing share price* of each share class of BHM is summarised
Review as follows:
Share Class 31 December 30 September
2015 2015
USD Shares 19.435 19.735
(US$)
EUR Shares 19.53 19.86
(€)
GBP Shares 20.19 20.52
(£)
Source: Bloomberg
The NAV per share* of each share class of BHM is summarised as
follows:
Share Class 31 December 2015 30 September
2015
USD Shares 20.33 20.70
(US$)
EUR Shares 20.56 20.84
(€)
GBP Shares 21.21 21.58
(£)
* NAV performance is provided for information purposes only. Shares
in BHM do not necessarily trade at a price equal to the prevailing
NAV per Share.
Source: BHM's Net Asset Value per Share data is provided by BHM's
Administrator, Northern Trust, and is based on the Fund's (as
defined below) Net Asset Value data provided by the Administrator
of the Fund, International Fund Services (Ireland) Limited. BHM's
Net Asset Value data in this report is unaudited and net of all
investment management fees (2% annual management fee and 20%
performance fee) and all other fees and expenses payable by BHM. In
addition, the Fund is subject to an operational services fee of
50bps per annum.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Further details of monthly performance information and the outlook
of Brevan Howard Master Fund Limited (the "Fund") and BHM can be
obtained from BHM's Shareholder Reports, copies of which can be
found on BHM's website: www.bhmacro.com
To the best of my knowledge and belief, the information detailed in
this statement is accurate and complete:
By:
Name: David Barton
Title: Head of Legal 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 Macro Limited.
Important Legal Information and Disclaimer
BH Macro Limited ("BHM") is a feeder fund investing in Brevan Howard Master
Fund Limited (the "Fund"). Brevan Howard Capital Management LP acting through
its general partner Brevan Howard Capital Management Limited ("BHCM") has
supplied certain information herein regarding BHM's and the Fund's performance
and outlook. BHCM is regulated by the Jersey Financial Services Commission as
a fund services business and is the commodity pool operator of BHM.
The material relating to BHM and the Fund 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 BHM or the Fund and is not
intended to constitute "marketing" of either BHM or the Fund 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 BHM
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 BHM, 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.
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END
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