TIDMBBTU TIDMBBTS
RNS Number : 4892F
BlueCrest BlueTrend Limited
25 April 2014
ABOUT THE COMPANY
BlueCrest BlueTrend Limited (the "Company") was incorporated in
Guernsey on 10 February 2012 as a non-cellular company limited by
shares under the Companies (Guernsey) Law, 2008, as amended, with
registration number 54646. The Company currently has two classes of
shares in issue, being Sterling Shares and US$ Shares (together the
"Shares").
All Shares in issue have been admitted to trading on the main
market of the London Stock Exchange and are listed on the Official
List.
The Company offers a monthly conversion facility as at the first
business day of each calendar month ("Conversion Day"). The
directors have the discretion not to operate the conversion
facility with respect to any share class or across all share
classes from time to time. Where the conversion facility is made
available, shareholders shall be entitled to convert their ordinary
shares in any class for ordinary shares in another class as at a
Conversion Day.
The Company was launched on 23 March 2012. As at 31 December
2013 the Company had in issue a total of 104,641,389 Sterling
Shares and 92,039,989 US$ Shares. The Company undertook a placing
of Sterling C Shares on 23 July 2012, raising approximately GBP4
million. The Sterling C Shares were converted to Sterling Shares on
14 August 2012 and a further 1,200,000 new US$ Shares were issued
on 25 July 2013.
As at 22 April 2014, the last practicable date prior to the
publication of this report, the Company's total issued share
capital consisted of 165,105,849 Ordinary Shares with voting
rights. The total number of Sterling shares in issue (excluding
treasury shares) is 95,491,996 and the total number of US$ Shares
in issue (excluding treasury shares) is 69,613,853.
Investment Objective and Policy
The Company's investment objective is to seek to achieve long
term appreciation in the value of its assets.
The Company is a feeder fund and pursues its investment
objective by principally investing its assets in BlueTrend Fund
Limited ("BlueTrend Fund") which in turn invests into the market
through an investment in BlueTrend Master Fund Limited ("BlueTrend
Master Fund"). The Company is permitted to retain up to 19.9 per
cent of its total assets in cash or cash equivalents for working
capital purposes and to enable it to fund its discount management
policy.
Notwithstanding the retention of assets in cash or cash
equivalents, it is the intention of the Company to maintain a
substantially similar economic exposure to that which would be
achieved by investing 100 per cent of its available net assets in
BlueTrend Fund. The Company seeks to maintain such a substantially
similar economic exposure by investing an amount broadly equivalent
to its total assets held in cash or cash equivalents (up to 19.9
per cent of its total assets) in BlueTrend 2x Leveraged Fund
Limited ("BlueTrend Leveraged Fund") which in turn invests into the
market through an investment in BlueTrend 2x Leveraged Master Fund
Limited ("BlueTrend Leveraged Master Fund").
BlueTrend Leveraged Master Fund has a substantially similar
investment strategy to BlueTrend Master Fund, save for the fact its
aggregate investment exposure is approximately twice that of
BlueTrend Master Fund (based on an investment of an equal amount in
each of BlueTrend Master Fund and BlueTrend Leveraged Master Fund
(together the "Master Funds")). BlueTrend Leveraged Master Fund may
not always be invested in an identical investment portfolio to that
of BlueTrend Master Fund, which may result in differing investment
returns for the Company compared to a 100 per cent investment in
BlueTrend Fund. In addition, BlueTrend Leveraged Master Fund and
BlueTrend Leveraged Fund incur different ongoing costs and expenses
to those incurred by BlueTrend Master Fund and BlueTrend Fund.
BlueTrend Fund Limited
BlueTrend Fund was incorporated with limited liability in the
Cayman Islands on 16 March 2004 as an exempted company under the
provisions of the Companies Law (2011 Revision) of the Cayman
Islands. It is organised as a feeder fund. All assets of BlueTrend
Fund (to the extent not retained in cash) are invested in the
ordinary shares of BlueTrend Master Fund, a fund incorporated in
the Cayman Islands. Investors in the Company are therefore offered
an opportunity to participate indirectly in BlueTrend Master Fund's
investment portfolio.
The principal investment objective of BlueTrend Master Fund is
to seek to achieve long-term appreciation in the value of its
assets. BlueTrend Master Fund seeks to achieve its investment
objective through the implementation of a systematic trading model
or portfolio of systematic trading models. Such model(s) trade in a
number of debt, equity, foreign exchange and commodity instruments,
and derivatives relating to those instruments, including swaps,
indices, forwards, futures and option contracts.
