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.

1

  1. 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

  1. 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.

2

  1. 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.

3

IV.

BGHL TRACK RECORD†

BGHL Track Record - Historical NAV Returns Summary (Net of Fees)

  • Estimated numbers, net of fees. The data is not audited.

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

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