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Brevan Howard March Letter: Inflation Remains Stuck In US

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still holding up well, suggesting that interest in those products have not been dampened much by the rising default risks. The trade balance turned into a deficit in February.



Northern Trust International Fund Administration Services (Guernsey) Limited

Harry Rouillard +44 (0) 1481 74 5315


Risk Factors

Acquiring shares in BHM may expose an investor to a significant risk of losing all of the amount invested. Any person who is in any doubt about investing in BHM (and therefore the Fund) should consult an authorised person specialising in advising on such investments. Any person subscribing for shares in BHM must be able to bear the risks involved. These include, among others detailed in BHMs Prospectus, the following:

 The Fund is speculative and involves substantial risk.

 The Fund will be leveraged and will engage in speculative investment practices that may increase the risk of investment loss. The Fund may invest in illiquid securities.

 Past results of the Funds investment managers are not necessarily indicative of future performance of the Fund, and the Funds performance may be volatile.

 An investor could lose all or a substantial amount of his or her investment.

 The investment managers have total investment and trading authority over the Fund, and the Fund is dependent upon the services of the investment managers.

 Investments in the Fund are subject to restrictions on withdrawal or redemption and should be considered illiquid. There is no secondary market for investors interests in the Fund and none is expected to develop.

 There are restrictions on transferring interests in the Fund.

 The investment managers incentive compensation, fees and expenses may offset the Funds trading and investment profits.

 The Fund is not required to provide periodic pricing or valuation information to investors with respect to individual investments.

 The Fund is not subject to the same regulatory requirements as mutual funds.

 A portion of the trades executed for the Fund may take place on foreign markets.

 The Fund is subject to conflicts of interest.

 The Fund is dependent on the services of certain key personnel, and, were certain or all of them to become unavailable, the Fund may prematurely terminate.

 The Funds managers will receive performance-based compensation. Such compensation may give such managers an incentive to make riskier investments than they otherwise would.

 The Fund may make investments in securities of issuers in emerging markets. Investment in emerging markets involve particular risks, such as less strict market regulation, increased likelihood of severe inflation, unstable currencies, war, expropriation of property, limitations on foreign investments, increased market volatility, less favourable or unstable tax provisions, illiquid markets and social and political upheaval.

The above summary risk factors do not purport to be a complete description of the relevant risks of an investment in shares in BHM and therefore reference should be had to BHMs Prospectus and related offering documentation for a complete description of these and other relevant risks.


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