DOCSLIB.ORG

Brevan Howard Master Fund Limited Annual Audited Consolidated Financial Statements 2017 (With Independent Auditors’ Report Thereon)

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Brevan Howard Master Fund Limited Annual Audited Consolidated Financial Statements 2017 (With Independent Auditors’ Report Thereon) Brevan Howard Master Fund Limited Annual Audited Consolidated Financial Statements 2017 (with Independent Auditors’ Report thereon) ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS 31 December 2017 Brevan Howard Capital Management LP, the commodity pool operator of Brevan Howard Master Fund Limited, has filed a claim of exemption with the Commodity Futures Trading Commission (“CFTC”) in respect of Brevan Howard Master Fund Limited pursuant to Section 4.7 of the CFTC regulations. Contents 01 Independent Auditors’ Report 02 Consolidated Statement of Assets and Liabilities 03 Consolidated Condensed Schedule of Investments 13 Consolidated Statement of Operations 14 Consolidated Statement of Changes in Net Assets 15 Consolidated Statement of Cash Flows 16 Notes to the Consolidated Financial Statements 35 Affirmation of the Commodity Pool Operator IBC Management and Administration BREVAN HOWARD MASTER FUND LIMITED INDEPENDENT AUDITORS’ REPORT ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS 1 Independent Auditors’ Report to the Directors and Shareholders on the Consolidated Financial Statements of Brevan Howard Master Fund Limited We have audited the accompanying consolidated financial We believe that the audit evidence we have obtained is sufficient statements of Brevan Howard Master Fund Limited (the “Master and appropriate to provide a basis for our audit opinion. Fund”), which comprise the consolidated statement of assets and liabilities, including the consolidated condensed schedule Opinion of investments as of 31 December 2017, and the related In our opinion, the consolidated financial statements referred to consolidated statements of operations, changes in net assets, above present fairly, in all material respects, the consolidated and cash flows for the year then ended, and the related notes to financial position of the Master Fund as of 31 December 2017, the consolidated financial statements. and the results of its consolidated operations, the changes in its consolidated net assets and its consolidated cash flows for This report is made solely to the Directors and Shareholders, as a the year then ended in accordance with U.S. generally accepted body, in accordance with the terms of our engagement. Our audit accounting principles. work has been undertaken so that we might state to the Directors and Shareholders those matters we are required to state to them in an auditors’ report and for no other purpose. We do not accept or assume responsibility to anyone other than the Directors and Shareholders, for our audit work, for this report, or for the 21 March 2018 opinions we have formed. George Town, Cayman Islands Management’s responsibility for the consolidated financial statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors’ responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. BREVAN HOWARD MASTER FUND LIMITED 2 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Statement of Assets and Liabilities 31 December 2017 2017 US$’000 Assets Investments, at fair value (cost: US$8,508,314) (Note 3,5) 8,745,677 Redemptions receivable from affiliated funds 70,000 Cash (Note 2) 17,357 Investments purchased under agreements to resell (cost: US$2,973,723) (Note 7) 3,018,829 Dividends and interest receivable 18,342 Due from broker (Note 2) 5,827,040 Other assets 1,084 Total assets 17,698,329 Liabilities Investments sold short, at fair value (proceeds: US$3,034,309) (Note 3) 3,380,892 Investments sold under