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Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, certain risks, costs, and potential gains and losses of this product and to help you compare it with other products.
Product
Highbridge Tactical Credit Fund Limited (“The Company”) Ordinary Shares – GB00B13YVW48 Contact details for JPMorgan Funds Limited are included at www.jpmam.co.uk/investmenttrust Call the J.P. Morgan Asset Management Client Administration Centre on 0800 20 40 20 for more information or alternatively you can write to J.P. Morgan Asset Management Client Administration Centre, PO Box 12272, Chelmsford, CM99 2EL JPMorgan Funds Limited (“The Manager”) as the manufacturer of The Company, is authorised in the UK and regulated by the Financial Conduct Authority (FCA). This product (the “Company”) is not simple and may be difficult to understand. The Company is in a managed wind down in accordance with Article 138. THIS DOCUMENT WAS PRODUCED ON 30 DECEMBER 2022
What is this product
Type This product is an investment company located in Guernsey and traded on the main market of the London Stock Exchange. Objectives On 17 September 2019, the Board received Shareholder approval for a new investment policy to seek to provide positive returns with low volatility by investing predominantly in Highbridge Tactical Credit Master Fund, L.P. through one of its feeder funds. Since the EGM held on 18 December 2020, the Company has been in a managed wind down in accordance with Article 138 and has returned most of its capital to investors. The Company has redeemed its interests in Highbridge Tactical Credit Master Fund, L.P. and holds only creditor interests in liquidating AllBlue Funds. The return for investors will typically be determined by reference to distributions paid and the price at which the shares in the Company can be sold on the market.
Intended retail investor This product is offered to experienced, professional and professionally advised investors, who can withstand the loss of up to 100% of their investment and understand the risks associated with winding down an illiquid investment portfolio with contingent assets and liabilities. However, in normal market conditions, you can realise your investment by selling it on the London Stock Exchange. Typically, at any given time, on any given day, the price you pay for a share may be higher than the price at which you could sell it. The price, discount and net asset value are available on the Company’s website https://am.jpmorgan.com/gb/ en/asset-management/per/products/highbridge-tactical-credit-fund limited-gg00bmf0j347 . Investors should understand the risks involved, including the risk of losing all capital invested, and must evaluate the Company’s objective and risks in terms of whether they are consistent with their own investment goals and risk tolerances. Shares in the Company are not intended as a complete investment plan. There is no maturity date and liquidity generally depends upon buyers and sellers in the secondary market. As the size of the Company reduces, the level of secondary market liquidity is likely to decrease correspondingly.
What are the risks and what could I get in return?
Risks Lower risk Higher risk
1 2 3 4 5 6 7
! The risk indicator assumes you keep the product for 5 year(s).
The risk indicator assumes you keep the product for 5 years. The actual risk can vary significantly if you cash in at an early stage and you may get back less. You may have to pay significant extra costs to cash in early. You may not be able to sell the product easily or you may have to sell at a price that significantly impacts how much you get back.
The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. We have classified this product as 7 out of 7, which is a high-risk class. This figure rates the likelihood of losing money in the future, based on historic prices, as having a high-level risk. Past performance is not necessarily indicative of future results. This product does not include any protection from future market performance, so you could lose some or all of your investment. The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. If the Company is not able to pay you, you could lose your entire investment. The following are some of the other risks materially relevant to the PRIIP which are not considered in the summary risk indicator: The risks of unwinding a concentrated portfolio of illiquid investments with contingent assets and liabilities that have the potential to cause substantial movements in the Company’s net asset value. See the Annual Report for the Company as cited in the section “Other Relevant Information” below.
All data is sourced by J.P. Morgan Asset Management and is correct as at the date of this commentary unless otherwise stated.
Page 1/3
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Page 3/3 | Key Information Document | 30 December 2022 Highbridge Tactical Credit Fund Limited Ordinary Shares (GB00B13YVW48)
© 2023 Highbridge Capital Management, LLC.
Investment performance information The Company is in the process of winding down its investment portfolio. The Company has redeemed its interests in Highbridge Tactical Credit Master Fund, L.P and its investment portfolio now consists solely of creditor interests in liquidating AllBlue Funds. These investments in turn, hold concentrated portfolios of illiquid investments and potential legal claims, including a claim by the FCA on behalf of BlueCrest shareholders, which are not marked to market on a regular basis and could be subject to substantial unpredictable price movements prior to and during realisation. The legal status of an FCA decision notice which asserts a claim of £40.8m on behalf of UK investors in the AllBlue Funds is subject to review by the Upper Tribunal on a date which is not yet known. The Board currently intends to maintain the Company’s listing until the outcome of this case is known to facilitate any potential distributions which may be required. It is not possible to assign a value to these claims until the outcome of the appeal and any associated distribution due to the Company has been determined. These claims are therefore not assigned any carrying value.
