Over the course of 2014 BlueCrest BlueTrend’s net asset value rose by 16.4%. At the end of the year the shares traded on a 3.5% discount. they bought back 30m Sterling shares and got rid of the US dollar share class as investors exited it.
The Chairman’s statement says that the strongest performance came in Q2 and Q4 of 2014. The managers add slightly more colour by telling us that the largest contributors to performance in the period under review and in each individual quarter were the fixed income markets, as global bond yields went lower. They also say that, in addition to fixed income, strong trends emerged in FX (which the program captured) and Energies (where the program had less success). The top contributing contracts in the year were a long position in the Italian 10-year bond future as well as Japanese Government Bond (JGB) futures. Other notable contributors included EUR-USD as well as USD-JPY. The Brent Crude contract was also a significant contributor to the program’s returns.
BBTS : BlueCrest BlueTrend benefits from yield contraction