agreements to repurchase (proceeds: US$3,369,846) (Note 7) 3,404,904 Accounts payable and accrued expenses (Note 4,5,6) 4,211 Dividends and interest payable 34,071 Redemptions payable (Note 2) 456,944 Due to broker (Note 2) 5,466,322 Total liabilities 12,747,344 Non-controlling interest (Note 2) 131,645 Net assets (Note 8) 4,819,340 Net asset value per share US Dollar Class A US$4,942.25 US Dollar L.P. Class A US$4,438.40 Euro Class A €4,725.48 Sterling Class A £5,391.92 Yen Class A ¥15,531.04 Australian Dollar Class A AUD 1,756.14 Brazilian Real Class A BRL 2,762.87 Canadian Dollar Class A CAD 1,451.18 Norwegian Krone Class A NOK 1,535.96 US Dollar Class B US$2,786.39 Sterling Class B £2,901.80 US Dollar Class W US$1,030.01 US Dollar L.P. Class W US$973.47 Euro Class W €950.28 Sterling Class W £962.34 Yen Class W ¥1,001.16 US Dollar Class Z US$145.54 Euro Class Z €142.21 Sterling Class Z £146.02 Yen Class Z ¥13,965.40 Cost and proceeds are presented in US$’000. See accompanying notes to the Consolidated Financial Statements. Signed on behalf of the Board: Dennis Hunter Karla Bodden Director Director 21 March 2018 BREVAN HOWARD MASTER FUND LIMITED CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS 3 Consolidated Condensed Schedule of Investments 31 December 2017 Fair Value % of Net Cost is presented in US$’000 US$’000 Assets Long portfolio Equities Ireland (cost US$738) Funds 728 0.02 United States (cost US$3,290) Financial 17,137 0.35 Funds 422 0.01 17,559 0.36 Total equities (cost US$4,028) 18,287 0.38 Fixed income securities Argentina (cost US$6,584) Financial 6,755 0.14 Belgium (cost US$6,214) Government 6,214 0.13 Cayman Islands (cost US$19,246) Asset Backed Securities 0 0.00 Industrial 80 0.00 80 0.00 Finland (cost US$189,846) Government 190,133 3.95 France (cost US$332,783) Government 31,100 FRTR 0.8% 05/25/2028 37,110 0.77 244,000 FRTR 1.0% 05/25/2027 301,739 6.26 338,849 7.03 Germany (cost US$253,718) Financial 58,310 1.21 Government 200,106 4.15 258,416 5.36 Ireland (cost US$20,307) Mortgage Backed Securities 227 0.00 BREVAN HOWARD MASTER FUND LIMITED 4 CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS Consolidated Condensed Schedule of Investments continued 31 December 2017 Fair Value % of Net Cost is presented in US$’000 US$’000 Assets Long portfolio (continued) Fixed income securities (continued) Italy (cost US$1,367,123) Government 63,937 BTPS 0.7% 10/15/2023 74,720 1.55 50,000 BTPS 0.9% 08/01/2022 60,292 1.25 21,158 BTPS 1.0% 03/15/2023 25,373 0.53 32,554 BTPS 1.5% 06/01/2025 38,890 0.81 45,198 BTPS 1.6% 06/01/2026 53,513 1.11 197,306 BTPS 1.9% 05/15/2024 244,579 5.07 188,700 BTPS 2.1% 08/01/2027 227,736 4.73 300,000 BTPS 2.2% 06/01/2027 367,839 7.63 81,163 BTPS 2.3% 09/01/2036 90,352 1.87 123,810 BTPS 2.7% 03/01/2047 136,269 2.83 57,928 BTPS 2.8% 03/01/2067 60,599 1.26 50,000 BTPS 3.5% 03/01/2030 67,469 1.40 1,447,631 30.04 Japan (cost US$1,247,583) Government 31,000,000 JTDB 0.0% 01/12/2018 274,624 5.70 1,000,000 JTDB 0.0% 01/15/2018 8,859 0.18 20,560,000 JTDB 0.0% 01/22/2018 182,157 3.78 31,000,000 JTDB 0.0% 01/29/2018 274,645 5.70 25,000,000 JTDB 0.0% 02/13/2018 221,501 4.60 25,000,000 JTDB 0.0% 02/26/2018 221,513 4.60 7,600,000 JTDB 0.0% 03/26/2018 67,349 1.39 1,250,648 25.95 Jersey (cost US$71) Asset Backed Securities 0 0.00 Lebanon (cost US$13,914) Government 14,105 0.29 Luxembourg (cost US$11,238) Asset Backed Securities 0 0.00 Mortgage Backed Securities 703 0.01 703 0.01 Mexico (cost US$503) Mortgage Backed Securities 0 0.00 Netherlands (cost US$413,258) Government 310,118 NETHER 0.0% 01/15/2022 374,384 7.77 45,000 NETHER 0.0% 01/15/2024 53,518 1.11 Industrial 727 0.02 Mortgage Backed Securities 40 0.00 428,669 8.90 BREVAN HOWARD MASTER FUND LIMITED CONSOLIDATED CONDENSED SCHEDULE OF INVESTMENTS ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS 5 Fair Value % of Net Cost is presented in US$’000 US$’000 Assets Long portfolio (continued) Fixed income securities (continued) South Africa (cost US$11,277) Government 7,825 0.16 Utilities 4,307 0.09 12,132 0.25 Spain (cost US$204,741) Government 208,091 4.32 Turkey (cost US$5,947) Financial 5,366 0.11 United Kingdom (cost US$110,599) Government 88,630 1.84 Mortgage Backed Securities 560 0.01 89,190 1.85 United States (cost US$3,262,620)
