Monthly Performance Update
FOR IMMEDIATE RELEASE
14 March 2011
BLUECREST ALLBLUE FUND LIMITED (THE "COMPANY")
MONTHLY PERFORMANCE REVIEW FOR FEBRUARY 2011
INVESTMENT OBJECTIVE
BlueCrest AllBlue Fund Limited (the "Company") is a Guernsey incorporated, closed-ended investment company. The investment objective of the Company is to provide its Sterling, US Dollar and Euro shareholders with consistent long-term capital growth through an investment policy of investing substantially all of each share class' assets in the Sterling, US Dollar and Euro shares in AllBlue Limited respectively.
AllBlue Limited provides access to a portfolio of diversified strategies managed by BlueCrest Capital Management L.L.P. Funds currently included are BlueCrest Capital International Limited (relative value strategy), BlueTrend Fund Limited (systematic trend following strategy), Emerging Markets Fund Limited (global emerging macro strategy), Mercantile (trade finance strategy), Credit Relative Value (multi strategy credit), BlueMatrix (systematic high frequency equity strategy) and BlueCube (systematic multi strategy equity market neutral).
The ESTIMATED net asset values ("NAV") of the Company's Shares as at the close of business on 28 February 2011 were:-
|
|
|
Total Return |
Last |
Since |
|
|
NAV* |
Last Month |
Quarter |
Launch** |
|
Sterling Shares |
£1.6774 |
0.95% |
0.45% |
71.13% |
|
Euro Shares |
€1.6198 |
0.97% |
0.48% |
65.26% |
|
US Dollar Shares |
$1.6189 |
0.92% |
0.36% |
65.16% |
*The figures are based on the estimated NAV at the month end.
**Based on opening NAV, being the Issue Price less Formation and Initial Expenses, of £0.9802 per Sterling Share, $0.9802 per US Dollar Share and €0.9802 per Euro Share.
PERFORMANCE REPORT OF ALLBLUE LIMITED FOR THE MONTH OF FEBRUARY 2011
The following portfolio performance report for AllBlue Limited has been provided to the Company by BlueCrest Capital Management LLP. Whilst the Company believes that the information has been received from a reliable source, the Company is not able to verify the information and accepts no responsibility for the accuracy of the comments made or figures given in the report, and neither should any responsibility be implied.
REPORT BY BLUECREST ON ALLBLUE LIMITED
February 2011 Review
February saw AllBlue post an estimated monthly return of 0.95%, bringing the YTD performance to +1.85% (Class A, GBP).
The markets focus over the month was largely centred on the geopolitical unrest unfolding across MENA countries. In Egypt, we saw the resignation of President Mubarak after protests continued to escalate, protests were also seen elsewhere across the Region including Bahrain and Yemen. Meanwhile in Libya, Col Gaddafi fought to hold onto power. The unrest has caused fears over disruptions to the supply of oil and saw WTI spike by over 10% in the second half of the month. A common theme in macro discussions currently has been the potential impact on growth of elevated oil prices.
February was a strong month for AllBlue and all the underlying funds posted positive returns.
The largest contribution came from BlueTrend, where returns were driven by the Energy and the Equity sectors which saw strong rallies during the month. The only small detractors from BlueTrend's performance were the fixed income sectors. Overall, the margin to equity dropped on the month from around 14.6% to 11.6%.
Elsewhere in the systematic strategies we saw a strong month from BlueMatrix which had built a short position early in the month and benefited from the sell off mid-month. Meanwhile, BlueCube finished the month with a small positive return after negative performance from the momentum sub-strategy offset some of the gains from the mean reversion sub-strategy.
Within the discretionary strategies the largest contribution came from the Multi-Strategy Credit fund. The key credit indices remained in fairly tight ranges over the month, and overall higher-yielding credit assets tended to outperform investment grade assets. The main contribution to the fund's return came from the long/short trading and was centred in the US credit portfolios.
The Emerging Markets fund saw moderate gains across its FX and local interest rate positions, and positions in commodity producer currencies did well in particular. The Mercantile fund saw its returns coming from the Bank Basel II sub-strategy, with both the Trade Credit Opportunities and Commodities Finance sub-strategies remaining flat on the month.
Finally, BlueCrest Capital International saw almost all desks within the fund make modest gains, with the highest contributions coming from the rates and the fixed income relative value desks. The trading within the rates desk was largely opportunistic, with little movement in their core positions, whilst the relative value desk continued to find opportunities across the three main markets that it focuses on.
Disclaimer:
This publication is issued by BlueCrest AllBlue Fund Limited (the "Company") for informational purposes exclusively to and for the benefit only of shareholders in the Company and to no one else; and accordingly the Company accepts no responsibility for the use any third party might make of the information herein contained and neither is any responsibility implied.
Information on AllBlue Limited and its underlying funds have been provided to the Company by BlueCrest Capital Management LLP and the Company is not responsible for, nor does it warrant, the accuracy of such information. Although BlueCrest Capital Management LLP believes that the information on AllBlue Limited and its underlying funds is materially correct, no warranty is given as to the accuracy of the information provided.
This publication may not be relied upon in evaluating the merits of investing in any securities referred to herein. Neither is it intended as and is not to be taken as an offer or solicitation with respect to the purchase or sale of any security, nor does it constitute an offer or solicitation in any jurisdiction, including those in which such an offer or solicitation is not authorised or to any person to whom it is unlawful to make such a solicitation or offer.
Where in this document an estimate of the Net Asset Value of a share in the Company is given, although the information is believed to be materially correct, no warranty is given as to the accuracy of the information provided.
The Company's underlying investment programme is speculative in nature and entails substantial risks. The underlying investments may be subject to sudden and large falls in price or value and there could be a large loss upon realisation which could equal the total amount originally invested.
Further information about Shares in BlueCrest AllBlue Fund Limited may be found on the Company's website at www.bluecrestallblue.co.uk
For further Company shareholder information about investing in the Company contact: Alex Collins of RBS Hoare Govett on Tel: London 020 7678 1703.
Neither this press release nor any part of it may be released, mailed, transmitted, copied, distributed, taken or otherwise sent in or into the United States of America, Canada, Australia or Japan. Any failure to comply with these restrictions may constitute a violation of United States of America, Canada, Australia or Japanese Securities laws.
Anson Fund Managers Limited
Secretary
Tel: Guernsey 01481 722260
END OF ANNOUNCEMENT
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