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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bh Macro Limited | LSE:BHMG | London | Ordinary Share | GG00BQBFY362 | ORD NPV (GBP) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.00 | 0.26% | 385.00 | 382.50 | 385.00 | 387.00 | 383.00 | 385.00 | 3,263,041 | 16:35:05 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Unit Inv Tr, Closed-end Mgmt | 189.62M | 66.49M | 0.1702 | 22.56 | 1.5B |
Hot Features
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TIDMBHMG TIDMBHMU
BH MACRO LIMITED
MONTHLY SHAREHOLDER REPORT:
AUGUST 2017
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE 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 Total $456 mm¹
("Northern Assets:
Trust")
Corporate
Broker:
J.P. Morgan
Cazenove
Listings:
London Stock 1. As at 31 August 2017. Source: BHM's administrator, Northern Trust.
Exchange
(Premium
Listing)
NASDAQ Dubai -
USD Class
(Secondary
listing)
Bermuda Stock
Exchange
(Secondary
listing)
Summary BH Macro Limited NAV per Share (Calculated as at 31 August 2017)
Information
Share NAV (USD NAV per
Class mm) Share
USD 61.9 $21.90
Shares
GBP 394.4 GBP21.84
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 -1.77 -0.82 -0.28 3.61 -0.99 -0.17 -0.37 0.77 5.02 0.19 6.63
2017 -1.47 1.91 -2.84 3.84 -0.60 -1.39 1.54 0.19 1.03
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 -1.56 -0.88 -0.38 3.25 -0.77 0.16 -0.56 0.59 5.37 0.03 6.37
2017 -1.62 1.85 -3.04 0.54 -0.76 -3.07
*
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 -1.78 -0.82 -0.30 3.31 -0.99 -0.10 -0.68 0.80 5.05 0.05 5.79
2017 -1.54 1.86 -2.95 0.59 -0.68 -1.48 1.47 0.09 -2.69
*As previously announced by the Company, the Company determined that all
remaining shares in the Euro share class be converted into Sterling shares
effective as of 29 June 2017 and all Euro shares held by the Company in
treasury were cancelled on that date. The Euro share class has been closed and
its listing has been cancelled.
Source: Fund NAV data is provided by the administrator of the Fund,
International Fund Services (Ireland) Limited ("IFS"). 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 and all other fees and expenses payable by BHM. In
addition, the Fund is subject to an operational services fee.
With effect from 1 April 2017, the management fee is 0.5% per annum. BHM's
investment in the Fund is subject to an operational services fee of 0.5% per
annum.
No management fee or operational services fee is charged in respect of
performance related growth of NAV for each class of share in excess of its
level on 1 April 2017 as if the tender offer commenced by BHM on 27 January
2017 had completed on 1 April 2017.
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.
Data as at 31 August 2017
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
ASC 820 Asset Brevan Howard Master Fund Limited
Valuation
Categorisation Unaudited as at 31 August 2017
on a non
look-through % of Gross Market
basis* Value*
Level 1 75.0
Level 2 16.6
Level 3 0.0
At NAV 8.3
Source: BHCM
* This data is unaudited and has been calculated by BHCM using the same
methodology as that used in the most recent audited financial statements of the
Fund. The relative size of each category is subject to change. Sum may not
total 100% due to rounding.
ASC 820 Asset
Valuation Level 1: This represents the level of assets in the portfolio which are priced
Categorisation using unadjusted quoted prices in active markets that are accessible at the
on a measurement date for identical, unrestricted assets or liabilities.
look-through
basis* 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.
Performance At NAV: This represents the level of assets in the portfolio that are invested
Review in other Brevan Howard funds and priced or valued at NAV.
% of Gross Market
Value*
Level 1 82.0
Level 2 17.9
Level 3 0.0
Source: BHCM
* This data reflects the combined ASC 820 levels of the Fund and the underlying
allocations in which the Fund is invested, proportional to each of the
underlying allocation's weighting in the Fund's portfolio. The data is
unaudited and has been calculated by BHCM using the same methodology as that
used in the most recent audited financial statements of the Fund and any
underlying funds (as the case may be). The relative size of each category is
subject to change. Sum may not total 100% due to rounding.
