In order to view the information on this website www.www.bhlps.com (the “Website”), you must accept the terms and conditions set out below (these “Terms”). These Terms create a binding legal agreement between us. For your own protection and benefit, please read these Terms carefully before starting to use this section of the Website. During each visit to this section of the Website, you are responsible for being familiar with, and are bound by, the then current version of these Terms. If you do not agree to these Terms, please refrain from using this section of the Website. By accessing the information and material available on this section of the Website, you accept these Terms.

1. About Brevan Howard Liquid Portfolio Strategies

This website, www.www.bhlps.com (“our site”), is issued for all purposes by Brevan Howard Liquid Portfolio Strategies (“BHLPS”, “we” or “us”), an open-ended investment company incorporated under the laws of the Grand Duchy of Luxembourg as a Société d’Investissement à Capital Variable under Part I of the Luxembourg law of 17 December 2010 on undertakings for collective investment and registered with the Luxembourg Trade and Companies’ Register under number B-144263.

This website only contains brief information about BHLPS and does not disclose all of the risks and other significant aspects of entering into any particular transaction. Any investment decision should be made solely upon the information included in the BHLPS offering documentation.

An investor should carefully read the BHLPS prospectus (“Prospectus”) and the Key Investor Information Document (“KIID”) of the shares class(es) it wishes to subscribe for before taking any investment decisions.

The Prospectus and relevant KIIDs can be obtained on this website or from ir@brevanhoward.com.

2. Your use of our site

These Terms of Use set out the terms on which you may make use of our site and apply to every page on our site, whether or not such pages are individually disclaimed. Please read these Terms of Use carefully before you start to use our site. By using our site, you have indicated that you accept these Terms of Use and that you agree to abide by them. If you do not agree to these Terms of Use, please refrain from using our site.

These Terms of Use also incorporate our Cookies and Privacy Policy and all other rules policies and procedures that may be published from time to time on our site, each of which is incorporated by reference and each of which may be updated by us from time to time without notice to you. Please refer to Schedule 1 for country-specific disclosures.

We may revise these Terms of Use from time to time by updating this page. The revised Terms of Use will take effect when they are posted. You are expected to check this page from time to time and to take notice of any changes we may have made, as by using our site you acknowledge that you have accepted any such amendments.

You must NOT use our site (or permit or procure others to use it) as follows:

  • for any unlawful, improper or illegal purpose or activity;
  • to violate our or any third party’s copyright, trademark, proprietary or other intellectual property rights;
  • to damage our name or reputation or that of our affiliates or any third parties;
  • to impersonate any of our employees or other person or use a false name while using our site or implying an association with us;
  • to penetrate our security measures or other entities’ systems (“hacking”);
  • to generate excessive amounts of internet traffic, to interfere with our network or other’s use of our site or to engage in activities designed to or having the effect of degrading or denying service to users of our site or others;
  • to introduce viruses, worms, harmful code and/or Trojan horses onto the internet or into our site or any other entity’s systems and it is your responsibility to ensure that whatever you download or select for your use from our site is free from such items; and/or
  • to transmit confidential or proprietary information, except solely at your own risk.

3. Marketing restrictions

The distribution of information on this site may be restricted by law in certain countries. This site and the information on it is not addressed to any person resident in the territory or country or jurisdiction where such distribution would be contrary to local law or regulation. Some funds are not available for subscription, and offering materials relating to them will not be distributed, to persons resident in any country where such distribution would be contrary to local law or regulation.

4. Compliance with law and regulation

When using our site, you agree you will comply with all applicable local, national and international laws and regulations, including those related to data privacy, international communications and exportation of technical or personal data. It may be illegal to view and/or download the information contained on our site in certain countries and we and our affiliates disclaim all responsibility if you access or download any information from our site in breach of any law or regulation of the country in which you are a citizen or in which you are resident or domiciled.

5. Accuracy of information

We have taken reasonable care to ensure that the information on our site is accurate, current, complete, fit for its intended purpose and compliant with applicable law and regulation as at the date of issue. However, errors or omissions may occur due to circumstances beyond our control and no warranty is given, or representation made, regarding the accuracy, validity or completeness of the information on our site and no liability is accepted by such persons for the accuracy or completeness of such information. You must conduct your own due diligence and investigations rather than relying on any information on our site. Any person who acts upon, or changes his or her investment position in reliance on, the information contained on our site does so entirely at his or her own risk.

6. Access

We reserve the right to deny you access to our site, or immediately to suspend or terminate your access to our site, or to disable any user name or password (whether chosen by you or allocated by us) at any time (in our sole discretion).

