MONTHLY NEWSLETTER DECEMBER 2020 | BGHL NA € 25.94 |
Estimated NAV BGHS LN £ 22.78 | |
OVERVIEW
Estimated AUM €358m
Firm AUM €2.5bn
Share price €20.20 (discount to NAV: 22%)
NAV PERFORMANCE
BGHL is a closed-ended investment company which invests in BG Fund, Boussard & Gavaudan's flagship fund with 17 years of track record.
BGHL's investment objective is to deliver an annual return, net of fees, of 400 to 600 basis points above the risk-free rate over the business cycle, irrespective of market performance. The risk-free rate is "capitalized EONIA".
BG Fund is driven by bottom-up fundamental and event catalyst research, combined with extensive multi-asset arbitrage and derivative expertise. Typically, investment ideas are catalyst driven with a focus on special situations and events.
Capital is dynamically allocated to the firm's best ideas and these ideas are categorized into four main types of strategies: Equity, Volatility, Credit and Trading strategies.
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
2020 | 1.12% | 2.55% | -10.12% | 4.98% | 1.41% | 1.70% | 1.25% | -0.25% | 1.93% | 1.45% | 4.37% | 3.01%* | 13.30%* |
2019 | -0.41% | -0.58% | 1.04% | -0.76% | 0.59% | 0.95% | 1.92% | 1.57% | -1.66% | -0.54% | 0.79% | 1.14% | 4.07% |
2018 | 0.70% | 1.34% | -0.60% | -0.58% | 0.03% | -0.25% | -2.92% | 0.18% | 0.49% | -2.35% | -1.40% | -0.88% | -6.15% |
2017 | 0.59% | 1.55% | 0.08% | 3.78% | 1.16% | -0.07% | 0.43% | -0.11% | -0.52% | -0.13% | -1.16% | 0.22% | 5.87% |
2016 | 0.48% | 2.02% | 1.18% | 0.70% | 1.68% | -0.59% | 0.78% | 0.47% | -0.01% | -1.08% | 0.09% | 1.32% | 7.22% |
2015 | 2.96% | 1.15% | -0.36% | 1.12% | 2.06% | -1.92% | 3.56% | 0.87% | -1.47% | 0.80% | 4.80% | 1.25% | 15.65% |
2014 | 2.81% | -0.01% | -0.74% 1.62% | 1.53% | -0.58% | 0.08% | 0.52% | -1.08% | -0.93% | 3.16% | 0.37% | 6.85% | |
2013 | 0.89% | 0.74% | -0.59% | 0.24% | 1.27% | 0.83% | 0.96% | 0.47% | 1.07% | 1.57% | 2.28% | 3.14% | 13.60% |
2012 | 3.90% | 2.01% | -0.16% | 0.54% | -0.61% | -0.32% | 0.12% | 1.29% | 0.04% | 0.83% | 0.42% | 1.08% | 9.45% |
2011 | 0.71% | 0.57% | 2.16% | 0.01% | -0.05% | -0.85% | -0.80% | -0.20% | -2.17% | 2.49% | -3.92% | -0.39% | -2.58% |
2010 | 1.35% | 0.59% | 1.62% | 0.81% | -1.10% | 1.00% | 2.11% | -0.32% | 0.79% | 2.11% | 0.04% | 1.97% | 11.49% |
2009 | 3.34% | -0.17% | 1.20% | 5.01% | 4.17% | 0.92% | 1.91% | 2.63% | 2.92% | 1.47% | 0.30% | 0.69% | 27.15% |
2008 | -2.10% | -0.01% | -2.32% | 0.78% | 1.29% | -2.98% | -1.19% | 0.32% | -10.49% | 1.67% | 1.55% | 1.09% | -12.30% |
2007 | 3.13% | 1.45% | 4.68% | 0.73% | 1.38% | -2.27% | 0.85% | -2.21% | -0.32% | 1.82% | -2.16% | -1.38% | 5.56% |
2006 | - | - | - | - | - | - | - | - | - | - | 2.27% | 2.82% | 5.15% |
Annualized Performance +6.96%* since inception
Annualized Volatility 5.22%* since inception
Sharpe Ratio
1.21* since inception
Beta to Euro Stoxx 50® (Total Return)
0.04* since inception
*Performance displayed is for EUR share class net of fees with income reinvested. Performance data is estimated and unaudited.
PERFORMANCE REVIEW
BGHL and BG Fund ended the month up +3.01% (EUR share class) and +2.83% (USD A share class) respectively vs Euro Stoxx 50® Total Return (+1.77%).
