REG-BH Macro Limited: Monthly Shareholder Report - March 2016 <Origin Href="QuoteRef">BHMG.L</Origin>
21/04/2016 17:35
BH MACRO LIMITED
MONTHLY SHAREHOLDER REPORT:
MARCH 2016
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS
DOCUMENT
BH Macro Overview
Limited
Manager: BH Macro Limited ("BHM") is a closed-ended investment company, registered and
Brevan Howard incorporated in Guernsey on 17 January 2007 (Registration Number: 46235).
Capital BHM invests all of its assets (net of short-term working capital) in the
Management LP ordinary shares of Brevan Howard Master Fund Limited (the "Fund").
("BHCM") BHM was admitted to the Official List of the UK Listing Authority and to
Administrator: trading on the Main Market of the London Stock Exchange on 14 March 2007.
Northern Trust
International
Fund
Administration
Services
(Guernsey)
Limited
("Northern
Trust") Total $1,337 mm¹
Corporate Assets:
Broker:
J.P. Morgan
Cazenove
Listings:
London Stock
Exchange
(Premium
Listing)
NASDAQ Dubai - 1. As at 31 March 2016. Source: BHM's administrator, Northern Trust.
USD Class
(Secondary
listing)
Bermuda Stock
Exchange
(Secondary
listing)
Summary BH Macro Limited NAV per Share (as at 31 March 2016)
Information
Share NAV (USD NAV per
Class mm) Share
USD 308.4 $20.25
Shares
EUR 80.4 €20.46
Shares
GBP 948.1 £21.10
Shares
BH Macro Limited NAV per Share % Monthly Change
USD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 0.10 0.90 0.15 2.29 2.56 3.11 5.92 0.03 2.96 0.75 20.27
2008 9.89 6.70 -2.79 -2.48 0.77 2.75 1.13 0.75 -3.13 2.76 3.75 -0.68 20.32
2009 5.06 2.78 1.17 0.13 3.14 -0.86 1.36 0.71 1.55 1.07 0.37 0.37 18.04
2010 -0.27 -1.50 0.04 1.45 0.32 1.38 -2.01 1.21 1.50 -0.33 -0.33 -0.49 0.91
2011 0.65 0.53 0.75 0.49 0.55 -0.58 2.19 6.18 0.40 -0.76 1.68 -0.47 12.04
2012 0.90 0.25 -0.40 -0.43 -1.77 -2.23 2.36 1.02 1.99 -0.36 0.92 1.66 3.86
2013 1.01 2.32 0.34 3.45 -0.10 -3.05 -0.83 -1.55 0.03 -0.55 1.35 0.40 2.70
2014 -1.36 -1.10 -0.40 -0.81 -0.08 -0.06 0.85 0.01 3.96 -1.73 1.00 -0.05 0.11
2015 3.14 -0.60 0.36 -1.28 0.93 -1.01 0.32 -0.78 -0.64 -0.59 2.36 -3.48 -1.42
2016 0.71 0.73 -1.81 -0.39
* *
EUR Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 0.05 0.70 0.02 2.26 2.43 3.07 5.65 -0.08 2.85 0.69 18.95
2008 9.92 6.68 -2.62 -2.34 0.86 2.84 1.28 0.98 -3.30 2.79 3.91 -0.45 21.65
2009 5.38 2.67 1.32 0.14 3.12 -0.82 1.33 0.71 1.48 1.05 0.35 0.40 18.36
2010 -0.30 -1.52 0.03 1.48 0.37 1.39 -1.93 1.25 1.38 -0.35 -0.34 -0.46 0.93
2011 0.71 0.57 0.78 0.52 0.65 -0.49 2.31 6.29 0.42 -0.69 1.80 -0.54 12.84
2012 0.91 0.25 -0.39 -0.46 -1.89 -2.20 2.40 0.97 1.94 -0.38 0.90 1.63 3.63
2013 0.97 2.38 0.31 3.34 -0.10 -2.98 -0.82 -1.55 0.01 -0.53 1.34 0.37 2.62
2014 -1.40 -1.06 -0.44 -0.75 -0.16 -0.09 0.74 0.18 3.88 -1.80 0.94 -0.04 -0.11
2015 3.34 -0.61 0.40 -1.25 0.94 -0.94 0.28 -0.84 -0.67 -0.60 2.56 -3.22 -0.77
2016 0.38 0.78 -1.60 -0.46
* *
GBP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 0.11 0.83 0.17 2.28 2.55 3.26 5.92 0.04 3.08 0.89 20.67
2008 10.18 6.86 -2.61 -2.33 0.95 2.91 1.33 1.21 -2.99 2.84 4.23 -0.67 23.25
