Monthly Performance Update

RNS Number : 8975Z
BlueCrest AllBlue Fund Ltd
21 January 2011
 



FOR IMMEDIATE RELEASE

 

21 January 2011

 

BLUECREST ALLBLUE FUND LIMITED (THE "COMPANY")

MONTHLY PERFORMANCE REVIEW FOR DECEMBER 2010

 

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 31 December 2010 were:-

 



Total Return

Last

Since


NAV*

Last Month

Quarter

Launch**

Sterling Shares

£1.6485

1.09%

0.54%

68.18%

Euro Shares

€1.5915

1.10%

0.58%

62.37%

US Dollar Shares

$1.5918

1.05%

0.45%

62.40%

 

*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 DECEMBER 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

Early in the month the Obama administration announced the extension of the Bush-era tax cuts, this coupled with positive data from the US, improved the growth expectations for 2011 and fuelled the rally in equity markets. The positive sentiment and the growth outlook also saw commodity prices, most notably in the energy sector, rally strongly. Elsewhere the market was focused on the European sovereign debt situation where we saw the Irish parliament passing the IMF bailout package and the ECB increasing its support to the region.

 

This month BlueTrend was the largest contributor to AllBlue as the fund produced a very strong return on the back of the rallies in equities and energies, we also saw positive contributions from the foreign exchange, crops and metals sectors, with only the fixed income sectors posting a loss on the month. The margin to equity of the strategy rose slightly over the month. Elsewhere within the Systematic strategies BlueMatrix finished flat, the strategies held a short bias throughout the month. BlueCube had a strong month with the best performance coming from the momentum strategy, whilst the value and mean reversion strategies underperformed.

 

The positive return from BlueCrest Capital International was driven by the rates desk, which made money from their volatility trading as well as opportunistic trading within the front end of the USD and EUR curves. The FX volatility desk contributed to the performance through their trading of calendar spreads, and within the equity derivatives portfolio we saw positive contributions being generated from their dispersion trading and also from the volatility spread trading. The Emerging Markets fund saw positive returns attributed to trading CEEMEA region interest rates and to sovereign credit positions within Latin America. Meanwhile the Credit fund experienced losses as the market continued to show scepticism about the long term solvency of peripheral Euro-area banks and sovereign states. Finally the Mercantile fund saw gains from its credit sub-strategies being offset by losses within the commodity finance sub-strategy.

 

Looking back over the year, as 2010 draws to a close, we see that all funds with the exception of BlueCube made positive contributions to AllBlue. BlueCube resulted in a small negative contribution of a few basis points. Meanwhile the largest contribution came from BlueCrest Capital International which accounted for about 50% of AllBlue's returns and has remained the highest allocation in the portfolio throughout the year. Significant contributions also came from BlueTrend (approximately 25% of AllBlue's return) and from the Emerging Markets fund (approximately 15% of AllBlue's return).

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

 

 

E&OE - in transmission


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
STRXFLFLFFFBBBF
UK 100