Level 1: This represents the level of assets in the portfolio which 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.
Performance across most asset classes was relatively muted, with modest gains
overall coming, for the most part, from FX trading and, to a lesser extent,
commodities trading, whilst interest rate trading incurred losses. Gains in FX
trading came primarily from directional trading and option structures long the
euro currency against the US dollar, and to a lesser degree from short
positions in GBP. Gains from short NZD exposure were offset by losses from long
CAD. Interest rate trading losses were driven by directional and curve
positioning in US rates as well as small losses from tactical relative value
positions in US and European asset swaps. Small commodity trading gains mostly
came from positions around a long gold theme.
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 (IFS) and risk data provided by BHCM, as at 31 August 2017.
Performance by Asset Class
Monthly, quarterly and annual contribution (%) to the performance of BHM USD
Shares (net of fees and expenses) by asset class as at 31 August 2017
2017 Rates FX Commodity Credit Equity Tender Total
Offer
August -0.39 0.40 0.11 0.06 0.02 0.00 0.19
2017
Q1 2017 0.25 -3.06 -0.01 0.28 0.12 0.00 -2.44
Q2 2017 -1.81 -0.48 -0.14 -0.02 -0.14 4.46 1.79
QTD 2017 -0.44 2.08 0.17 0.07 -0.14 0.00 1.73
YTD 2017 -1.99 -1.52 0.02 0.33 -0.16 4.46 1.03
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
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
"Tender Offer": repurchases under the tender offer launched on 27 January 2017.
Performance by Strategy Group
Monthly, quarterly and annual contribution (%) to the performance of BHM USD
Shares (net of fees and expenses) by strategy group as at 31 August 2017
2017 Macro Systematic Rates FX Equity Credit EMG Commodity Tender Total
Offer
August 0.03 0.01 -0.06 0.07 -0.00 0.05 0.09 -0.00 0.00 0.19
2017
Q1 2017 -2.29 -0.03 -0.18 -0.51 -0.00 0.35 0.23 -0.00 0.00 -2.44
Q2 2017 -2.64 -0.08 0.17 0.01 -0.00 0.01 -0.05 -0.00 4.46 1.79
QTD 2017 1.41 0.07 -0.09 0.09 -0.00 0.05 0.20 -0.00 0.00 1.73
YTD 2017 -3.52 -0.04 -0.10 -0.41 -0.00 0.41 0.37 -0.00 4.46 1.03
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
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
"Tender Offer": repurchases under the tender offer launched on 27 January 2017.
Manager's The information in this section has been provided to BHM by BHCM
Market Review
and Outlook US
Real GDP growth in the second quarter was revised up to 3% at an annualised
rate, paced by solid household spending and business investment. Indicators
early in the current quarter suggest the momentum was maintained. However,
Hurricane Harvey appears likely to subtract from growth in the third, and
perhaps, fourth quarters. Early estimates of the potential economic impact are
inevitably uncertain. Based on similar events like Hurricanes Katrina and
Sandy, the subtraction may be as much as a few tenths of GDP. Over a longer
period, rebuilding will add to GDP. The labour market posted a smaller gain in
payroll employment in August than seen in recent months and there was an uptick
in the unemployment rate to 4.4%. With the workweek also moving down and
continued mediocre gains in wages, the overall tone of the latest data pointed
to further absorption of slack, but nothing to generate inflationary
bottlenecks. If history is a guide, Hurricane Harvey will lead to higher
initial claims for unemployment insurance and perhaps a slowdown in hiring for
a month or two, before rebounding back to trend.
Inflation was subdued in August, with both overall prices and core prices
(excluding food and energy) rising 1.4% over the last year. Core inflation has
been held down by a series of idiosyncratic developments such as lower
quality-adjusted prices for wireless service plans earlier in the year, to
sharply lower airfares in the latest month. In the absence of any significant
offsetting upside surprises, inflation has drifted further from the Federal
Reserve's 2% target. Assuming no more downside surprises, inflation should
gradually rise because of further tightening in the labour market, a decline in
the exchange value of the US dollar, and stable inflation expectations.
