BH CREDIT CATALYSTS LIMITED

  INTERIM MANAGEMENT STATEMENT
  FOR THE PERIOD FROM 1 JULY 2014 TO 14 NOVEMBER 2014

  YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT



BH CREDIT CATALYSTS LIMITED
INTERIM MANAGEMENT STATEMENT
                                         T +44 (0)20 7022 6250        www.brevanhoward.com

Overview   BH Credit Catalysts Limited ("BHCC" or the "Company") is a closed-ended
and        investment company, registered and incorporated in Guernsey on 19 October 2010
Objective  with an unlimited life (Registration Number: 52520). The manager of BHCC is
           Brevan Howard Capital Management LP ("BHCM").

           BHCC invests all of its assets (net of short-term working capital) in the
           ordinary shares of Brevan Howard Credit Catalysts Master Fund Limited (the
           "Fund"). The investment manager of the Fund is DW Investment Management, LP
           ("DWIM").

           BHCC was admitted to the Official List of the UK Listing Authority and to
           trading on the Main Market of the London Stock Exchange on 14 December 2010.

           This Interim Management Statement covers the period from 1 July 2014 to the
           date of its publication.



Company    The total net assets of BHCC are summarised as follows:
Size

                   30 September  30 June 2014    Change in Net   30 September 30 June 2014
                       2014                         Assets           2014
           Share                   Currency:                                  In Currency
           Class    Currency: USD     USD       30 June 2014 to   In Currency   of Class
                       (mm)           (mm)     30 September 2014   of Class       (mm)
                                                Currency: USD       (mm)
                                                     (mm)

            USD        51.8          54.9            -3.1            51.8         54.9
           Shares

            GBP       176.4          185.7           -9.3           108.8        108.6
           Shares

           Total      228.2          240.6           -12.4            -             -


           Source: Northern Trust International Fund Administration Services (Guernsey)
           Limited ("Northern Trust")

           Figures are rounded to one decimal place.

Share      The number of shares in issue in each share class of BHCC is summarised as
Capital    follows:

           Share Class 13 November 2014* 30 September 2014 30 June 2014

           USD Shares      3,023,926         3,763,806      3,942,710

           GBP Shares      8,333,377         7,879,093      7,773,327


           Source: Northern Trust

           * 13 November 2014 being the latest practicable date prior to the date of this
           Interim Management Statement.



Performance  The closing share price* of each share class of BHCC is summarised as
Review       follows:

               Share Class    13 November 2014** 30 September 2014 30 June 2014

             USD Shares (US$)       14.145            14.225          13.985

              GBP Shares (£)        14.035             14.12          14.10


             Source: Bloomberg

             The NAV per share* of each share class of BHCC is summarised as follows:

               Share Class    7 November 2014*** 30 September 2014 30 June 2014

             USD Shares (US$)       13.62              13.75          13.92

              GBP Shares (£)        13.67              13.81          13.97


             * NAV performance is provided for information purposes only. Shares in BHCC
             do not necessarily trade at a price equal to the prevailing NAV per Share.

             ** 13 November 2014 being the latest practicable date prior to the date of
             this Interim Management Statement.

             *** Estimated as at 7 November 2014, such date being the most recent date for
             which an estimated NAV for the Company has been published. The relevant final
             month-end NAVs may be materially different from these estimated weekly
             values, which should only be taken as indicative values provided for
             information only and no reliance should be placed on them. Estimated results,
             performance or achievements may differ materially from any actual results,
             performance or achievements.

             Source: BHCC's Net Asset Value per Share data is provided by BHCC's
             Administrator, Northern Trust, and is based on the Fund's Net Asset Value
             data provided by the Administrator of the Fund, International Fund Services
             (Ireland) Limited. BHCC's Net Asset Value data in this report is unaudited
             and net of all investment management fees (2% annual management fee and 20%
             performance fee) and all other fees and expenses payable by BHCC.

             PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

             Further details of monthly performance information and the outlook of the
             Fund and BHCC can be obtained from BHCC's Shareholder Reports, copies of
             which are to be found on BHCC's website: www.bhcreditcatalysts.com




Investment   The change in the investment profile* (by strategy) of the Fund is summarised
Profile      as follows (percentage of total VaR**):

                   Strategy       30 September 2014  30 June 2014
                                   % of total VaR   % of total VaR

             Corporate Performing        43%             42%

             Corporate Distressed        7%               7%

             Corporate Structured        12%              7%

                   MBS/ABS               38%             44%


             Source: DWIM

             * Investment profile is subject to change.Figures rounded to nearest whole
             number.

             ** Value-at-Risk ("VaR") is calculated by BHCM using a 95% confidence
             interval, one day time horizon and two years of historical data. Strategy
             level numbers are expressed as a percentage of the sum of individual strategy
             VaRs, which may not equal the Fund's overall total VaR due to diversification
             across strategies.

Material     Manager Arrangements
Events and
Transactions As announced on 7 October and 11 November 2014, BHCM and DWIM have sent
             papers to investors in the private feeder funds into the Fund regarding the
             proposed transfer of management of the Fund from BHCM to DWIM.  The transfer
             of the role of manager to DWIM is expected to take place on or before the
             beginning of 2015. Pursuant to the transfer, DWIM will assume risk management
             functions for the Fund as well as providing investor relations, legal and
             regulatory support. BHCM and its affiliates will provide certain other
             operational support services in respect of the Fund following the transfer,
             to ensure a smooth transition while DWIM further enhances its internal
             operational capabilities and processes. Following the proposed transfer of
             the management of the Fund, Brevan Howard will obtain an economic interest in
             DWIM, and DWIM will continue to manage capital on behalf of other Brevan
             Howard funds.

             The board of the Company is supportive of the proposed assumption by DWIM
             from BHCM of the wider management responsibilities of the Fund and also of
             the assumption by DWIM of management responsibilities in relation to the
             Company itself.

             The Company is in the process of finalising with DWIM the specific terms on
             which DWIM will act as manager of the Company and the Company will continue
             its investment exposure to the Fund.  It is anticipated that a meeting of the
             Company's shareholders will be held in December to approve changes to the
             Company's investment policy and name to facilitate the transfer of management
             and that a circular setting out the proposed changes will be sent to
             shareholders towards the end of November.



             Board Statement

             The board of directors of the Company is not aware of any other significant
             events or transactions that have occurred between 1 July 2014 and the
             publication date of this Interim Management Statement which would have a
             material impact on the financial position of the Company.



Enquiries    Northern Trust International Fund Administration Services (Guernsey) Limited
             Andrew Maiden +44 (0) 1481 745 368



Important Legal Information and Disclaimer

BH Credit Catalysts Limited ("BHCC") is a feeder fund investing in Brevan
Howard Credit Catalysts Master Fund Limited (the "Fund").  Brevan Howard
Capital Management LP ("BHCM") has supplied certain information herein
regarding BHCC's and the Fund's performance and outlook.

The material relating to BHCC and the Fund included in this report is provided
for information purposes only, does not constitute an invitation or offer to
subscribe for or purchase shares in BHCC or the Fund and is not intended to
constitute "marketing" of either BHCC or the Fund as such term is understood
for the purposes of the Alternative Investment Fund Managers Directive as it
has been implemented in states of the European Economic Area. This material is
not intended to provide a sufficient basis on which to make an investment
decision.

Any estimates may be subject to error and significant fluctuation, especially
during periods of high market volatility or disruption. Any estimates should be
taken as indicative values only and no reliance should be placed on them.
Estimated results, performance or achievements may materially differ from any
actual results, performance or achievements. Except as required by applicable
law, BHCC, the Fund and BHCM expressly disclaim any obligations to update or
revise such estimates to reflect any change in expectations, new information,
subsequent events or otherwise.

Tax treatment depends on the individual circumstances of each investor in BHCC
and may be subject to change in the future. Returns may increase or decrease as
a result of currency fluctuations.

You should note that, if you invest in BHCC, your capital will be at risk and
you may therefore lose some or all of any amount that you choose to invest.
This material is not intended to constitute, and should not be construed as,
investment advice.  All investments are subject to risk. You are advised to
seek expert legal, financial, tax and other professional advice before making
any investment decisions.


THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP.  YOU MAY NOT GET BACK THE
AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT.  PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS

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