Performance Update

RNS Number : 7862V

BlueCrest AllBlue Fund Ltd

17 December 2013

 



FOR IMMEDIATE RELEASE

17 December 2013

BLUECREST ALLBLUE FUND LIMITED (THE "COMPANY")

MONTHLY PERFORMANCE REVIEW FOR NOVEMBER 2013

"Building on the strong gains of October"

Building on the strong gains of October, BlueCrest AllBlue Fund Limited (BCAB) rose by 0.6% in November, bringing the return for the year to date to +1.6%.  The rolling 12 month return remains at +2.7% (Sterling Class NAV).  Risk, measured by annualised volatility, was stable at 4.0%.

The overwhelming driver for most markets in November was speculation over the timing of tapering by the US Federal Reserve.  Each economic statistic was picked over in this light and, given the generally stronger tone of US economic data, expectations that tapering would commence in December have increased.  This put pressure on the bond markets, many commodities and the emerging markets, although US, Japanese and European equities were generally positive.

"All 6 funds generated positive returns"

Once again, all 6 funds generated positive returns in November with BlueMatrix and BlueCrest Multi-Strategy Credit performing most strongly.

Credit spreads generally tightened further in November and most strategies in BlueCrest Multi-Strategy Credit generated gains given supportive trading conditions.  Profits were well diversified but tapering worries meant that there was less momentum in the credit markets than of late.  The fund produced a return of just under 1% for November and remains with a long bias.  However, the vulnerability of the market to a reversal is growing and so there are now a larger number of selective shorts across all books.

Emerging markets saw continued bouts of selling pressure in most asset classes and so BlueCrest Emerging Markets did well to make positive returns in such a challenging environment.  In Asia the short bias to regional currencies performed well as did relative value trading.  In Latin America profits came from Mexico as well as from Brazil, where the fund was correctly positioned for the 50bps hike in interest rates made during the month.  Going into December, the Emerging Markets fund now has an increasing long bias to short dated rates and to credit given the expected performance in the near term.

BlueMatrix has continued to build on its strong performance in recent months and the AllBlue Allocation Committee reduced BlueCrest Emerging Markets by 1.0% to 19% for December with this allocated to BlueMatrix, bringing its allocation to nearly 16%.

"Renewed buying interest by end investors"

The discount of BCAB's share price to NAV has narrowed over the past month and, at the time of writing, stands at around 3% in the Sterling class.  There has been only limited need for buy back activity by the board given renewed buying interest by end investors.  At the beginning of December BCAB's administrator, Anson Fund Managers, was acquired by JTC Group.  The board understands that there are no changes to the administrator's personnel or procedures as they impact BCAB.

PERIODIC PERFORMANCE AND OTHER INFORMATION

	GBP Share Class	EUR Share Class	USD Share Class
MTD NAV	0.57%	0.56%	0.57%
YTD NAV	1.57%	1.59%	1.70%
Rolling 12 m NAV	2.66%	2.57%	2.69%
Rolling 12 m Share price	4.62%	4.38%	4.25%
Since inception NAV	85.79%	79.29%	77.74%
Since inception NAV annualised	8.58%	8.07%	7.94%
Premium/discount	-4.54%	-5.39%	-5.26%
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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