2009 5.19 2.86 1.18 0.05 3.03 -0.90 1.36 0.66 1.55 1.02 0.40 0.40 18.00
2010 -0.23 -1.54 0.06 1.45 0.36 1.39 -1.96 1.23 1.42 -0.35 -0.30 -0.45 1.03
2011 0.66 0.52 0.78 0.51 0.59 -0.56 2.22 6.24 0.39 -0.73 1.71 -0.46 12.34
2012 0.90 0.27 -0.37 -0.41 -1.80 -2.19 2.38 1.01 1.95 -0.35 0.94 1.66 3.94
2013 1.03 2.43 0.40 3.42 -0.08 -2.95 -0.80 -1.51 0.06 -0.55 1.36 0.41 3.09
2014 -1.35 -1.10 -0.34 -0.91 -0.18 -0.09 0.82 0.04 4.29 -1.70 0.96 -0.04 0.26
2015 3.26 -0.58 0.38 -1.20 0.97 -0.93 0.37 -0.74 -0.63 -0.49 2.27 -3.39 -0.86
2016 0.60 0.70 -1.82 -0.54
* *
Source: Fund NAV data is provided by the administrator of the Fund,
International Fund Services (Ireland) Limited. BHM NAV and NAV per Share data
is provided by BHM's administrator, Northern Trust. BHM NAV per Share % Monthly
Change is calculated by BHCM. BHM NAV data 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.
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.
*Based on estimated NAVs as at 31 March 2016
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
ASC 820 Asset Brevan Howard Master Fund Limited
Valuation
Categorisation* Unaudited estimates as at 31 March 2016
% of Gross Market
Value*
Level 1 72.1
Level 2 27.7
Level 3 0.2
Source: BHCM
* These estimates are unaudited and have been calculated by BHCM
using the same methodology as that used in the most recent audited
financial statements of the Fund. These estimates are subject to
change.
Performance Level 1: This represents the level of assets in the portfolio which
Review are priced using unadjusted quoted prices in active markets that are
accessible at the measurement date for identical, unrestricted assets
or liabilities.
Level 2: This represents the level of assets in the portfolio which
are priced using either (i) quoted prices that are identical or
similar in markets that are not active or (ii) model-derived
valuations for which all significant inputs are observable, either
directly or indirectly in active markets.
Level 3: This represents the level of assets in the portfolio which
are priced or valued using inputs that are both significant to the
fair value measurement and are not observable directly or indirectly
in an active market.
The information in this section has been provided to BHM by BHCM.
Losses in March were fairly evenly split between FX and interest rate
trading, with smaller gains from credit trading being offset by
losses in equity. Interest rate losses came predominately from long
positions in Europe, with further losses from Japanese directional
and volatility trading. Smaller gains in NZD, BRL, MXN and TRY
interest rate trading were offset by losses in US and European
volatility positions. FX trading generated an overall loss, driven
primarily by short positioning in EUR as well as to a much lesser
degree losses in KRW & GBP which were partially offset by gains in
commodity linked currencies, such as AUD, CAD, MXN, NOK and BRL.
Credit gains from European credit indices were offset by losses from
directional equity positioning in the US and Europe as well as losses
in equity volatility trading.