The Federal Reserve voted unanimously in September to begin gradually
normalising its balance sheet. Meanwhile, lawmakers are looking to fund the
Government and raise the debt ceiling. After dealing with those must pass
pieces of legislation, Congress will begin work on a plan to cut household and
business taxes. Given the slow progress to date, it seems unlikely that
significant new legislation will be passed this year.
UK
Although economic activity in the UK has remained relatively soft, the labour
market has continued to improve; GDP grew by 0.3% q/q in Q2, a relatively slow
pace of growth after only having grown 0.2% q/q in Q1. Retail sales bounced
back in Q2 (+1.5% q/q), but wholesale trade and car sales were still on the
soft-side. Moreover, construction and industrial production together detracted
from growth by 0.1ppts, reversing the positive contribution in the previous
quarter. House prices continued to slow in y/y terms on the Halifax and
Rightmove metrics while the composite Purchasing Managers' Index ("PMI") fell
by 0.1pts to 54.0 in August, suggesting that the current pace of growth should
be consistent with recent trends, at or slightly below, potential growth.
However, it is worth noting that the small move in the composite PMI consisted
of a 2.6pt climb in the manufacturing PMI, now sitting close to recent highs,
which was offset by the services PMI.
In general, the depreciation in sterling compared to its level 18 months ago
should support growth. However, the uncertainty around Brexit may limit
sterling's influence on growth, especially if companies boost margins rather
than production. Hence, the weakness of the currency may not prove as
stimulative as previous instances of sterling depreciation.
Meanwhile, employment has continued to grow at a moderate pace of 1.1% y/y as
of June. This has been enough for the unemployment rate to continue its
downtrend, reaching 4.4% in June, the lowest rate since 1975. Inflation rose
0.3ppts to 2.9% y/y in August. Consumer inflation has been trending upwards
since the referendum vote on the membership of the European Union, on account
of the lower exchange rate. Indicators of domestically generated inflation
remain relatively modest; wage inflation rose 0.2ppts to 2.1% 3m/12m in June,
remaining well below levels that would be consistent with keeping inflation at
the target of 2% in the medium term. The weakness in wages has occurred despite
record low levels of the unemployment rate. However, there are some signs that
there may be a pick-up in wages over the horizon; both the Recruitment and
Employment Confederation's JobsOutlook survey and the Bank of England's labour
market tightness survey suggest some potential for higher wage growth. The mix
of high consumer inflation and modest wage inflation has led to a deterioration
in real wages, which has weighed down consumption in the first half of 2017. As
wages strengthen, and the influence of the exchange rate on consumer prices
wanes, real wages should eventually recover in the second half of the year.
The dichotomy between a tighter labour market and only modest economic activity
has led to diverging views within the Bank of England's Monetary Policy
Committee ("MPC"). At the August MPC meeting, six members thought that the
current policy stance remained appropriate, whilst two members thought that the
trade-off between high inflation in the medium term and downside risks to
economic activity had diminished, and thus voted for a 25 basis point ("bp")
increase in the policy rate. Compared to the previous meeting there was one
fewer dissenter but this was because Kristin Forbes had ended her term and was
replaced by Silvana Tenreyro, who voted with the majority. At the most recent
meeting the committee also voted unanimously to allow the Term Funding Scheme
(a tool within the asset purchase facility used to support bank lending) to
expire as was planned. Furthermore, the meeting statement concluded that "if
the economy follows a path broadly consistent with the August central
projection, then monetary policy could need to be tightened by a somewhat
greater extent over the forecast period than the path implied by the yield
curve underlying the August projections." At the time, the market was pricing
a 50bp increase in the policy rate over three years. At the next MPC meeting in
September, the committee will return to nine voting members, as was the norm
prior to May. Sir David Ramsden was recently appointed as Deputy Governor for
Markets and Banking and has become an active member of the committee.