BG Fund Capital Allocation
BG Fund Performance
Attribution
Equity Strategies | Equity Strategies | Credit Strategies | Volatility Strategies | Trading Strategies | |
Special Situations | Catalyst & Value | ||||
27% | 35% | 18% | 12% | 7% | |
Dec 2020 | 1.23% | -0.16% | 0.18% | 0.99% | 0.59% |
Year-to-date | 6.08% | -2.35% | 0.45% | 4.06% | 4.33% |
CORPORATE UPDATE
Since the restart of the share buyback program on 17 December 2019, the firm has bought back 1,715,966 shares. The current number of shares outstanding excluding treasury shares for both the EUR and GBP share classes is 13,787,763.
CONTACT
François-Xavier Baud + 44 20 3751 5395 ✉fx.baud@bgam-uk.com
Risk warning: Past performance is no guide to future performance. The value of holdings may fall as well as rise and investors may not get back their initial investment. Performance displayed is for the EUR share class net of fees with income reinvested and is calculated on a NAV to NAV basis. Performance data is estimated and unaudited. All figures are correct as of 31st December 2020 unless otherwise stated.
Source: Bloomberg, Boussard & Gavaudan.
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- COMPANY INFORMATION
General information
Investment manager | Boussard & Gavaudan Investment Management LLP |
Company domicile | Guernsey |
Website | www.bgholdingltd.com |
Management fee | 1.5% p.a. |
Performance fee | 20% with HWM |
SEDOL | ISIN | Reuters | Bloomberg | |||||||||||||
EUR Euronext | B1FQG45 | GG00B1FQG453 | BGHL.AS | BGHL NA | ||||||||||||
EUR LSE | B28ZZQ1 | GG00B1FQG453 | BGHL.L | BGHL LN | ||||||||||||
GBX LSE | B39VMM0 | GG00B39VMM07 | BGHS.L | BGHS LN | ||||||||||||
GBX Euronext | B39VMM1 | GG00B39VMM07 | BGHS.AS | BGHS NA | ||||||||||||
- OVERVIEW
Boussard & Gavaudan Holding Limited ("BGHL") is a Guernsey closed-ended investment company and is registered with the Dutch Authority for the Financial Markets as a collective investment scheme under article 1:107 of the Dutch Financial Markets Supervision Act. BGHL invests its assets in order to provide exposure to multiple alternative investment strategies managed by the Investment Manager. The investment objective is to produce long-term appreciation of its assets. BGHL seeks to achieve this by investing in BG Fund ("the Fund"). In addition, a proportion of the net assets of BGHL may, at the discretion of the Investment Manager, be invested in other hedge funds and financial assets selected by the Investment Manager. BGHL aims to generate a target NAV annualized return of Eonia capitalized + 400/600 bps over the business cycle, net of all fees.
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- SHARE INFORMATION as of 31 December 2020
Net Asset Value (NAV) | Euro share | Sterling share |
Estimated NAV* | € 25.9444 | £22.7764 |
Estimated month to date return* | 3.01% | 2.59% |
Estimated year to date return* | 13.30% | 10.37% |
Estimated inception to date return* | 159.44% | 127.76% |
Market information | Amsterdam (AEX) | London (LSE) |
EUR share Market close | € 20.20 | - |
EUR share Premium / discount to estimated NAV | -22.14% | - |
Sterling share Market close | - | £18.00 |
Sterling share Premium / discount to estimated NAV | - | -20.97% |
Transactions in own securities purchased into treasury | Euro share | Sterling share |
Number of shares | 286,434 | - |
Average Price | € 19.00 | - |
Range of Price | - | - |
Ordinary Shares | Euro share | Sterling share |
Shares issued | 13,779,703 | 294,494 |
Shares held in treasury | 286,434 | 0 |
Shares outstanding | 13,493,269 | 294,494 |
Total value of the investments of BGHL based on the estimated NAV for the shares outstanding
Market capitalisation of BGHL based on the share price for the shares outstanding Amsterdam (AEX) market close for the Euro Share and London (LSE) market close for the Sterling share
BGHL
- 358 million
- 278 million
*
- Estimated numbers, net of fees. The data is not audited.
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IV. | BGHL TRACK RECORD† |
BGHL Track Record - Historical NAV Returns Summary (Net of Fees)
- Estimated numbers, net of fees. The data is not audited.
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Disclaimer
Boussard & Gavaudan Holding Limited published this content on 08 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 January 2021 09:23:06 UTC