The Company has now returned more than 100% of shareholder’s capital at the time of the December 2020 EGM and is now in a position where the value of its Shareholders’ interests is less than the current value of its creditors’ claims. This will result in its net asset value becoming progressively more leveraged by the value of the creditors’ claims. The Company is apportioning its operational costs between the creditors and Shareholders based on their respective interests but any error in this process or the computation of respective shareholder and creditor interests could have a significant impact on the net asset value. What could affect my return positively? If the remaining investments held by the Company can be sold at or above their carrying values and the FCA claim against BlueCrest is successful, this will increase the value of the company’s shares. What could affect my return negatively? If the remaining investments held by the Company cannot be sold at their carrying values and are marked down or valued at zero, this will reduce the value of the company’s shares.
What happens if JPMorgan Funds Limited is unable to pay out?
The manufacturer of this product has no obligations to pay out. Investors may, however, suffer loss if the Company is unable to pay out. Investors do not have protection from an investor compensation or guarantee scheme. In the worst case, you could lose your entire investment.
What are the costs? The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs consider one-off, ongoing and incidental costs. The amounts shown here are the cumulative costs of the product itself for three different holding periods. They include potential early exit penalties. The figures assume you invest GBP 10,000. The figures are estimates and may change in the future.
Costs over time The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about these costs, and show you the impact that all costs will have on your investment over time.
Investment of £10,000.00 If you cash in after 1 year If you cash in after 3 years
If you cash in after 5 years (recommended holding period) Total Costs £402 £1,206 £2,010 Impact of Return RIY per year 4.02% 4.02% 4.02%
Composition of costs The table shows - the impact each year of different types of costs on the investment return you might get at the end of the recommended holding period; - the different cost categories which were taken into consideration when generating these hypothetical figures and the meaning of each cost category. This table shows the impact on return per year One-off costs Entry costs 0.00% The impact of the costs you pay when entering your investment. Exit costs 0.00% The impact of the costs of exiting your investment when it matures. Ongoing costs Portfolio transaction costs 0.00% The impact of the costs of us buying and selling underlying investments for the product. Other ongoing costs 4.02% The impact of the costs that we take each year for managing your investments. Incidental costs Performance Fees 0.00% The impact of the performance fee. No performance fee at the Company level. 20% per annum performance fee charged at the underlying fund level Not applicable from 1 Jan 2023 Carried Interests 0.00% The impact of carried interests.
Page 3
Page 3/3 | Key Information Document | 30 December 2022 Highbridge Tactical Credit Fund Limited Ordinary Shares (GB00B13YVW48)
© 2023 Highbridge Capital Management, LLC. LV–JPM54175 | 03/23
How long should I hold it and can I take money out early?
Recommended holding period: 5 years* This product has no required minimum holding period but is designed for long term investment. As the Company’s shares are traded on the Main Market of the London Stock Exchange, you should be able to sell them at any time through your bank or stockbroker. You may be subject to dealing costs your bank or stockbroker charges and investors should be aware that any such sale may be at a discount to the net asset value per share.
The Board has discretion to buy back shares of the Company at any time. Net Asset Values are published via regulatory information service once per week and the share price is shown on the London Stock Exchange website. Share prices are also accessible via the Company website https://am.jpmorgan.com/gb/en/asset-management/per/ products/highbridge-tactical-credit-fund-limited-gg00bmf0j347 . *Since December 2020, the Company has been in managed wind down in accordance with Article 138 and has returned most of its capital to investors. The Company will be liquidated with capital being returned to investors over time.
How do I complain If you are a potential, current, or previous customer and are dissatisfied with any aspect of your investment you may complain to us. You can contact us by calling or by writing to: Apex Group 1 Royal Plaza, Royal Avenue St. Peter Port, Guernsey, GY1 ross.wylie@apexfs.group Telephone: +44 (0) 20 3530 3104 Website: apexgroup.com
If you have a complaint about the person who advised you about this product, or who sold it you, they will tell you where to complain.