Load more

Recommended publications
  • Europe's Largest Single Managers Ranked by a Um
    2013 IN ASSOCIATION WITH IN ASSOCIATION 5O EUROPEEUROPE’S LARGEST SINGLE MANAGERS RANKED BY AUM EUROPE50 01 02 03 04 Brevan Howard Man BlueCrest Capital Blackrock Management 1 1 1 1 Total AUM (as at 30.06.13) Total AUM (as at 30.06.13) Total AUM (as at 01.04.13) Total AUM (as at 30.06.13) $40.0bn $35.6bn $34.22bn $28.7bn 2 2 2 2 2012 ranking 2012 ranking 2012 ranking 2012 ranking 2 1 3 6 3 3 3 3 Founded Founded Founded Founded 2002 1783 (as a cooperage) 2000 1988 4 4 4 4 Founders/principals Founders/principals Founders/principals Founders/principals Alan Howard Manny Roman (CEO), Luke Ellis (President), Mike Platt, Leda Braga Larry Fink Jonathan Sorrell (CFO) 5 5 5 Hedge fund(s) 5 Hedge fund(s) Hedge fund(s) Fund name: Brevan Howard Master Fund Hedge fund(s) Fund name: BlueCrest Capital International Fund name: UK Emerging Companies Hedge Limited Fund name: Man AHL Diversified plc Inception date: 12/2000 Fund Inception date: 04/2003 Inception date:03/1996 AUM: $13.5bn Inception date: Not disclosed AUM: $27.4bn AUM: $7.9bn Portfolio manager: Mike Platt AUM: Not disclosed Portfolio manager: Multiple portfolio Portfolio manager: Tim Wong, Matthew Strategy: Global macro Portfolio manager: Not disclosed managers Sargaison Asset classes: Not disclosed Strategy: Equity long/short Strategy: Global macro, relative value Strategy: Managed futures Domicile: Not disclosed Asset classes: Not disclosed Asset classes: Fixed income and FX Asset classes: Cross asset Domicile: Not disclosed Domicile: Cayman Islands Domicile: Ireland Fund name: BlueTrend
    [Show full text]
  • In the Hedge Fund
    P2BW13100B-0-W01100-1--------XA EE,EU,MW,NL,SW,WE 50 BARRON'S May11, 2009 May 11, 2009 BARRON'S 11 BLACK The Hedge Fund 100 Despite a horrible year in most global markets, these 100 funds all have three-year annualized returns that run to solid double digits; a majority were up in 2008. Remarkably, one firm, Paulson, has two funds in the top Index to Companies four, No. 1 Paulson Advantage Plus (event-driven) and No. 4 Paulson Enhanced (merger arbitrage). In second place is Balestra Capital Partners, a global macro fund, third is Vision Opportunity Capital, a merger arbitrage fund, and fifth was Quality Capital Management-Global Diversified. Strong performance in weak markets is hedge funds’ most basic appeal and these funds did nothing to dispel that idea last year. Our index lists significant references to companies mentioned in stories and columns, plus Research Reports and the Insider Transaction table. The references are to the first page of the item in which the company is mentioned. Fund 3-Year 2008 Total Firm A Rank Fund Assets (mil) Fund Strategy Annualized Returns Returns Company Name / Location Assets (mil) Abbott Labs.53. 05/11/2009 Abercrombie & Fitch.17. H Hain Celestial Group.M15. 1. Paulson Advantage Plus $2,171 Event Driven 62.67% 37.80% Paulson / New York $30,000 Amazon.com.M5. Hanger Orthopedic.56. Ambac Financial.17. Hansen Natural.23. 2. Balestra Capital Partners 800 Global Macro 61.24 45.78 Balestra Capital / New York 990 American Axle.40. Harley Davidson.58. 3. Vision Opportunity Capital 357 Relative Value 61.13 6.96 Vision Capital / New York 733 American Electric Power.43.