The performance review and attributions are derived from data
calculated by BHCM, based on total performance data for each period
provided by the Fund's administrator (International Fund Services
(Ireland) Limited) and risk data provided by BHCM, as at 31 March
2016.
Performance by Asset Class
Monthly, quarterly and annual contribution (%) to the performance of BHM USD
Shares (net of fees and expenses) by asset class*
2016 Rates FX Commodity Credit Equity Discount Total
Management
March 2016 -1.07 -0.96 0.04 0.29 -0.30 0.19 -1.81
Q1 2016 1.14 -0.84 -0.14 0.03 -1.14 0.57 -0.39
YTD 2016 1.14 -0.84 -0.14 0.03 -1.14 0.57 -0.39
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
*Based on estimated NAVs as at 31 March 2016
Methodology and Definition of Contribution to Performance:
Attribution by asset class is produced at the instrument level, with
adjustments made based on risk estimates.
The above asset classes are categorised as follows:
"Rates": interest rates markets
"FX": FX forwards and options
"Commodity": commodity futures and options
"Credit": corporate and asset-backed indices, bonds and CDS
"Equity": equity markets including indices and other derivatives
"Discount Management": buyback activity for discount management purposes
Performance by Strategy Group
Monthly, quarterly and annual contribution (%) to the performance of BHM USD
Shares (net of fees and expenses) by strategy group*
2016 Macro Systematic Rates FX Equity Credit EMG Commodity Discount Total
Management
March -1.40 -0.02 -0.64 -0.03 -0.00 -0.10 0.19 -0.00 0.19 -1.81
2016
Q1 2016 -1.12 0.01 0.54 -0.02 -0.01 -0.36 -0.00 -0.00 0.57 -0.39
YTD 2016 -1.12 0.01 0.54 -0.02 -0.01 -0.36 -0.00 -0.00 0.57 -0.39
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
*Based on estimated NAVs as at 31 March 2016
Methodology and Definition of Contribution to Performance:
Strategy Group attribution is approximate and has been derived by allocating
each trader book in the Fund to a single category. In cases where a trader book
has activity in more than one category, the most relevant category has been
selected.
The above strategies are categorised as follows:
"Macro": multi-asset global markets, mainly directional (for the Fund, the
majority of risk in this category is in rates)
"Systematic": rules-based futures trading
"Rates": developed interest rates markets
"FX": global FX forwards and options
"Equity": global equity markets including indices and other derivatives
"Credit": corporate and asset-backed indices, bonds and CDS
"EMG": global emerging markets
"Commodity": liquid commodity futures and options
"Discount Management": buyback activity for discount management purposes
Manager's The information in this section has been provided to BHM by BHCM
Market Review
and Outlook Market Commentary
US
Growth appears to have been disappointing in the first quarter. Consumption
outlays have slowed and business investment is at a standstill. Growth was also
weak in the first quarter of the last two years, but that could be attributed
to obvious transitory factors, for instance bad weather. The somewhat puzzling
pattern of consumption spending coupled with a lack of pick up in business
investment, creates the worry that a combination of financial market volatility
and the global slowdown may be impacting the key parts of aggregate demand. At
this point, the best scenario is that the lull is temporary given the robust
labour market, which is creating jobs at a brisk pace, bringing in workers from
out of the labour force, and driving income growth.
Wage and price inflation have been scrutinised for signs that they are moving
up. The evidence is mixed. After surging in January, average hourly earnings
slowed in the last two months leaving the year-over-year gain stuck in the
middle of the 2%-2.5% range that has prevailed for the last year. The news
about price inflation has been punchier. While headline prices have been pushed
down and then back up by developments in energy markets, the underlying trend
in core Personal Consumption Expenditures ("PCE") inflation looks to have
firmed. The combination of favourable base effects and an especially robust
increase in core inflation in January has brought the year-over-year rate to
1.7% for the last two months. That is close to the Federal Reserve's 2%
inflation target, an encouraging sign that would point to a healthier economy
and perhaps a faster pace of interest rate increases. However, some caution is
appropriate since the upside surprises have been driven importantly by volatile
prices, such as apparel, that may fall in the coming months. Given that the
economy is at or near full employment, any news about inflation takes on
outsized importance in shaping the prospects for monetary policy.