Other relevant information
The information contained in this Key Information Document has been prepared in compliance with the regulation (EU) 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based products and the methodologies specified therein. You can review additional information about this product that the Company is required to make available including, but not limited to, the investor disclosure document, annual report, half year report and the latest price of the Company’s shares from https://am.jpmorgan.com/gb/en/asset management/per/products/highbridge-tactical-credit-fund-limited gg00bmf0j347 . Please refer to the “Risk profile” section set out at the Company’s website. The annual report and half year report will contain costs information prepared in accordance with applicable accounting conventions. Past performance is not necessarily indicative of future results.
This Key Information Document provides information in connection with the Company’s investment in liquidating AllBlue Funds. Please refer to the Company’s annual report, including the sections entitled “Chairman’s Statement” and “Company and Investment Overview,” for more information on the Company’s residual investments and the status thereof. We review this Key Information Document at least annually. You can find the latest version and further detail on the Company on the Company’s website https://am.jpmorgan.com/gb/en/asset-management/per/ products/highbridge-tactical-credit-fund-limited-gg00bmf0j347 .
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"text": "compared to other products. It shows how likely it is that the product"
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"text": "which are not considered in the summary risk indicator:"
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"text": "with contingent assets and liabilities that have the potential to cause"
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"text": "Relevant Information\u201d below."
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"text": "All data is sourced by J.P. Morgan Asset Management and is correct as at the date of this commentary unless otherwise stated."
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"text": "Key Information Document | 30 December 2022"
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"text": "Highbridge Tactical Credit Fund Limited Ordinary Shares (GB00B13YVW48)"
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"text": "\u00a9 2023 Highbridge Capital Management, LLC."
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"text": "The Company is in the process of winding down its investment portfolio."
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"text": "The Company has redeemed its interests in Highbridge Tactical Credit"
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"text": "Master Fund, L.P and its investment portfolio now consists solely of"
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"text": "creditor interests in liquidating AllBlue Funds. These investments in"
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"text": "turn, hold concentrated portfolios of illiquid investments and potential"
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"text": "legal claims, including a claim by the FCA on behalf of BlueCrest"
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"text": "shareholders, which are not marked to market on a regular basis and"
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"text": "review by the Upper Tribunal on a date which is not yet known. The"
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"text": "outcome of this case is known to facilitate any potential distributions"
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"text": "which may be required. It is not possible to assign a value to these"
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"text": "due to the Company has been determined. These claims are therefore"
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"text": "not assigned any carrying value."
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"text": "The Company has now returned more than 100% of shareholder\u2019s capital"
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"text": "at the time of the December 2020 EGM and is now in a position where"
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"text": "the value of its Shareholders\u2019 interests is less than the current value"
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"text": "of its creditors\u2019 claims. This will result in its net asset value becoming"
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"text": "progressively more leveraged by the value of the creditors\u2019 claims. The"
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"text": "and Shareholders based on their respective interests but any error in"
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"text": "this process or the computation of respective shareholder and creditor"
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"text": "interests could have a significant impact on the net asset value."
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"text": "What could affect my return positively?"
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"text": "If the remaining investments held by the Company can be sold at or"
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"text": "above their carrying values and the FCA claim against BlueCrest is"
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"text": "successful, this will increase the value of the company\u2019s shares."
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"text": "What could affect my return negatively?"
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"text": "If the remaining investments held by the Company cannot be sold at"
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"text": "their carrying values and are marked down or valued at zero, this will"
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"text": "reduce the value of the company\u2019s shares."
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"text": "What happens if JPMorgan Funds Limited is unable to pay out?"
},
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"text": "The manufacturer of this product has no obligations to pay out. Investors may, however, suffer loss if the Company is unable to pay out. Investors do"
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"id": "9b79756f-9773-41f0-8166-2ed27eee9c62",
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"text": "not have protection from an investor compensation or guarantee scheme. In the worst case, you could lose your entire investment."
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"text": "What are the costs?"
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"text": "The Reduction in Yield (RIY) shows what impact the total costs you pay will have on the investment return you might get. The total costs consider"
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"text": "one-off, ongoing and incidental costs."
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"text": "The amounts shown here are the cumulative costs of the product itself for three different holding periods. They include potential early exit penalties."
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"text": "The figures assume you invest GBP 10,000. The figures are estimates and may change in the future."
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"text": "Costs over time"
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"text": "The person selling you or advising you about this product may charge you other costs. If so, this person will provide you with information about"
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"text": "these costs, and show you the impact that all costs will have on your investment over time."
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"text": "Investment of \u00a310,000.00"
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"text": "If you cash in after 1 year"
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"text": "If you cash in after 3 years"
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"text": "If you cash in after 5 years"
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"text": "(recommended holding period)"
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"text": "Total Costs"
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"text": "\u00a3402"
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"text": "\u00a31,206"
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