    [Show full text]
  • IDC Herzliya Congratulates Our 2015 Honorary Fellows: Doris and Mori Arkin Ori De-Levie Shlomo Eliahu Shimon Peres Miriam and Bernard Yenkin
    The IDC HerzliyanSPRING 2015 UPDATE IDC Herzliya Congratulates our 2015 Honorary Fellows: Doris and Mori Arkin Ori De-Levie Shlomo Eliahu Shimon Peres Miriam and Bernard Yenkin The Wind Annual Social Entrepreneurship Award: Pierre Besnainou Growth and Innovation IDC Herzliya’s expansion plans are right on track Baruch Ivcher School of Psychology Tiomkin School of Economics Graduate RAPHAEL RECANATI INTERNATIONAL SCHOOL AT IDC HERZLIYA Programs MA Financial Economics • Counter-Terrorism & Homeland Security Studies • Diplomacy & Conflict Studies Organizational Behavior & Development (OBD) Aaron Graf Alexandra Stern Marvin Benamu Daniella Sofer • United States Venezuela France Johannesburg Government Communications Business Administration Psychology IDC MBA Live in israeL Innovation & Entrepreneurship • Strategy & Business Consulting study in engLish ISRAEL +972 9 960 2841 [email protected] BA ACADEMIC PROGRAMS 2015-2016 US +1 866 999 RRIS [email protected] www.rris.idc.ac.il • Study with a world-renowned Business Administration Computer Science faculty • Interact with students from Business & Economics esign around the globe d (dual degree) Government Janis • Scholarships available based on need Communications Psychology • Enjoy a wide array of extracurricular activities Live in israeL, study in engLish esign d Janis www.rris.idc.ac.il ISRAEL +972 9 960 2841 [email protected] US +1 866 999 RRIS [email protected] RAPHAEL RECANATI INTERNATIONAL SCHOOL AT IDC HERZLIYA IDC SPRING 2015 2Inside IDC Herzliya Welcomes Strong Ties with the Far East 2 The Adelson School of Entrepreneurship: A Hub of Activity 4 European Students Find a Home Away from Home at IDC 6 A Walk Through Campus 8 Princeton University President Prof.
    [Show full text]
  • Bh Global Limited
    BH GLOBAL LIMITED MONTHLY SHAREHOLDER REPORT JULY 2019 YOUR ATTENTION IS DRAWN TO THE IMPORTANT LEGAL INFORMATION AND DISCLAIMER AT THE END OF THIS DOCUMENT BH Global Limited Monthly Shareholder Report July 2019 www.bhglobal.com OVERVIEW BH Global Limited (“BHG”) is a closed-ended investment company, registered and incorporated in Guernsey on 25 Manager: February 2008 (Registration Number: 48555). Brevan Howard Capital Prior to 1 September 2014, BHG invested all its assets (net of short-term working capital) in Brevan Howard Global Management LP (“BHCM”) Opportunities Master Fund Limited (“BHGO”). With effect from 1 September 2014, BHG changed its investment policy to Administrator: invest all its assets (net of short-term working capital) in Brevan Howard Multi-Strategy Master Fund Limited (“BHMS” or Northern Trust International Fund the “Fund”) a company also managed by BHCM. Administration Services (Guernsey) Limited (“Northern BHG was admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Trust”) Exchange on 29 May 2008. Joint Corporate Brokers: BHMS has the ability to allocate capital to investment funds and directly to the underlying traders of Brevan Howard J.P. Morgan Cazenove affiliated investment managers. The Single Manager Portfolio (the “SMP”) is the allocation of BHMS’ assets to trading Investec Bank plc books and funds which are managed by an individual portfolio manager. Prior to 1 January 2019 the SMP was named Listing: the Direct Investment Portfolio (the “DIP”). The BHMS allocations are made by an investment committee of BHCM that London Stock Exchange draws upon the resources and expertise of the entire Brevan Howard group.