After having been stung by markedly tighter financial conditions during the
first quarter, Federal Reserve ("Fed") policy makers decided not to raise
interest rates in March. In a notably dovish move, the majority of them pointed
to two rate hikes in 2016 and a lower longer-term neutral interest rate.
Following the meeting, Chair Yellen in a major speech at the New York Economic
Club highlighted some of the reasons for the Fed's cautious approach which
included headwinds to the recovery and the asymmetric risks posed by the zero
lower bound on nominal interest rates. The difficulties experienced by the
European Central Bank and Bank of Japan with negative rates only underline the
Fed's cautious approach.
EMU
February data suggests euro area activity accelerated slightly in Q1 relative
to the previous quarter, supported by domestic demand. Construction was buoyant
spurred by unseasonable warm weather and consumer spending was brisk as
indicated by both retail sales, growing at a 3.8% pace in February on a 3m/3m
annualised metric, and car registrations, mainly due to the steep drop in
energy prices. Industrial production ("IP") growth moderated in February after
overshooting in January. German IP fell by 0.5% m/m following a downward
revision to 2.3% m/m expansion, looking forward it should moderate further,
indicated by available business surveys. In addition, consumer confidence is
deteriorating, the European Commission survey indicator fell to -9.7 in March
from -5.7 at the end of 2015, and the impact of the terrorist attacks in
Brussels in March could dent it further. The EMU labour market continues to
send positive signals, due to the extremely low potential growth rate. Even the
current, modest rate of expansion is enough to lower the unemployment rate,
which fell to 10.3% in February (the lowest level since September 2011). The
common currency labour market still has a long way to go in order to return to
pre-crisis levels of employment and the amount of slack remains ample.
Accordingly, price pressures remain muted. The euro zone Harmonised Index of
Consumer Prices ("HICP") inflation rate remained in negative territory for a
second consecutive month at -0.1% y/y in March, up slightly from -0.2% y/y in
the previous month, still far away from the ECB's definition of price
stability. Core inflation (which excludes volatile items including energy and
food), rose to 1.0% y/y in March from 0.8% in February although only because of
a temporary effect due to the early timing of Easter this year, and it is
poised to fall back in April. In general, underlying price pressures remain
extremely weak, as highlighted by the steeper fall of producer price inflation,
and are poised to slow further under the impact of the recent appreciation of
the Euro on import prices.
The measures of monetary policy easing announced in March by the ECB have
failed to ease financial conditions, although the impact on credit conditions
is still unclear. Since the March ECB policy easing, the Euro has risen while
equity prices have generally fallen, especially in the periphery. Government
bond yields have dropped in the core, while in the weakest countries of the
periphery they are showing renewed upward tensions. Long-term inflation
expectations expressed by financial markets have in general fallen back towards
all-time lows, as council members are struggling to convince markets that they
would be willing and able to ease monetary conditions enough to boost inflation
towards the central bank target. The ECB's accommodative policy is also facing
increased criticism from the German public opinion and financial lobbies.
Renewed financial and political tensions are emerging in the periphery; from
Greece, where there is a struggle on how to proceed between the IMF and Germany
as the public finance targets set seem out of reach, to Portugal, Spain and
even Italy.