BlueTrend Master Fund has maximum flexibility to invest in a
wide range of instruments, including listed and unlisted equities,
debt securities (which may be below investment grade), other
collective investment schemes (which may be open-ended or
closed-ended, listed or unlisted and which may employ leverage),
currencies, futures, options, warrants, swaps and other derivative
instruments. Derivative instruments may be exchange-traded or
over-the-counter. BlueTrend Master Fund may engage in short sales.
BlueTrend Master Fund may also retain amounts in cash or cash
equivalents, including money market and similar funds pending
reinvestment or if this is considered appropriate to the investment
objective.
Borrowing and Leverage
The Company will not borrow or incur leverage for investment
purposes. However the Company may borrow for short term purposes.
The maximum leverage of the Company shall be limited to 20 per cent
of the Company's gross assets at the time of drawdown. For the
purposes of calculating the Company's leverage, an amount equal to
the gross assets of the Company invested in BlueTrend Leveraged
Fund at the time of calculation shall be included, net of any cash
held by BlueTrend Fund and BlueTrend Leveraged Fund.
The Master Funds may employ borrowing and/or leverage for a
variety of purposes including for managing liquidity, making
investments, hedging exposure to market and credit risk, and/or
implementing the investment objective and approach. The Master
Funds have not imposed any restrictions on the extent to which
borrowing or leverage may be employed. The Master Funds may
undertake direct borrowing or leverage including, but not limited
to, through the use of securities margin, futures margin, margined
option premiums, repurchase agreements, bank or dealer credit lines
or the notional principal amounts of swap transactions. The Master
Fund may obtain leverage from Trading Counterparties. The Company
does not currently use leverage or have any collateral or re-use
arrangements, but may do so in the future.
Indirect Investments
Although the Master Fund generally makes direct investments, the
Master Fund may invest through one or more wholly-owned or
partially-owned subsidiaries or other vehicles (each an "Investment
Vehicle") in circumstances where the Directors of the Master Fund
consider that this would be commercially advantageous and/or
efficient and/or provide an appropriate means of access to the
relevant instrument or strategy. The Master Fund may structure its
economic interest in any Investment Vehicle through a variety of
means, including without limitation by holding equity interests,
debt instruments (including debt instruments secured on the assets
of the relevant Investment Vehicle) or derivatives, or a
combination thereof.
BlueCrest Capital Management LLP ("BlueCrest")
BlueCrest has been appointed as the investment manager of
BlueTrend Fund Limited. BlueCrest is an English limited liability
partnership incorporated on 11 August 2008 with number OC339259 and
registered office at 40 Grosvenor Place, London SW1X 7AW acting
solely through its office in Guernsey located at BlueCrest House,
Glategny Esplanade, St Peter Port, Guernsey GY1 1WR.
BlueCrest is licensed and regulated by the Guernsey Financial
Services Commission (the "GFSC") and registered as an investment
adviser with the United States Securities and Exchange Commission
under the United States Investment Advisers Act of 1940.
Currency Risk Management
The Directors do not intend that the Company will carry out any
currency hedging arrangements.
The base currency of BlueTrend Fund and BlueTrend Leveraged Fund
(the "Feeder Funds") and the Master Funds is US Dollars.
Accordingly, the administrator of the Feeder Funds may seek to
hedge the foreign exchange exposure of the assets of the Master
Funds attributable to the Sterling denominated shares of the Feeder
Funds in order to neutralise, so far as possible, the impact of
fluctuations in the Sterling/US Dollar exchange rates.
Dividend Policy
The investment objective of the Company is directed towards
long-term capital appreciation. Accordingly, it is not envisaged
that any dividends will be paid by the Company. This does not
however preclude the Directors from declaring a dividend at any
time in the future subject always to the relevant terms of the
Articles and the relevant provisions of the Companies (Guernsey)
Law, 2008 (the "Law").
Discount management provisions
Share repurchases
The Directors may implement a Share buyback programme, subject
to sufficient portfolio liquidity, to buy back Shares in the market
if they trade at a discount of two per cent or more to the latest
published Net Asset Value ("NAV"). The price at which Shares are
repurchased may be at a wider discount than two per cent to the
latest published NAV to reflect market volatility.
Grafico Azioni Bluecrest BL $ (LSE:BBTU)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Bluecrest BL $ (LSE:BBTU)
Storico
Da Giu 2023 a Giu 2024
