REG-BH Macro Limited: Monthly Shareholder Report - November 2017 <Origin Href="QuoteRef">BHMG.L</Origin> - Part 3
29/12/2017 11:50
- Part 3: For the preceding part double click ID:nPRrT7DD3b
pattern in the Japanese accounts the last few
years has been that when private demand was
strong, inventories and net exports were weak,
and vice versa. This has produced steady gains
over the last year and a half, and there is no
reason to think consumption will not bounce
back next quarter. Investment was strong. High
-frequency indicators remained strong. The
Economy Watchers Survey soared in November to
its highest level in almost four years. The
Shoko-Chukin Survey of small and medium-sized
businesses moved above 50 in October.
Industrial production continues to gyrate
around an upward trend.
Enquiries The Company Secretary Northern Trust
International Fund Administration Services
(Guernsey) Limited bhfa@ntrs.com +44 (0) 1481
745736
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.
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