    [Show full text]
  • Commercial Mortgage ALERT 3
    FEBRUARY 26, 2010 Brevan Howard Hires Trader for CMBS Push Brevan Howard Asset Management, one of Europe’s largest hedge fund man- 3 PCCP Seeks Capital for 2 Debt Funds agers, has lured trader Ahsim Khan from Morgan Stanley to spearhead a big push 3 PB Finances New Virginia Building into commercial MBS investments. The London firm is mum about how much capital Khan will be putting to work. 3 Banks Shops Distressed Colo. Loans But the buzz is that the initial allotment will be at least $250 million and could range up to $1 billion. 4 Investors Snap Up Retail REIT Bonds At Morgan Stanley, Khan was an executive director and co-head of securitized 4 Zabik’s Loan Fund Ready to Roll products trading in North America. He left the bank’s New York office on Monday, and is expected to join Brevan’s London office as a partner in April. 6 Prime Finance Holds First Close Khan will pursue a relative-value trading strategy encompassing a broad mix of 6 Canadian Fund Seeks US Investors fixed-income products, with a heavy emphasis on CMBS. He will also buy residen- tial mortgage bonds, CDOs and credit-default swaps tracked by Markit’s CMBX, 6 Fitch Unit Revamps Valuation Model ABX.HE and ABX.Prime indices. Khan will also invest in distressed bonds. It’s unclear how Khan’s jump to Brevan fits with the fund manager’s existing 9 ‘SF’ Suffix for Bond Ratings Closer See BREVAN on Page 7 9 HUD Dealing $300 Million of Loans Startup Taking Aim at Distressed-Debt Plays Five real estate pros have teamed up to form an investment-management and advisory firm.
    [Show full text]
  • Fifty Leading Women in Hedge Funds 2020
    Fifty Leading Women in Hedge Funds 2020 I N A S S O C I A T I O N W I T H 50 LEADING WOMEN IN HEDGE FUNDS 2020 50 LEADING WOMEN IN HEDGE FUNDS 2020 Introduction HAMLIN LOVELL, CONTRIBUTING EDITOR, THE HEDGE FUND JOURNAL his is the eighth edition of our managers of all time – according to LCF Edmond 50 Leading Women in Hedge de Rothschild analysis – namely Bridgewater Funds report and is published Associates and Lone Pine. The two Lone Pine in association with EY for the women in this year’s report are two of the three seventh time. Whilst Covid-19 portfolio managers who succeeded Lone Pine’s has denied us the opportunity founder Steve Mandel. Three of the report’s to host accompanying events discretionary equity portfolio managers specialize in London and New York, at in the healthcare and biotechnology sector, which least this year, the professional achievements has attracted more attention this year for obvious Tof the women featured in this year’s report reasons. Four of the investment professionals shine through, nonetheless. We are so pleased work for systematic and quantitative hedge fund An analysis of the S&P to be publishing this report just a few days after managers, which is notable given the general Kamala Harris made history by becoming the dearth of women in STEM. Another noteworthy first female, first black and first Asian-American cluster is three women managing multi-billion Composite 1500 found US Vice-President-elect. s the leading global evidence is clear. Having more amounts in liquid credit strategies.
    [Show full text]
  • Series G (“Series G”) Generated an Estimated 1.70% Net Return in the Month of May
    _ June 4, 2020 Dear Investor: SkyBridge Multi-Adviser Hedge Fund Portfolios LLC - Series G (“Series G”) generated an estimated 1.70% net return in the month of May. We are encouraged by strength throughout the portfolio, particularly in the structured credit allocation. Given the recovery in the stock market, we expect equities to remain range bound. However, we believe structured credit is well-positioned for a “catch up” trade. We have included an Investor Communication deck with this letter. The Investor Communication sets forth recent portfolio changes and provides Series G’s pro forma top ten managers for July 1, 2020 (page 6). In summary, we have: a) reduced, but remain overweight, structured credit, b) increased exposure to multi- strategy, macro, and distressed corporate credit, and c) increased allocations to larger managers. On June 1st, Series G established positions with Point72, Renaissance (RIEF), and Brevan Howard. Descriptions of these managers can be found on page 18 to page 21 of the Investor Communication. Series G generated a 60% return from 2009 to 2012 following a loss of 19.62% in 2008 as we took advantage of opportunities produced by the Financial Crisis. We are, of course, mindful that past performance does not guarantee future results. That said, given our recent drawdown, the cheapness of structured credit securities, and the new allocations to top managers, we believe Series G is well-positioned for the next 12 to 18 months. In summary, we are hopeful that Mark Twain’s words prove prophetic: “history doesn’t repeat itself up but it often rhymes.” Thank you for your partnership.
