Monthly Performance Review

RNS Number : 4893Q

BlueCrest AllBlue Fund Ltd

18 June 2015

 



FOR IMMEDIATE RELEASE

18 June 2015

BLUECREST ALLBLUE FUND LIMITED

MONTHLY PERFORMANCE REVIEW FOR MAY 2015

"Markets were generally calmer in May"

BlueCrest AllBlue Fund Limited (BCAB) rose by 0.7% in May bringing the return for the year to date to 2.0% (Sterling Class NAV).  The rolling 12 month return was 5.2% and volatility remained stable at 2.4%. 

Markets were generally calmer in May after the volatility of April, although European government bond markets continued to experience very choppy conditions as Bund yields rose and the protracted Greek negotiations dragged on.  Economic data in the US and China were generally softer than expected, although European economies continued to expand modestly.  There were no meaningful announcements on monetary policy other than the ECB indicated that it may front-load bond purchases ahead of the summer.

 "The return of fixed income volatility proved fruitful"

Six of the seven strategies produced positive returns in May with BlueTrend the only detractor.  BlueCrest Capital International once again performed well, up 1.1% for the month, as trading opportunities improved further in fixed income markets.  Gains were seen in all regions with the strongest returns coming from the short bias to European rates.  The return of volatility to fixed interest markets has once again provided fruitful scope for profits in the fund.  With the uncertainties over Greece and a US rate hike combining with thin summer markets, good opportunities remain.  AllBlue's allocation to BlueCrest Capital International has been increased further, by 1.5%, for June to 12.7%.  An additional increase is likely in the coming months.

By contrast, the allocation to BlueCrest Emerging Markets has been reduced by 2.0% to 7.0%.  The fund generated a good performance in May, up 1.5%, with a strong performance across all regions and most strategies, even as the broad emerging markets universe fell.  Latin America saw the strongest performance with particularly strong gains from corporate credit and rates in the region.  However, BlueCrest are increasingly cautious on emerging markets with distress observed in a number of markets and better opportunities in developed fixed interest.

BlueCrest Equity Strategies saw the balance of the allocation changes for June with an increase of 0.5% to bring its allocation in AllBlue to 14.0%.  BlueCrest Equity Strategies also had a strong month in May, up 2.1%, despite generally flat equity markets.  Long-short trading generated the best performance with gains around corporate actions and earnings announcements adding to sector-trading gains, most particularly in financials.

A fee change is being implemented on BlueCrest Mercantile Fund whereby the management fee is being reduced from 2% to 1.5% with effect from 1st June.  The performance fee remains at 20%. 

 "The board is delighted to welcome Sarita Keen as a director"

The board is delighted to welcome Sarita Keen as a director of BCAB with effect from 3rd June.  Sarita has over 25 years experience in the fund services industry in Guernsey and we look forward to introducing her to shareholders in the coming months.

The BCAB share price has been relatively stable to NAV during the month with regular investor buying seen around the 5% discount level.  As a result the buyback programme operated infrequently during the month.  On 11th June the Company was notified that BlueCrest related entities now hold over 5% of shares in the Company.

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

E&OE - in transmission

 

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