BREVAN HOWARD MULTI-STRATEGY MASTER FUND LIMITED
MONTHLY SHAREHOLDER REPORT:
BMSNL20140228 CONFIDENTIAL DO NOT COPY OR DISTRIBUTE
© Brevan Howard Capital Management LP (2014). All Rights Reserved.
Your attention is drawn to the disclaimer at the beginning and end of this document
BREVAN HOWARD MULTI-STRATEGY
MASTER FUND LIMITED
MONTHLY SHAREHOLDER REPORT: FEBRUARY 2014
T +44 (0)20 7022 6250 www.brevanhoward.com
Important Legal Information and Disclaimer
This document has been prepared by, and is being communicated outside the United States of America and Hong Kong by, Brevan Howard Asset Management LLP (“BHAM”). BHAM is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the “FCA”). This document relates to the fund or funds referred to herein (each, a “Fund” and collectively the “Funds”), which are managed by Brevan Howard Capital Management LP (“BHCM”). BHCM, BHAM and each of their affiliates are collectively referred to in this document as “Brevan Howard”. The investment strategies described herein may involve one or more entities which are part of the Brevan Howard group of companies and certain of the functions described herein may be performed by employees of affiliates of BHAM.
This document has been provided specifically for the use of the intended recipient only and must be treated as proprietary and confidential. It may not be passed on, nor reproduced in any form, in whole or in part, under any circumstances without express prior written consent from BHAM. Without limitation to the foregoing, any text and statistical data or any portion thereof contained in this document may not be permanently stored in a computer, published, rewritten for broadcast or publication or redistributed in any medium, except with the express prior written permission of BHAM.
This document is provided for information purposes only and does not constitute an invitation, solicitation or offer to subscribe for or purchase any of the investments, products or services mentioned herein, nor shall it, or the fact of its distribution or communication, form the basis of, or be relied on in connection with any contract. This document is not intended to constitute, nor should it be construed as, investment advice. Potential investors in any investments, products or services referred to in this document or to which this document relates should seek their own independent financial, legal and taxation advice. Any offer to invest in a Fund may only be made on the basis of the relevant approved prospectus or offering memorandum relating to that Fund, which must be received and reviewed prior to any investment decision and which may contain information which is different from the information and opinions contained in this document. This document is not intended to provide a sufficient basis on which to make any investment decision.
Any estimated net asset values contained in this document are based on unaudited estimated valuations compiled by BHAM. Final month-end net asset values are determined by the relevant Fund’s administrator and may be materially different from any estimated valuation. Any estimates may be subject to error and significant fluctuation, especially during periods of high market volatility or disruption. Any estimates should be taken as indicative values only and no reliance should be placed on them. Estimated results, performance or achievements may differ materially from any actual results, performance or achievements.
The information, data and opinions contained in this document are for background purposes only, are not purported to be full or complete and no reliance should be placed on them. BHAM believes (but has not necessarily verified) that the sources of the information, data and opinions contained in this document are reliable. However, neither BHAM nor any of its affiliates gives any guarantee, representation, warranty or undertaking, either express or implied, regarding and accepts no liability, responsibility or duty of care for, the accuracy, validity, timeliness or completeness of any such information, data or opinion (whether prepared by BHAM, any of its affiliates or by any third party) or that it is suitable for any particular purpose or use or it will be free from error. To the extent that any further information, data or material is provided in relation to the investments, products or services referred to herein, no representation is made that any such further information, data or material will be calculated or produced on the same basis, or in the same format, as contained in this document. No obligation is undertaken to update any information, data or material contained herein.
Certain information contained in this document may be “forward-looking statements”, which can be identified by the use of forward-looking terminology such as “may”, “will”, ‘should”, “expect”, “anticipate”, “project”, “estimate”, “intend”, “continue”, “target”, “believe”, the negatives thereof, other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events, results or performance may differ materially from those reflected or contemplated in such forward-looking statements.
This document is only being made available to, and the investments (including in relation to the Funds), products and services referred to herein are only available to, such persons and in such jurisdictions as they may be lawfully promoted, offered and provided. The information herein should not be relied or acted on by any other person.
Interests in the Funds have not been and will not be registered under any securities laws of the United States of America or any of its territories or possessions or areas subject to its jurisdiction, and may not be offered for sale or sold to nationals or residents thereof except pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and any applicable state laws. This document is only being provided to United States persons who are “accredited investors” as defined in Regulation D under the Securities Act and “qualified purchasers” as defined in the U.S. Investment Company Act of 1940, as amended, and the rules promulgated thereunder. The Funds and any other investments, products or services described in this document are only available to such persons.
In the United States, this document is communicated by Brevan Howard US LLC, a Delaware limited liability company, which acts as non-exclusive placement agent with respect to the sale of interests to certain investors in the Funds, and may provide such investors with marketing and other materials on behalf of Brevan Howard and the Funds. Brevan Howard US LLC is registered as a broker-dealer under the U.S. Securities Exchange Act of 1934, as amended, and under various state securities laws, and is a member of the Financial Industry Regulatory Authority, Inc.
In the United Kingdom, this document is directed only at, and made available only to, professional clients and eligible counterparties (as defined in the FCA Handbook). This material is not intended for use by, or directed at, retail customers (as defined in the FCA Handbook). BHAM neither provides investment advice to, nor receives and transmits orders from, investors in any Funds nor does it carry on any other activities with or for such investors that constitute “MiFID or equivalent third country business” (as defined in the FCA Handbook).
Persons in Australia should note that (a) each of BHAM and Brevan Howard (Hong Kong) Limited (“BHHK”) is exempt from the requirement to hold an Australian financial services licence under the Australian Corporations Act 2001; (b) BHAM is authorised and regulated by the FCA under