FACTSHEET - NOVEMBER 2015

RNS Number : 3340J

BlueCrest AllBlue Fund Ltd

17 December 2015

 



FOR IMMEDIATE RELEASE

17 December 2015

BLUECREST ALLBLUE FUND LIMITED

FACTSHEET - NOVEMBER 2015

"Return of capital by AllBlue"

On 1st December BlueCrest Capital Management LP, as investment manager of AllBlue and the underlying funds, along with the directors of AllBlue, notified the Company of their intention to return capital to investors with effect from the 4th January 2016 dealing date.  This includes the return of the capital of BlueCrest AllBlue Fund Limited (BCAB) invested in AllBlue and the leveraged version of AllBlue. Thereafter, BlueCrest will become a private investment partnership. The full announcement can be found at www.bluecrestallblue.com.

Based on the information provided to the board by BlueCrest, approximately 70% of the redemption proceeds will be received by the Company by the end of January 2016, 85% by the end of April 2016 and the balance as soon as practicable thereafter.

The board has announced that it will offer all shareholders the opportunity to elect to receive cash proceeds but it has also received feedback from a number of shareholders of their desire to remain invested. Concurrently, the board has been approached by a considerable number of investment institutions with proposals for the Company to appoint a new investment manager, invest in other funds or to offer a rollover opportunity into other investment vehicles.

The board is currently evaluating these proposals and conducting an initial round of manager interviews before Christmas after which it will assess the viability of these proposals with a view to making a recommendation to shareholders. The board anticipates that any recommendation would be forthcoming before the end of January. 

In the meantime, the Company has ceased all purchases of shares in the market and conversions between classes. It has also changed the basis of the estimated and final net asset value calculations with effect from 1st December 2015.  Henceforth, these calculations will include a discount factor on the anticipated cash flows and also a provision for estimated costs associated with any return of capital and liquidation.  Any costs associated with a rollover or appointment of an investment manager will not be borne by shareholders who elect to receive cash.

Although a continuation vote has been triggered by the Sterling Class of BCAB, given the options outlined above the board will not be offering a continuation vote to shareholders in the near term.

The board will keep shareholders up to date with relevant developments as they arise and all shareholders are recommended to review the Company's Regulatory Information Service announcements.

"November saw another positive performance"

BCAB produced another positive performance of 0.7% in November, bringing the gain for the year to date to 3.9% (Sterling Class NAV).  The rolling 12 month return fell slightly to 4.0% delivered with a stable volatility of 3.0%.

Market movements were more muted in November as investors awaited indications of central bank policy and clarity from economic data. 

Against this backdrop 6 of the 7 strategies produced positive performance with the strongest gains coming from BlueCrest Emerging Markets, BlueCrest Equity Strategies and BlueTrend 2x.  Only BlueCrest Quantitative Equity saw negative performance.  Allocations remained unchanged for December and the funds are undertaking an orderly and managed liquidation of positions.

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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