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BGHL’s investment policy

BGHL invests its assets in order to deliver an exposure to multiple alternative investment strategies.

The Investment Manager is responsible for the day-to-day management of BGHL's investments. BGHL seeks to achieve its investment objective by investing the proceeds of any fund raising, net of any amounts retained to be used for working capital requirements, into BGF. BGF in turn invests in the Master Fund and, by utilising its borrowing powers, makes leveraged investments.

Over time, a proportion of the net assets of BGHL may, at the discretion of the Investment Manager, be invested in other hedge funds and/or other financial assets within the limits set out under the heading "Asset Allocation" below and subject to the limit on the leverage set out under the heading "Gearing" below, provided that, where such hedge funds are managed by the Investment Manager, BGHL will invest through a share class which will not be subject to management or performance fees at the level of the underlying hedge fund.

The Investment Manager may use BGHL’s borrowing facilities at its discretion within the limits set out under the heading "Asset Allocation" below. The Investment Manager’s ability to use borrowings is subject to the limit on leverage set out under the heading "Gearing" below. Such investments may include the acquisition of minority or majority interests in unlisted companies or listed companies ("Direct Investments"). The Investment Manager may also make private equity investments through investing in funds that have a private equity investment focus ("Indirect Private Equity Investments").

With the possible application of leverage and when taken with the returns achieved from BGF, investments other than the investment in BGF as described above are intended to allow BGHL to achieve an attractive return. BGHL’s investments in assets other than BGF are expected to consist of investment opportunities that are identified by the Investment Manager in connection with its, and its affiliates, current activities but which are not pursued by BGF due to risk profiles or liquidity profiles inconsistent with those of BGF.

Gearing

BGHL uses its borrowing facilities to allow it to have a gross investment exposure of up to 200 percent of its NAV at the time of investment. BGHL has power under its Articles of Incorporation to borrow up to an amount equal to 100 percent of its NAV as at the time of borrowing. Leverage is used by BGHL for the purposes of (i) managing day to day cash flow, i.e. for meeting expenses of BGHL and for funding repurchases of its own shares and (ii) leveraging investments made by BGHL, including its investment in BGF or in other hedge funds managed by the Investment Manager (hereafter, “Manager Funds”), always in compliance with the exposure limitations set out under the heading “Asset Allocation” below.

Asset Allocation

Investments in Manager Funds
Substantially all of the net assets of BGHL are currently invested in BGF and it is anticipated that a significant proportion of BGHL’s net assets will remain invested in BGF. Over time, no less than 80 percent of the NAV and no more than 110 percent of the NAV will be invested in Manager Funds, with at least 80 per cent of the NAV invested in BGF.

Investments in assets other than Manager Funds
In relation to those investments in assets other than Manager Funds, the Directors have determined that such investments shall not exceed certain limits, namely:

  • Other Hedge fund investments. The Directors have determined that BGHL’s investments in hedge funds (other than Manager Funds) when aggregated may not exceed an amount equal to 25 percent of its NAV at the time of making any such investment.

  • Indirect Private Equity Investments. The aggregate value of Indirect Private Equity Investments may not exceed an amount equal to 25 percent of BGHL’s NAV at the time of making any such investment. In addition, BGHL will not make any single Private Equity Investment representing in excess of an amount equal to 10 percent of its NAV as at the time that investment is made. Private Equity Investments made in linked transactions will be aggregated for the purposes of this calculation.

  • Other Investments (Direct Investments). The aggregate value of Direct Investments may not exceed an amount equal to 50 percent of BGHL’s NAV at the time of making any such investment.
board of directors

Board of directors

Andrew Howat | Andrew Henton | Sylvie Sauton

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contacts

contacts

For Investors and Shareholders:
Emmanuel Gavaudan I Tel: +44 (0)20 3751 5400

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Boussard & Gavaudan Holding Limited (the "Company") is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht).

The Company, as issuer, is publishing this information pursuant to Article 21 of the EU Prospectus Regulation and FCA Rules PRR 3.2. The information contained in this website does not constitute a financial promotion, an offer of, or the solicitation of an offer to buy or subscribe for, ordinary shares of the Company (the "Securities") in the United States or to any person in any other jurisdiction to whom or in which such offer or solicitation is unlawful and, in particular, is not for distribution in Australia, Canada, Denmark, Japan, Italy or the United States.

The Company has not been and will not be registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). Any offer and sale of the Securities has not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of Australia, Canada, Denmark, Japan, Italy, the United States or any state thereof or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, Denmark, Japan, Italy or the United States and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, such registration requirements and under circumstances which will not require the Company to register under the Investment Company Act. No offering of Securities of the Company is being made in the United States. In addition, any person who (i) is a US person (as defined in Regulation S of the Securities Act) or (ii) is not a Non-United States person (as defined in the Commodity Futures Trading Commission Rule 4.7(a)(1)(iv)) is prohibited from purchasing the shares at any time, including on the secondary market, unless such person is a qualified purchaser (within the meaning of Section 3(c)(7) of the Investment Company Act). No public offering of Securities will be made in the United States. Any Securities offered and sold outside the United States are being offered in reliance on Regulation S under the Securities Act.

Neither the information contained in this website nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever in any jurisdiction.

All investments are subject to risk. Past performance is no guarantee of future returns. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. The price of investments and the income may fall as well as rise and investors may not get back the full amount invested.

The price of the Shares will be determined by supply and demand in the market as well as NAV per Share. The market price of the Shares is therefore likely to fluctuate and may represent either a premium or discount to NAV per Share.
no guarantee of future results.