Brevan Howard letter for the month ended March 31, 2016; titled, “China Still Murky.”

Overview:

BH Global Limited (“BHG”) is a closed-ended investment company, registered and incorporated in Guernsey on 25 February 2008 (Registration Number: 48555).

Prior to 1 September 2014, BHG invested all its assets (net of short-term working capital) in Brevan Howard Global Opportunities Master Fund Limited (“BHGO”). With effect from 1 September 2014, BHG changed its investment policy to invest all its assets (net of short-term working capital) in Brevan Howard Multi-Strategy Master Fund Limited (“BHMS” or the “Fund”) a company also managed by BHCM.

BHG was admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange on 29 May 2008.

Total Assets: $ 527 mm1

1. As at 31 March 2016 by BHG’s administrator, Northern Trust.

Brevan Howard

Brevan Howard

Brevan Howard – Q1 2016 Portfolio Update

The information in this section has been provided to BHG by BHCM.

Profits were generated in interest rates trading, where long exposures to interest rates in EUR were the main contributor. Additional gains came from trading within other interest rates markets including JPY & CAD. Part of the gains were offset by losses in USD interest rates trading where the Fund’s short exposure in the early part of the quarter generated losses.

Credit trading contributed positively to the performance over the quarter. Agency mortgage trading as well as corporate credit trading during the second half of the quarter contributed to the gains.

FX trading was a detractor over the period where the Fund’s short exposures to the EUR against the USD generated most of the losses. Part of the losses were offset by gains from long exposures to FX volatility as well as long exposures to a basket of currencies including CAD and AUD against the USD.

Equity and commodity trading were both detractors over the quarter. Long exposures to equity indices in Europe and Asia in January generated the bulk of the losses. In commodities, long exposure to oil early in the quarter generated small losses.

Systematic trading had a positive quarter with most of the gains generated from long exposures to global bond markets. Additional gains were generated in FX whereas equity and commodity positions generated losses.

The investment committee (“IC”) increased the allocation to the Direct Investment Portfolio (“DIP”) and diversified its exposure across a larger number of traders. At the end of the quarter the Fund allocation to the DIP stood at approximately 38% with an allocation to ten underlying trading books across macro, emerging markets and credit strategies. The IC believes that the diversified return streams should benefit the Fund’s performance in the medium and longer term.

Portfolio Update for BHG

The information in this section has been provided to BHG by BHCM.

Brevan Howard

Brevan Howard

Brevan Howard

Brevan Howard

Brevan Howard

Brevan Howard

Brevan Howard

Brevan Howard – Monthly Performance Review for BHG

The information in this section has been provided to BHG by BHCM.

BHG Monthly Commentary

The NAV per share of BHG’s USD shares depreciated by 0.89% and the NAV per share of BHG’s GBP shares depreciated by 1.09% in March.

Brevan Howard

Brevan Howard Master Fund Limited (“BHMF”)

The NAV per share of BHMF Class Z USD shares depreciated by 1.82% in March. Losses in March were fairly evenly split between FX and interest rate trading, with smaller gains from credit trading being offset by losses in equity. Interest rate losses came predominately from long positions in Europe, with further losses from Japanese directional and volatility trading. Smaller gains in NZD, BRL, MXN and TRY interest rate trading were offset by losses in U.S and European volatility positions. FX trading generated an overall loss, driven primarily by short positioning in EUR as well as to a much lesser degree losses in KRW & GBP which were partially offset by gains in commodity linked currencies, such as AUD, CAD, MXN, NOK and BRL. Credit gains from European credit indices were offset by losses from directional equity positioning in the U.S and Europe as well as losses in equity volatility trading.

Brevan Howard Asia Master Fund Limited (“BHA”)

The NAV per share of BHA Ordinary USD shares depreciated by 1.48% in March. Losses in March came primarily from FX trading, with smaller losses also generated in interest rate and equity trading.

The bulk of FX losses were spread between directional and relative value trades in China as well as from directional trading in Korea and Singapore. Interest rate losses came from US curve trades as well as Japanese interest rate volatility positioning. Interest rate curve trading generated small losses in Korea which were offset by gains in Australia. Smaller equity losses came from directional and volatility positioning primarily in the Japanese Nikkei.

BHDG Systematic Trading Master Fund Limited (“BHDGST”)

The NAV per share of BHDGST Class Z USD shares depreciated by 3.92% in March. During the month, BHDGST recorded losses in all asset classes. The portfolio VaR decreased from 1.42% at the end of February to 1.35% at the end of March. At the end of the month, the portfolio VaR was 60% of the sum of individual sector VaRs, down from 67% at the end of February. In STIR futures, the model reduced its overall long stance, increasing the net short CAD but adding to long short sterling. In bond futures, the model decreased its overall long positions in all currencies. A long position in Italian BTP futures was increased. With the exception of the CME Nikkei futures contract and the OMXS 30 in Sweden, where the model increased short positions, shorts in European and Japanese index futures were greatly reduced. The model reverted from short to long in the other emerging market indices plus bourses in the U.S. and Canada In FX, the model increased its overall exposure to FX markets, turning USD into a short exposure versus most currencies.

In commodity futures, the overall allocation remained short. The model reduced short energy positions. Within metals, a long gold position was reduced, but the strategy increased its net short stance in base metals. Short positions in agricultural futures were also reduced.

Direct Investment Portfolio (“DIP”)

The Direct Investment Portfolio appreciated by 1.00% in March. The DIP generated the bulk of the profits in FX and credit where agency mortgage and corporate credit trading generated most gains. In corporate credit, gains came primarily from longs in corporate CDOs, recovery in high yield names and outperformance of secured debt vs unsecured debt in a few high yield relative value positions. In FX, long exposure to commodity currencies AUD, CAD & MXN against the USD generated most gains. Part of the gains was offset by losses in interest rates trading where in particular curve positions and directional long exposures to EUR

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