Monthly Performance Review

RNS Number : 0448K

BlueCrest AllBlue Fund Ltd

19 June 2014

 



FOR IMMEDIATE RELEASE

19 June 2014

BLUECREST ALLBLUE FUND LIMITED (THE "COMPANY")

MONTHLY PERFORMANCE REVIEW FOR MAY 2014

"Strong performance in May"

BlueCrest AllBlue Fund Limited (BCAB) generated strong performance in May, rising by 1.5% and bringing the gain for the year to date to 3.8% (Sterling Class NAV).   The rolling 12 month return rebounded to +3.9%.  Risk levels increased modestly during the month but remain within normal bounds.

Markets started May quietly but as the month progressed a broad rally developed in both equity and fixed income markets, even though there were few developments of any significance in either central bank policy or economic data.  Sentiment was helped by geo-political events as tension dissipated in Ukraine and Modi was elected with a majority in the Indian election.  Anticipation also built that the ECB would ease policy in early June, which was duly satisfied.  The market rally saw emerging markets outperform and US 10 year bond yields below 2.5% once again.  Credit spreads continued to tighten but commodities were generally softer as worries continued over Chinese demand.

"BlueTrend was a standout performer"

Five of the six underlying strategies were positive in May, with Mercantile the only fund that detracted, albeit modestly. 

BlueTrend was a standout performer, generating over 6% in May.  The fund's long position in bonds and equities produced strong gains with the top contribution coming from 10 year US and Australian bond futures positions.  Currencies were mixed but positive in aggregate as gains from trading a number of currencies were offset somewhat by challenging reversals in the NZ$.  Commodities modestly detracted but the model held onto the recent profits in agricultural commodities despite falls of 10% or more in some crop prices in May.  The model increased risk levels during the month, entering June with principal exposure to bonds, equities and energy.

BlueCrest Emerging Markets and BlueCrest Multi-Strategy Credit also performed very well in May.  The opportunity set for long/short credit positions, in particular, remains very rich.  The credit fund saw strong gains in May from both European and US long/shorts with particular gains from the US housing sector, European financials and UK retail and industrial.  These were driven both by economic developments and also stock specific news.  BlueCrest Multi-Strategy Credit entered June with a small net long bias but, with spreads having tightened significantly, some areas of the market are priced to perfection and shorts have been established in these areas.

As noted in an earlier announcement, the AllBlue allocation committee made an initial allocation to the BlueCrest Equity Strategies Fund in June.  This 5% allocation was funded from reductions in BlueCrest Capital International, BlueTrend and BlueCrest Emerging Markets.  BlueCrest Equity Strategies is a discretionary equity fund using a specialist multi-trader, multi-strategy approach across global equity markets.  It aims to avoid a notable directional bias.  The fund has performed well since launch last summer and BlueCrest believe that it will act as a strong, complementary return source without adding materially to risk or correlations.  More information on the fund can be found at www.bluecrestallblue.com.

June has started well for AllBlue, with a further gain of 0.6% reported, bringing the year to date performance to 4.4%.

"The board is delighted to welcome Steve le Page as a director"

As announced to the market in early June, the board is delighted to welcome Steve le Page as a director of BCAB and Chairman of the Audit Committee to replace Jonathan Hooley who resigned in April.  Steve recently retired as Senior Partner of PwC in the Channel Islands and brings a wealth of practical financial and governance experience to the board. The company is delighted to have attracted someone with Steve's extensive skills and experience and looks forward to his contribution in the coming years.

PERIODIC PERFORMANCE AND OTHER INFORMATION

	GBP Share Class	EUR Share Class	USD Share Class
MTD NAV	1.48%	1.46%	1.45%
YTD NAV	3.75%	3.68%	3.66%
Rolling 12 m NAV	3.92%	3.89%	3.94%
Rolling 12 m Share price	-2.17%	-5.36%	-2.92%
Since inception NAV	93.28%	86.37%	84.70%
Since inception NAV annualised	8.56%	8.07%	7.95%
Premium/discount	-4.96%	-8.89%	-6.03%
ISIN	GB00B13YVW48	GB00B13YXC81	GB00B13YXH37
Bloomberg ticker	BABS LN	BABE 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 Fund Managers (Guernsey) Limited

Secretary

Tel: Guernsey 01481 702400

END OF ANNOUNCEMENT

E&OE - in transmission

 

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