UK
The UK economy grew solidly in 2015, however 2016 is proving more challenging
due to the uncertainty created by the EU referendum, an unforgiving global
environment and on-going fiscal austerity. The latest estimate of Q4 GDP was
revised up by 0.1 percentage points to 0.6% q/q, due to an upward revision to
services output, demonstrating that UK private domestic demand remained
resilient in earlier months. Looking forward, business surveys continue to
point towards moderation in the manufacturing sector. Although the recent
depreciation of Sterling (approximately 10% against the dollar in the last 6
months) may provide some support, it is unlikely to be enough to offset the
drag from modest external demand, as well as the uncertainty caused by the
referendum. Surveys on the services industry have also deteriorated in recent
months. Although the services Purchasing Manager's Index ("PMI") ticked up one
point in March to 53.7, it is still more than five points below the level of a
year ago. Retailing and general consumption has continued to do well, supported
by persistently high consumer confidence, increasing consumer lending and a
further fall in the savings rate. Mortgage approvals had picked up in recent
months as individuals sought to buy properties ahead of the additional 3%
stamp-duty tax on secondary homes that came into effect in April. However, some
surveys suggest this recent flurry has started to unwind and it's possible the
housing market will cool in the coming months. House prices continue to rise at
a pace of around 7% y/y, broadly in line with recent history. The unemployment
rate declined 0.5 percentage points in the period from June 2015 to November
2015 and has since been unchanged at 5.1%. In that same period, employment grew
at a very high pace of 2.5% annualised but surveys indicate it has since lost
momentum. Despite the tightening in the labour market, wage inflation fell from
a peak of 3% down to 2% in November, and has since stabilised. Overall, wage
inflation remains well below the 4% pace experienced before the crisis.
Headline inflation remains subdued at 0.3% y/y and it continues to be pushed
down by low energy prices. Core inflation (which excludes volatile items like
energy prices) also remains muted, recording 1.2% y/y in February.
Whatever the outcome on 23 June (the referendum date), the uncertainty may
delay both investment and hiring, stinting growth in the 2nd and possibly 3rd
quarters of 2016. The Bank of England's ("BoE") Monetary Policy Committee
("MPC") voted again unanimously to keep rates unchanged (at 0.5%) at its latest
meeting in March. Given the lack of inflation in both Consumer Price Index
("CPI") and wages, the BoE is not yet under any pressure to vote for an
interest rate hike. In addition, it will be difficult for the BoE to give clear
guidance regarding monetary policy just ahead of the referendum.
China
China activity data in March showed signs of a near-term gradual turnaround.
Both the official and the Caixin PMIs improved notably, recording the strongest
reading since mid-2015. Industrial Production ("IP") growth peaked from the
extremely subdued levels recorded in the first two months of the year. On the
demand side, the support seems to be provided by infrastructure investments and
housing activity, both spurred by a renewed large increase in credit formation.
Exports are not contributing to the cyclical pick up, as global demand remains
subdued. The People's Bank of China has maintained a relatively accommodative
monetary policy stance; cutting the required reserve ratio by 50bps in February
while keeping the 7-day repo rate stable at around 2.3%. However, the
transmission mechanism from interbank market rates to economic growth is less
clear. FX reserves in March increased by about US$10bn, slightly more than
market expectations.
Japan
According to press reports, the Bank of Japan ("BoJ") will likely debate easing
monetary policy at its upcoming meeting at the end of April. The economic
backdrop supports that supposition. Survey data on economic activity have
either deteriorated or moved sideways at subpar levels. The index of actual
conditions for all enterprises in the quarterly Tankan surveys declined in the
first quarter, though the level remains in the range seen over the last few
years. The index of expected conditions also moved down but barely above zero
- the index is currently at the bottom of the range seen recently. February
data in the economy watchers survey dropped sharply to its lowest level in over
five years, excluding a brief pothole due to the introduction of the
consumption tax. The Shoko-Chukin index of small and medium-sized businesses
slipped in April. It has generally drifted sideways in the past year.
Industrial production fell noticeably in February to its lowest level in over
three years.
Inflation-related data didn't fare much better. National consumer prices
excluding food and energy (western-core price index) moved up 0.2% on a
seasonally adjusted basis in February, following a 0.1% decline in January.