EMU
The first actual indications on EMU activity in Q3 came on the soft side. In
July, industrial production was about flat m/m, while exports, retail sales,
and car registrations contracted modestly. However, the first available
indications suggest a better outturn in August. Car registrations in major
countries bounced back, while the composite PMI stabilised, after having fallen
for two months in a row, at levels which suggest a rebound of activity
especially in manufacturing. Still, the pace of the expansion in the common
areas seems to have subsided somewhat from the relatively ebullient levels of
the first part of the year. On the inflation front, the growth rate of the
Harmonised Index of Consumer Prices ("HICP") rose from 1.3% to 1.5% y/y, a
touch above consensus forecasts, although the increase was only due to energy
prices, since core inflation stood at 1.2% y/y.
Compared to a couple of months ago, prospects for both growth and inflation in
the eurozone look somewhat more uncertain. The phase of expansion of both
global demand, especially due to the strength of the Chinese economy, and
domestic demand, is poised to find an increasingly powerful offset, in the
rapid rise of the euro, which has risen more than 7% in effective terms since
the beginning of the year. The Governing Council of the European Central Bank
("ECB") made an explicit reference to this concern in the introductory
statement to the September policy meeting. This was accompanied by a cut to the
central bank inflation forecast, by 0.1 pts for 2018 and 0.2 pts for the core
inflation forecast for 2019. The ECB inflation forecast for the, policy
relevant, two-year horizon now stands at a mere 1.5%, thus departing from,
rather than converging with, the ECB definition of price stability relative to
six months ago. In an overall dovish press conference, President Draghi
suggested that in all likelihood the central bank will provide indications at
its October meeting on the calibration of monetary policy beyond the expiration
of the current quantitative easing ("QE") program at the end of 2017. The speed
of the ECB's 'exit' from the prolonged phase of unconventional policy will
depend crucially on the inflation outlook and the degree of tightening of
financial conditions, which is in turn closely linked to the strength of the
euro.
China
Activity data was mixed in August. The official PMI was stronger at 51.7 versus
51.4 for July, and the Caixin PMI also improved from 51.1 for July to 51.6 for
August. Fixed Asset Investment growth was recorded at 7.8% for August, slightly
lower than the 8.2% expected. Industrial Production growth was softer at 6.0%
for August. Retail sales softened again and printed 10.1% y/y for August.
Inflation rose to 1.8% from 1.4% in July. Producer prices were also higher than
the prior month printing 6.3%. On the external side, export data worsened to
5.5% y/y for August and imports rose in August to 13.3% y/y, up from 11.0%. The
seven day repo rate on average was 2.99% for August compared to 3.25% for July.
Japan
Japanese economic activity continues to grow at a solid pace. Q2 GDP was
revised down, but the 2.5% annualised rate is still well above potential
growth. Consumption and investment were solid, while a decline in real exports
held down the overall gain. Industrial production continues to move up and
down, but smoothing through the high-frequency volatility shows a solid overall
pace. The Shoko-Chukin survey of small and medium sized enterprises rose to
50.6 in September, its highest level for a while. The Economy Watchers
diffusion index was unchanged in August, just below the 50 par line. Even so,
while there were a couple of better months in late 2016, the level of the
diffusion index is still quite good by the standards of the last few years.
Above trend growth is reflected in the unemployment rate; although unchanged on
balance for most of 2017, earlier declines put it on a multi-year downward
trend, the 2.8% rate in July is the lowest rate since 1995.
Output rising above potential has given some analysts further confidence that
Japanese inflation will move up towards the Bank of Japan's ("BoJ") long-term
goal of 2%. However, other data does not point towards the same conclusion.
The, so-called, western core rate (all items excluding food and energy) was
flat in July and unchanged over the last twelve months. Tokyo prices rose in
August, but the increase only puts the Tokyo western core index to flat over
the last twelve months. There will need to be additional increases to suggest
that inflation is positive. Consumer inflation expectations are a little higher
than the first quarter of the year but after rising in April have gone nowhere
since.
The Company Secretary
Enquiries 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. END
(END) Dow Jones Newswires
September 29, 2017 12:15 ET (16:15 GMT)
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