7. Liability for use of our site

Access to our site is permitted on a temporary basis and we reserve the right to withdraw or amend the service and/or information we provide on our site without notice. We do not accept any liability if for any reason our site is unavailable at any time or for any period.

Our site is provided for informational purposes only and is not intended to constitute an invitation, solicitation or offer to subscribe for or purchase any investments, products or services (including, for the avoidance of doubt, any units or shares in any fund), nor shall it, or the fact of its issuance, form the basis of, or be relied on in connection with, any contract. We strongly recommend that you seek professional investment advice before making any investment decision in order to analyse the legal, fiscal and accounting aspects of the investment or other transactions concerning the investment in BHLPS and evaluate whether such investment or transaction is suitable to your own risk profile, financial status and investment objectives.

The information and opinions contained in our site have been compiled, or arrived at, by us from sources believed by us to be reliable as at the date of publication. However, the information and any opinions contained on our site are subject to change, are for background purposes only and are not to be relied upon as investment advice or interpreted as a recommendation. Past performance is not indicative of future results.

We, our affiliates and other third parties connected to us do not accept any responsibility for any reliance which is placed by any visitor to our site, or by anyone who may be informed of any of its contents, on any information or opinions which are expressed herein and, to the extent permitted by law, expressly exclude all conditions, warranties, representations, undertakings and other terms which might otherwise be implied by statute, common law or in equity.

Our site is not intended to provide a sufficient basis on which to make any investment decision and you should not solely rely on it in evaluating the merits of investing in any investments, products or services referred to on our site. Any decision to purchase securities or interests with respect to any funds must only be made having thoroughly read the Prospectus or offering memorandum for the relevant fund, including any supplements thereto, and the relevant KIID, which must be received and reviewed prior to any investment decision and which may contain information which is different from the information and opinions contained on our site. Any person subscribing for an investment, product or service referred to on our site must be able to bear the risks involved and must meet the suitability requirements relating to such investment, product or service.

We, our affiliates and other third parties connected to us therefore expressly exclude any liability and responsibility arising from any reliance placed on such materials and information by any visitor to our site, or by anyone who may be informed of any of its contents, for (i) the accuracy, validity, timeliness, merchantability or completeness of, any information or data (whether prepared by us or by any third party) for any particular purpose or use or that the information or data will be free from error and (ii) any direct, indirect or consequential loss or damage of any kind incurred by any visitor to our site, or by anyone who may be informed of any of its contents, in connection with our site or in reliance on the information or opinions contained in it, or in connection with the use, inability to use, or results of the use of our site or any websites linked to it or materials posted on it. This does not affect our liability for any loss or damage which cannot be excluded or limited under applicable law.

The internet is not a completely reliable transmission medium and neither we nor any of our affiliates accept any liability for any data transmission errors such as data loss or damage or alteration of any kind or for the security or confidentiality of information transmitted across the internet to or from us or any of our affiliates. Any such transmission of information is entirely at your own risk.

8. Linked websites

Should you leave our site via a link contained within our site and view content that is not provided by us, you do so at your own risk. We provide links only as a convenience and without liability. In particular, and without limitation, you understand and agree that the ability to link to another website and the fact that a link exists does not mean that we endorse or guarantee such site, the site sponsor or the site contents. The content which you access via such links will not have been developed, checked for accuracy, or otherwise reviewed by us. We make no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party, including, without limitation, the accuracy, subject matter, quality, sequence or timeliness of any electronic content. Your reliance on any information contained on any site reached through a link shall be your own responsibility. When you leave our site, unless otherwise indicated, you will be subject to the Terms of Use and privacy policies of the new website which you are visiting. If you reached our site via a link, please be advised that the ability to link to our site and the fact that a link exists does not mean that we necessarily endorse, support, sanction, encourage, verify, or agree with the comments, opinions, or statements posted on the website from which you linked to our site (the “Linking Site“). We are not responsible for any damages or losses arising from any delays, defects or omissions that may exist in the services, information or other content provided in the Linking Site. We make no guarantee or representation as to, and shall have no liability for, any content on any Linking Site, including, without limitation, the accuracy, subject matter, quality, sequence or timeliness of any such content.

9. Indemnity

You agree to indemnify, defend, and hold harmless us, our affiliates and our officers, partners, employees, and agents from and against any and all claims, liabilities, damages, losses, or expenses, including legal fees and costs, arising out of or in any way connected with (i) your breach of the Terms of Use, and/or (ii) any misrepresentation by you as to your status prior to entering our site, and/or (iii) access to or use of our site.

