20th Aug 2020 15:47
(Alliance News) - BH Global Ltd on Thursday said its first half was a period of "exceptional absolute and relative performance".
At June 30, the US dollar NAV per share stood at USD18.91 versus USD16.48 at December 31 - representing a 15% rise.
The sterling shares ended the first half at GBP18.45 compared to GBP16.11 six months earlier - which is a 15% jump.
BH Global noted the first half was its strongest performance since it was launched in 2008.
"An altogether exceptional half year for NAV performance during a period of financial market turbulence and one that demonstrates that, whilst BH Global is a low volatility, structurally uncorrelated vehicle with assets spread over multiple trading strategies, it can also deliver substantial performance with tight risk controls in favourable conditions," Chair Michael Bunbury said.
The investment manager, Brevan Howard Capital Management, added: "The period was characterised by significant moves in price and volatility across most asset classes. In the first quarter Brevan Howard Multi-Strategy Master Fund generated the majority of its returns in interest rate trading across directional, volatility and relative value trading strategies in a range of different markets. Towards the end of the first quarter and during the second quarter BHMS made money predominantly from credit markets but also, equities and commodities. BHMS also saw a modest loss in the second quarter as a result of the performance of rates and difficult FX markets.
"With regard to the returns of the underlying fund allocations, all of the underlying funds and the Single Manager Portfolio contributed positively to performance over the first half of 2020. Brevan Howard Master Fund was the main positive contributor on the back of solid gains within interest rates trading. The SMP and Brevan Howard Global Volatility also contributed notable gains to the overall performance."
Sterling shares were flat Thursday at 1,855.00 pence, while the US dollar were also flat at USD18.00.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.