Interim Management Statement

Boussard & Gavaudan Holding Limited
A closed-ended investment company incorporated with limited liability under the laws of Guernsey, with registration number 45582.

Interim Management Statement
For the Quarter ended 31 March 2020

I.              Principal Activities

Boussard & Gavaudan Holding Limited (“BGHL” or “the Company”), a closed-ended investment company incorporated under the laws of Guernsey, announces its interim management statement for the period from
1 January to 31 March 2020 (“the period”).

The Company is registered with the Dutch Authority for Financial Markets and is listed on the NYSE Euronext Amsterdam, and the London Stock Exchange.

During the period, BGHL has invested indirectly in BG Master Fund ICAV (“BG Fund” or “the Fund”), a Europe-focused multi-strategy hedge fund established in Ireland and authorised by the Central Bank as a Qualified Investor Fund (QIF), through a dedicated share class of the feeder fund, BG Umbrella Fund Plc. The Fund aims primarily at arbitraging instruments with linear or non-linear pay-offs on equities and credit markets. The overall investment objective of the Fund is to provide investors with consistent absolute returns, primarily through investing and trading in financial instruments of companies incorporated in, or whose principal operations are in, Europe.

In addition, a proportion of the net assets of BGHL may be invested in other hedge funds and/or other financial assets.

Boussard & Gavaudan Investment Management LLP (“BGIM” or “the Investment Manager”) is the Investment Manager for both the Company and the Fund.

II.            Highlights

		31-Mar-20	31-Dec-19
Assets under management (€m)		316	349
Market capitalisation (€m)		215	274
Shares outstanding		14,797,211	15,203,220

	NAV per Share		Share price*		Discount to NAV
	€ shares	£ shares	€ shares	£ shares	€ shares	£ shares
31-Mar-20	€ 21.34	£19.01	€ 14.60	£11.50	-31.59%	-39.50%
31-Dec-19	€ 22.90	£20.64	€ 18.00	£15.60	-21.40%	-24.41%
Performance	-6.80%	-7.88%	-18.89%	-26.28%

* Amsterdam (AEX) market close for the Euro Share and London (LSE) market close for the Sterling share