Monthly Performance Review

RNS Number : 3726M

BlueCrest AllBlue Fund Ltd

15 July 2014

 



FOR IMMEDIATE RELEASE

15 July 2014

BLUECREST ALLBLUE FUND LIMITED

MONTHLY PERFORMANCE REVIEW FOR JUNE 2014

"The NAV is up 7.1% over the past 12 months"

BlueCrest AllBlue Fund Limited (BCAB) rose by a further 0.8% in June bringing the gain for the first 6 months of 2014 to 4.5% (Sterling Class NAV).  The company's NAV is up 7.1% over the past 12 months and volatility remained low at 2.5%.

Central bank announcements were the main drivers of markets in June.  The ECB cut interest rates and introduced further measures to stimulate bank lending while, in contrast, Bank of England Governor Mark Carney indicated that Sterling interest rates may rise sooner than markets were predicting.  This caused Sterling to strengthen still further and the UK yield curve to rise and flatten, unlike most other bond markets.  Global economic data were generally mixed, but tentative signs of improving Chinese growth were well received by investors.

"All seven strategies have contributed positively in 2014"

All seven strategies have contributed positively in 2014, with five of the seven strategies rising in June.  BlueCrest Capital International and BlueMatrix fell modestly in June but strong gains were seen once again from BlueCrest Multi Strategy Credit, BlueTrend and BlueCrest Emerging Markets.

The range bound conditions that continue to persist in fixed income markets restricted trading opportunities for BlueCrest Capital International, which fell 0.3% in June.  Profits in curve trading and US mortgages were offset by losses from the fund's long volatility bias, particularly in Sterling.  The allocation to BlueCrest Capital International within AllBlue was reduced by a further 3% for July given the generally more difficult environment in developed fixed income markets, bringing the fund's allocation in AllBlue down to 15%.

BlueCrest Emerging Markets continued to perform strongly, gaining 1.7% in June, comfortably outperforming emerging market bonds and currencies as a whole, which saw only modest rises.  Profits were seen in most strategies and most regions but positions in Poland and Hungary, along with FX options trading in China, were amongst the strongest contributors.  The Emerging Markets fund's allocation was also reduced within AllBlue, by 1%, to 12% for July

The capital from BlueCrest Capital International and BlueCrest Emerging Markets was primarily allocated to the recently-introduced BlueCrest Equity Strategies Fund, bringing its allocation to 9% of AllBlue.  The fund rose by 0.8% in June with both the event-driven and long/short strategies generating profits.  In the event driven strategy, corporate actions and quarter end flows provided significant technical trading opportunities.  Within long/short, the US market drove the returns with trading in financials and industrial stocks being the main contributors.

AllBlue has started July with a further gain of 0.4%, bringing the year to date performance to 5.0%.

"The proposed closure of the Euro class"

On 27th June the company announced the proposed closure of the Euro class.  The board believes that given the small size and relative illiquidity of the Euro class, shareholders would be best served by an opportunity to redeem Euro shares at NAV less costs or to convert into Sterling or US Dollar shares.   A detailed circular will be published in the coming weeks and a class meeting will be held in late August.

The share price discount to NAV has narrowed further during June finishing the month around 4% after consistent and broad-based buying interest was seen.  As a result, the company buyback policy operated only occasionally during the month.

PERIODIC PERFORMANCE AND OTHER INFORMATION

	GBP Share Class	EUR Share Class	USD Share Class
MTD NAV	0.76%	0.73%	0.72%
YTD NAV	4.53%	4.43%	4.40%
Rolling 12 m NAV	7.08%	6.94%	6.97%
Rolling 12 m Share price	6.01%	1.44%	-0.79%
Since inception NAV	94.73%	87.71%	86.02%
Since inception NAV annualised	8.57%	8.08%	7.96%
Premium/discount	-4.07%	-4.24%	-6.23%
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 (Guernsey) Limited

Secretary

Tel: Guernsey 01481 702400

END OF ANNOUNCEMENT

E&OE - in transmission

 

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