The investment objective is to seek to generate consistent long-term capital appreciation through an investment policy of investing all of its assets (net of funds required for its short-term working capital requirements) in Brevan Howard Multi-Strategy Master Fund Limited (BHMS). BHMS has flexibility to invest in a wide range of instruments including, but not limited to, debt securities and obligations (which may be below investment grade), bank loans, listed and unlisted equities, other collective investment schemes or vehicles, currencies, commodities, futures, options, warrants, swaps and other derivative instruments.
The management fee payable under the Management Agreement is 1% p.a.. Performance fee equals to 20% of the appreciation in the NAV per share of that class during that calculation period which is above the base NAV per share of that class, with not less than 12 months written notice.
The Directors do not currently intend to declare any dividends. This does not prevent the Directors from declaring a dividend at any time in the future if the Directors consider payment of a dividend to be appropriate in the circumstances. If the Directors declare a dividend, such dividend will be paid on a per class basis.