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Home›Discount basis›Boussard & Gavaudan: BGHL – Newsletter May 2022 – Short version

Boussard & Gavaudan: BGHL – Newsletter May 2022 – Short version

By Paul Gonzalez
June 13, 2022
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MONTHLY NEWS MAY 2022

BGHL NA 28,47 €

Estimated NAV BGHS LN 24,76 €

OVERVIEW

Estimated AUM €354m

Assets under firm management €2.6 billion

Share price €22.60 (discount on NAV: 21%)

NAV PERFORMANCE

BGHL is a closed-end investment company investing in BG Fund, Boussard & Gavaudan’s flagship fund with 18 years of experience.

BGHL’s investment objective is to provide an annual return, net of fees, of 400 to 600 basis points above the risk-free rate over the economic cycle, regardless of market performance. The risk-free rate is “the composite index of euro short-term rates”.

BG Fund relies on bottom-up fundamental and catalytic event research, combined with extensive expertise in multi-asset arbitrage and derivatives. Typically, investment ideas are catalyst driven and focus on particular situations and events.

Capital is dynamically allocated to the company’s best ideas and these ideas are categorized into four main types of strategies: equity, volatility, credit and trading strategies.

Annualized performance +6.94%* since creation

Annualized volatility 5.31%* since creation

Sharpe report

1.21* since creation

Beta at Euro Stoxx 50® (total return)

0.04* since creation

*The performance shown is for the share class in EUR net of fees with income reinvested. Performance data is estimated and unaudited.

PERFORMANCE REVIEW

BGHL and BG Fund ended the month down -1.26% (EUR share class) and -1.16% (USD A share class) respectively against the Euro Stoxx 50® Total Return ( +0.87%).

BG fund capital allocation

BG fund performance

Award

Equity strategies

Equity strategies

Credit strategies

Volatility Strategies

Business strategies

Special situations

Catalyst and value

26%

15%

20%

21%

18%

-0.09%

0.19%

-0.06%

-0.34%

-0.85%

-2.86%

-0.13%

0.02%

0.15%

0.70%

CORPORATE UPDATE

Since the restart of the share buyback program on December 17, 2019, the company has repurchased 3,609,939 shares. The current number of outstanding shares excluding treasury shares for the EUR and GBP share classes is 12,446,842.

CONTACTS

Emmanuel Gavaudan +44 20 3751 5389 ✉[email protected]

Francois-Xavier Baud + 33 1 4490 3947 ✉[email protected]

Benjamin Sturge + 44 20 3751 5417 ✉[email protected]

Robin Lowe +1 212 837 2302 ✉[email protected]

Risk Warning: Past performance is no guarantee of future performance. The value of assets can go down as well as up and investors may not get back their initial investment. The performances displayed relate to the EUR share class net of fees with income reinvested and are calculated on a NAV to NAV basis. Performance data is estimated and unaudited. All numbers are correct to 30e April 2022 unless otherwise stated.

Source: Bloomberg, Boussard & Gavaudan.

STRONG POINTS

Stock markets around the world saw major swings up and down in May, but saw a final rally at the end of the month. The Euro Stoxx 50® Total Return ended in slightly positive territory +0.9% and the S&P 500® ended up +0.20%. Meanwhile, credit markets widened slightly, with the iTraxx Crossover® (S37) rising from 428 basis points to 437 basis points at the end of April, while the market’s implied volatility measure VStoxx® fell to 25.3% versus 30.8%.

Important Information

The Company is established as a closed-end investment company domiciled in Guernsey. The Company has received the necessary approval from the Guernsey Financial Services Commission and the Guernsey States Policy Council. The Company is registered with the Dutch Financial Markets Authority as a collective investment scheme in accordance with article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht) . The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also officially listed with the UK Listing Authority and admitted to trading on the main market of the London Stock Exchange plc for listed securities.

This is not an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. This announcement is not intended to and does not constitute or form part of an offer or invitation to purchase securities or the solicitation of any vote or approval in any jurisdiction, and it does not Nor will there be any sale, issue or transfer of the securities mentioned in this announcement in any jurisdiction in violation of applicable law.

Neither the Company nor BG Fund has been and will be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). Further, the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the “Securities Act”). Accordingly, such securities may not be offered, sold or otherwise transferred in the United States or to, or for the account or benefit of, United States persons, except in accordance with the Securities Act or an exemption therefrom and in circumstances which will not require the issuer of such securities to register under the Investment Companies Act. No public offering of securities will be made in the United States.

You should always keep in mind that:

  • all investments are subject to risk;
  • past performance is not a reliable indicator of future results;
  • BGHL’s investment performance can go down as well as up. You may not get back all of your initial investment; and
  • if in doubt about the content of this communication or if you are considering making an investment decision, you are advised to seek the advice of a financial expert.
  • any reference to individual investments in this document should not be considered a recommendation to buy or sell.

This communication is for informational purposes only and the information contained in this communication should not be considered a substitute for financial or other professional advice.

VC.44053.15920.IK

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Disclaimer

Boussard & Gavaudan Holding Limited published this content on June 13, 2022 and is solely responsible for the information contained therein. Distributed by Audienceunedited and unmodified, on Jun 13, 2022 06:22:08 UTC.

Public now 2022

All news from BOUSSARD & GAVAUDAN HOLDING LIMITED

Sales 2021 51.5 million
54.2 million
54.2 million
Net income 2021 35.1 million
36.9 million
36.9 million
Net cash 2021 377M
397M
397M
PER 2021 ratio 8.53x
2021 performance –
Capitalization 294M
309M
309M
EV / Sales 2020 -1.86x
EV / Sales 2021 -1.66x
# of employees –
Floating 79.7%

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