The six-month annualised rate at 0.4%, is half the 12-month change. The
seasonally adjusted Tokyo western core rate was flat in March. The yen has
appreciated 7-8% against the US dollar in the last three months, pointing to
further downward pressure on inflation. Consumer inflation expectations appear
to continue to deteriorate.
At the same time, the Government appears to be wrestling with a decision on
whether to raise the consumption tax next year. Prime Minister Abe indicated
that there are no plans to delay the hike barring some big external shock.
However, according to press reports, at the same time the administration is
actively considering plans to support consumption in the event that VAT is
raised, such as cutting income taxes. When VAT was raised in 2014, increased
Government spending plans to help cushion the blow were inadequate. It's likely
that any fiscal offsets this time are akin to a consumption subsidy or tax cut,
rather than increased Government spending. Despite these plans, some analysts
suspect that a delay is still possible. The Prime Minister was right when he
said a month ago that following through with the tax hike involved politics;
it's probably tied to a decision to call lower-house snap elections. A
definitive decision is expected towards the end of May.
Enquiries Northern Trust International Fund Administration Services (Guernsey) Limited
Harry Rouillard +44 (0) 1481 74 5315
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 ("BHCM") has
supplied certain information herein regarding BHM's and the Fund's performance
and outlook.
The material relating to BHM and the Fund included in this report 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.
Information and opinions presented in this material relating to BHM and the
Fund have been obtained or derived from sources believed to be reliable, but
none of BHM, the Fund or BHCM make any representation as to their accuracy or
completeness. Any estimates may be subject to error and significant
fluctuation, especially during periods of high market volatility or disruption.
Any estimates should be taken as indicative values only and no reliance should
be placed on them. Estimated results, performance or achievements may
materially differ from any actual results, performance or achievements. Except
as required by applicable law, BHM, the Fund and BHCM expressly disclaim any
obligations to update or revise such estimates to reflect any change in
expectations, new information, subsequent events or otherwise.
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.
Risk Factors
Acquiring shares in BHM may expose an investor to a significant risk of losing
all of the amount invested. Any person who is in any doubt about investing in
BHM (and therefore gaining exposure to the Fund) should consult an authorised
person specialising in advising on such investments. Any person acquiring
shares in BHM must be able to bear the risks involved. These include the
following:
• The Fund is speculative and involves substantial risk.
• The Fund will be leveraged and will engage in speculative investment
practices that may increase the risk of investment loss. The Fund may invest in
illiquid securities.
• Past results of the Fund's investment managers are not necessarily indicative
of future performance of the Fund, and the Fund's performance may be volatile.
• An investor could lose all or a substantial amount of his or her investment.
• The Fund's investment managers have total investment and trading authority
over the Fund, and the Fund is dependent upon the services of the investment
managers.
• Investments in the Fund are subject to restrictions on withdrawal or
redemption and should be considered illiquid. There is no secondary market for
investors' interests in the Fund and none is expected to develop.
• The investment managers' incentive compensation, fees and expenses may offset
the Fund's trading and investment profits.
• The Fund is not required to provide periodic pricing or valuation information
to investors with respect to individual investments.
• The Fund is not subject to the same regulatory requirements as mutual funds.
• A portion of the trades executed for the Fund may take place on foreign
markets.
• The Fund and its investment managers are subject to conflicts of interest.
• The Fund is dependent on the services of certain key personnel, and, were
certain or all of them to become unavailable, the Fund may prematurely
terminate.
• The Fund's managers will receive performance-based compensation. Such
compensation may give such managers an incentive to make riskier investments
than they otherwise would.
• The Fund may make investments in securities of issuers in emerging markets.
Investment in emerging markets involve particular risks, such as less strict
market regulation, increased likelihood of severe inflation, unstable
currencies, war, expropriation of property, limitations on foreign investments,
increased market volatility, less favourable or unstable tax provisions,
illiquid markets and social and political upheaval.
The above summary risk factors do not purport to be a complete description of
the relevant risks of an investment in shares of BHM or the Fund and therefore
reference should be made to publicly available documents and information.
END
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