    [Show full text]
  • Jersey for Hedge Funds
    Factsheet Jersey for Hedge Funds Future-proof solutions for US promoters and investors ‘Old Jersey’ is a leading, future-focussed international finance centre (IFC), located between the UK and France. The Island’s unique constitutional position as a British Crown Dependency means that it has domestic autonomy, which has been preserved for the last 800 years. Being outside the European Union (EU) means that Jersey is able to offer more flexible funds regimes. Jersey’s special relationship with the UK means that it will continue to have access to UK investors, despite Brexit. New international governance requirements for hedge funds make Jersey a clear choice. Jersey can offer a centre of ‘substance’ to cater for the requirements of the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) project. The Island has been home to hundreds of hedge funds and more than 30 hedge fund managers are currently based in Jersey, following a mixture of discretionary, quantitative, and systematic, global macro, managed futures and commodity trading advisor (CTA) strategies. Jersey is also seeing an increasing number of hedge fund managers looking to relocate all or part of their business here, from well-established operations through to start-ups. AIFMD equivalent Flexible funds solutions of NPPR’s route Jersey offers a full range of flexible fund structures and regulation. Access to professional investors throughout Europe continues to be available through local national private placement regimes (NPPRs). And, because Jersey is not part of the EU, for those Jersey funds and Jersey managers that target ‘Rest of the World’ (ex-EU), the requirements of the EU’s Alternative Investment Fund Managers Directive Out of AIFMD (AIFMD) will be out of scope.
    [Show full text]
  • Hedge Fund Industry to Draw up Code of Conduct
    HEDGE FUND STANDARDS BOARD APPOINTS DAVID GEORGE OF THE FUTURE FUND TO THE BOARD 25th February 2015 David George, Head of Debt & Alternatives at the Future Fund, Australia’s sovereign wealth fund, has joined the board of the Hedge Fund Standards Board (HFSB). This appointment emphasises the important role of sovereign wealth funds in promoting better practices in the hedge fund industry, particularly in Asia Pacific. Dame Amelia Fawcett, Chairman of the HFSB, said: “We are thrilled to welcome our new Australian member to the board. It sends another powerful signal about the global importance of the HFSB mission for the investor community worldwide and particularly in Asia Pacific.” David George said: “I am very pleased to join the Board. The HFSB is an important platform for promoting better industry practice to the benefit of end investors, managers and policymakers. I look forward to working with the other Trustees and to progressing this effort.” Over 60 major international investors, including pension and endowment funds as well as sovereign wealth funds, are now members of the HFSB Investor Chapter, supporting the adoption of the Standards internationally. The HFSB was set up in Europe in 2008 as the standard-setting body for the hedge fund industry and now has a growing membership internationally in both Asia and North America. Hedge fund managers in the US and Canada now account for 40 percent of the 1 HFSB’s 123 signatories. Assets under management of all HFSB signatories total more than $700 billion. - ENDS – Notes to editors: 1. The HFSB was formed in January 2008 to agree standards of good practice for hedge fund managers.
    [Show full text]
  • Brevet Capital
    The Employees’ Retirement Fund of the City of Dallas June 2021 Investment Summaries Brevet Short Duration Fund Brevan Howard Master Fund Wilshire Advisors, LLC BREVET SHORT DURATION FUND INVESTMENT SUMMARY INVESTMENT SUMMARY FIRM OVERVIEW OPPORTUNITY SUMMARY Firm AUM $2.1 billion Brevet Capital Management, LLC (“Brevet”, “BCM” or Strategy AUM $886 million the “Firm”) is an alternative investment firm founded in Firm Inception 1998 1998 and based in New York City, NY with Fund Inception 2009 approximately $2.1 billion of assets under Strategy Alternative Income management. Brevet was founded by Doug Monticciolo and Mark Callahan to replicate the Geographic Focus Global investment strategies they pursued within the Sector Government Principal Finance Groups at Goldman Sachs, Lehman Investment Size $1m - $100m Brothers and Deutsche Bank. The Firm’s flagship Number of 200-500 strategy, Brevet Direct Lending – Short Duration Fund Investments (“Fund”) currently has $829 million of assets. Brevet Liquidity Quarterly 90 days’ notice Direct Lending – Short Duration Fund was launched in Lock-Up 1 year soft an evergreen comingled structure in January 2009 following three years of operation as a separate Gate 10% Fund Level account solution. The Firm employs 62 professionals Management Fee 1.75% of which 17 are dedicated to the investment sourcing, Performance Fee 20% structuring and underwriting efforts. Since 2009, Brevet has invested over $2.1 billion in its INVESTMENT STRATEGY flagship, Short Duration Fund, strategy. The Fund has invested over 500 assets over the past 11 years, of The strategy focuses on creating asset-based finance which approximately 80% are government related solutions, with a strong bias towards middle market transactions.
