BlueCrest AllBlue Fund Ltd Performance Update (5681C)
20 Enero 2015 - 1:00AM
UK Regulatory
TIDMBABS TIDMBABU
RNS Number : 5681C
BlueCrest AllBlue Fund Ltd
20 January 2015
FOR IMMEDIATE RELEASE
20 January 2015
BLUECREST ALLBLUE FUND LIMITED
MONTHLY PERFORMANCE REVIEW FOR DECEMBER 2014
"The return for 2014 was 6.9%"
BlueCrest AllBlue Fund Limited (BCAB) achieved a small return in
December of 0.1%, a creditable performance against a backdrop of
difficult and, in some cases, treacherous market conditions. As a
result, the return for 2014 as a whole was 6.9% (Sterling Class
NAV). Rolling 12 month volatility remained low at close to 2%.
Economic data underscored the divergence between regions as
strong US labour market data stood in stark contrast to softness in
Europe and Japan. A number of major events dominated the headlines,
however. Oil prices continued to collapse, falling around 19% over
the month, political worries mounted in Europe as Greek politics
began to unravel and the Swiss National Bank took interest rates
negative. In general, equity markets and credit were lower, with
emerging markets particularly weak.
"All seven underlying funds contributed positively in 2014"
All seven underlying funds contributed positive performance for
2014 as a whole.
In December only four funds were positive. BlueCrest Equity
Strategies was the strongest performer in December with a gain of
1.7%. The fund aims for a relatively low net position, typically in
the range +/- 10%, and, against a backdrop of weaker equity
markets, December was further evidence that the fund does not
demonstrate a directional bias. Positive returns were derived from
all strategies - long/short, event driven and relative value. Asian
and Emerging Markets produced the best returns followed by North
America where gains were driven by the L/S book, in particular
industrials and energy. The outlook for both BlueCrest Equity
Strategies Fund and the BlueCrest Quantitative Equity Fund is good
for 2015.
BlueCrest Capital International was the weakest performer in
December, falling just over 1%. Whilst generating a positive
performance for the year, it has faced a generally challenging set
of conditions for fixed income macro trading in 2014, as volatility
remained persistently low. In December, substantial curve
flattening moves and lower liquidity made for a tough environment.
The curve flattening seen in North America, the sharpest all year,
hurt the fund's steepening bias. However, mortgages and relative
value trading in North America produced some positive performance
offset.
BlueCrest Multi Strategy Credit produced a solid, positive
performance in the face of generally tricky trading conditions as
the year drew to a close. Risk exposures had been trimmed in prior
months in anticipation of potentially difficult conditions and this
proved helpful. Long/short strategies and relative value both
produced gains, as did credit volatility trading. The fund
continues to trade actively but is defensively positioned in
anticipation of ongoing volatility.
No changes were made to AllBlue's fund allocations for
January.
"The purchase of shares at a discount enhanced NAV returns by
0.3%"
The buyback programme continued to operate in December, although
activity was quiet towards the end of the month. During 2014 BCAB
repurchased close to GBP70m of Sterling and Dollar shares. These
repurchases at a discount enhanced total NAV returns by 0.3%.
The transition of the management of BlueTrend to Systematica
Investments on 1st January completed smoothly and successfully. As
noted previously, this change will not impact either the
information flow that BlueCrest receive on BlueTrend or AllBlue's
ability to allocate. Following this transition, BlueCrest manages
approximately $14bn with a headcount of just under 600.
PERIODIC PERFORMANCE AND OTHER INFORMATION
GBP Share USD Share
Class Class
MTD NAV 0.07% 0.04%
------------- -------------
YTD NAV 6.90% 6.62%
------------- -------------
Rolling 12 m NAV 6.90% 6.62%
------------- -------------
Rolling 12 m Share price 6.28% 6.91%
------------- -------------
Since inception NAV 99.14% 89.98%
------------- -------------
Since inception NAV annualised 8.33% 7.74%
------------- -------------
Premium/discount -4.83% -4.61%
------------- -------------
ISIN GB00B13YVW48 GB00B13YXH37
------------- -------------
Bloomberg ticker BABS LN BABU LN
------------- -------------
Disclaimer:
This document is directed only at: (i) persons having
professional experience in matters relating to investments who fall
within the definition of "investment professionals" in Article
19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005; or (ii) high net worth bodies corporate,
unincorporated associations and partnerships and trustees of high
value trusts as described in Article 49(2) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 and
persons who receive this document who do not fall within (i) or
(ii) above should not rely on or act upon this document.
This document is issued by BlueCrest AllBlue Fund Limited (the
"Company") to and for the information of its existing shareholders
and does not in any jurisdiction constitute investment advice or an
invitation to invest in the shares or any other securities of the
Company or any other entity (body corporate or otherwise).
The Company has used reasonable care to ensure that the
information included in this document is accurate at the date of
its issue, but does not undertake to update or revise the
information, including any information relating to AllBlue Limited
and its underlying funds (the "Funds") provided by BlueCrest
Capital Management (UK) LLP or any member of the BlueCrest group of
companies (as applicable) ("BlueCrest"), or guarantee the accuracy
of such information. To the extent permitted by law neither the
Company, the Funds, BlueCrest nor their directors or officers shall
be liable for any loss or damage that anyone may suffer in reliance
on such information.
The information in this document may be changed by the Company
at any time. Past performance cannot be relied on as a guide to
future performance. The Company's investment strategy is
speculative and entails substantial risks. The value of an
investment may go down as well as up and some or all of the total
amount invested may be lost. This document may not, in whole or in
part, directly or indirectly, be taken, transmitted or distributed
into the United States of America, its territories or possessions
or made available to any national, resident or citizen of the
United States of America or any other jurisdiction where applicable
laws prohibit its release, distribution or publication. Any failure
to comply with these restrictions may be a violation of the law in
relevant jurisdictions.
JTC (Guernsey) Limited
Secretary
Tel: Guernsey 01481 702400
END OF ANNOUNCEMENT
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