10. Intellectual property rights

We are the owner or the licensee of all intellectual property rights in our site, and in the materials published on it. Those works are protected by laws and treaties around the world. All such rights are reserved. You may use the materials on our site and download and reproduce them in hard copy for your own reference only. Such materials may not otherwise be reproduced, distributed, stored in a data retrieval system or transmitted, in any form or by any means (electronic, mechanical, photocopying, recording or otherwise) without our prior written consent. Nothing on our site should be construed as granting any licence or right in relation to any of our trademarks or those of our affiliates or any third party.

11. Severability

If any specific term or condition of these Terms of Use is determined by a court of competent jurisdiction to be invalid, void or unenforceable, that determination shall not affect the validity of the remaining provisions of these Terms of Use. Headings used in these Terms of Use are for convenience, are not substantive and shall not be used to interpret or construe any of the provisions contained in these Terms of Use. When used in these Terms of Use the words “includes”, and “including” shall be deemed to be followed by the phrase “without limitation”.

12. Material Interests

We and our partners, officers and/or employees may have holdings in the investment funds referred to on our site and may otherwise be interested in transactions that you effect in those funds.

13. Governing Law

These Terms of Use and any non-contractual obligations arising from or connected with them shall be governed by and shall be construed in accordance with Luxembourg law. The courts of Luxembourg City will have exclusive jurisdiction over any dispute arising from, or related to, use of our site (whether arising out of or in connection with contractual or non-contractual obligations) (“proceedings”) and it is a condition of using our site that you waive any objection to proceedings in such courts on the grounds of venue or that proceedings have been brought in an inconvenient forum, although we retain the right to bring proceedings against you for breach of these Terms of Use in your country of residence or any other relevant country.

14. Entire agreement

These Terms of Use (incorporating our Cookies and Privacy Policy) and our Disclaimer shall form the entire agreement between you and us in relation to your use of our site.

15. Contact us

If you have any enquiries in relation to our site or the information on it, please contact ir@brevanhoward.com.

Schedule 1

Country-Specific Disclosures


The information on this Website is only directed to professional investors within the meaning of Annex II to the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments.

Shares of a sub-fund may in particular not be distributed or marketed in any way to German retail or semi-professional investors if the sub-fund is not admitted for distribution to these investor categories by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht).


BHLPS has been registered with the Commissione Nazionale per le Società e la Borsa (CONSOB) for the offer in Italy towards Professional Investors and Retail Investors.

Before taking any investment decisions, the prospective investors should read carefully the Prospectus and the KIID, which have been filed with CONSOB and are made available on this website


In Switzerland, this website is currently being communicated to Qualified Investors only, as defined in art. 10 para. 3 and art. 10.3bis and 3ter of the Swiss Collective Investment Schemes Act of 23 June 2006, as amended, in connection with art. 6 and 6a of the Swiss Collective Investment Schemes Ordinance, and in FINMA Circular 2013/9 on the Distribution of Collective Investment Schemes. Accordingly, this website must not be relied or acted upon by any other persons in Switzerland.

Qualified Investors comprise:

Regulated Qualified Investors:

  1. Regulated financial intermediaries such as banks, securities dealers, fund management companies and managers of collective investment schemes, as well as central banks; and
  2. Regulated insurance institutions.

Unregulated Qualified Investors:

  1. Public entities and retirement benefit institutions (pension funds) with professional treasury management;
  2. Companies with professional treasury management;
  3. High net worth individuals*, provided they have declared in writing that they wish to be deemed Qualified Investors (subject to certain conditions as to minimum financial assets and technical competences); and
  4. Investors who have concluded a written discretionary asset management agreement, provided that (i) they do not exercise their right to “opt-out” of the qualified investors status and (ii) the written discretionary asset agreement is entered into with a regulated financial intermediary or with an independent asset manager.

* High-net-worth individual means any natural person who at the time of subscribing to any collective investment scheme meets one of the following conditions:

  1. He/she (i) has provided evidence that he/she has the knowledge required to comprehend the risks of the investments based on their individual education and professional experience or based on comparable experience in the financial sector, and (ii) hold assets of at least five hundred thousand Swiss francs; OR
  2. He/she confirms in writing that he/she holds assets of at least five million Swiss francs.

United Kingdom:

If you are in the UK, you should note that our site may contain information or documents which constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 (“FSMA”). The issue and communication of this website has been approved for these purposes by BHLPS, which as an operator of a scheme recognised under section 264 of FSMA, is an authorised person and as such is regulated by the UK Financial Conduct Authority.