    [Show full text]
  • BH Macro Limited ADV012550
    FEB 2021 BH Macro Limited ADV012550 MONTHLY SHAREHOLDER REPORT Your attention is drawn to the important legal information and disclaimer set out at the end of this document FEB 2021 BH Macro Limited Shareholder Report Overview BH Macro Limited (“BHM”) is a closed-ended investment company, registered and incorporated in Guernsey Manager: on 17 January 2007 (Registration Number: 46235). BHM invests all of its assets (net of short-term working Brevan Howard Capital capital) in the ordinary shares of Brevan Howard Master Fund Limited (“BHMF” or the “Fund”). BHM was Management LP (“BHCM”) admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Administrator: Exchange on 14 March 2007. Northern Trust International Fund Administration Services (Guernsey) Limited (“Northern Trust”) Corporate Broker: J.P. Morgan Cazenove Listing: London Stock Exchange (Premium Listing) Performance Attribution Methodology Performance Contribution (%) by Asset Class for BHM USD Shares (net of fees and expenses) Attribution by asset class is produced at the instrument level, with DISCOUNT adjustments made based on risk estimates. The asset classes are RATES FX COMMODITY CREDIT EQUITY TOTAL MANAGEMENT categorised as follows: Rates: interest rates markets Jan-21 0.84 -0.10 -0.11 0.05 0.54 0.00 1.21 FX: FX forwards and options Feb-21 0.04 0.37 -0.03 0.01 -0.10 0.00 0.31 Commodity: commodity futures and options QTD 0.88 0.27 -0.14 0.06 0.45 0.00 1.52 Credit: corporate and asset-backed indices, bonds and CDS YTD 0.88 0.27 -0.14 0.06 0.45 0.00 1.52 Equity: equity markets including indices and other derivatives Discount Management: buyback activity or sales of shares from treasury PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS The information in this section has been provided to BHM by BHCM.
    [Show full text]
  • Bh Global Limited
    BH GLOBAL LIMITED MONTHLY SHAREHOLDER REPORT MAY 2019 YOUR ATTENTION IS DRAWN TO THE IMPORTANT LEGAL INFORMATION AND DISCLAIMER AT THE END OF THIS DOCUMENT BH Global Limited Monthly Shareholder Report May 2019 www.bhglobal.com OVERVIEW BH Global Limited (“BHG”) is a closed-ended investment company, registered and incorporated in Guernsey on 25 Manager: February 2008 (Registration Number: 48555). Brevan Howard Capital Prior to 1 September 2014, BHG invested all its assets (net of short-term working capital) in Brevan Howard Global Management LP (“BHCM”) Opportunities Master Fund Limited (“BHGO”). With effect from 1 September 2014, BHG changed its investment policy to Administrator: invest all its assets (net of short-term working capital) in Brevan Howard Multi-Strategy Master Fund Limited (“BHMS” or Northern Trust International Fund the “Fund”) a company also managed by BHCM. Administration Services (Guernsey) Limited (“Northern BHG was admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Trust”) Exchange on 29 May 2008. Joint Corporate Brokers: BHMS has the ability to allocate capital to investment funds and directly to the underlying traders of Brevan Howard J.P. Morgan Cazenove affiliated investment managers. The Single Manager Portfolio (the “SMP”) is the allocation of BHMS’ assets to trading Investec Bank plc books and funds which are managed by an individual portfolio manager. Prior to 1 January 2019 the SMP was named Listing: the Direct Investment Portfolio (the “DIP”). The BHMS allocations are made by an investment committee of BHCM that London Stock Exchange draws upon the resources and expertise of the entire Brevan Howard group.
    [Show full text]