BH Macro says first-half NAV per share rose 2.43% for sterling class
BH Macro said its sterling class NAV per share rose 2.43% in the first six months of 2026, while the US dollar class rose 2.23%. The trust also said buybacks have reduced shares in issue this year and the average discount to NAV narrowed.
For best results when printing this announcement, please click on link below: RNS Number: 9715W BH Macro Limited 30 September 2026 BH Macro 30/09/2026 Results analysis from Kepler Trust Intelligence BH Macro invests in the Brevan Howard Master Fund Limited (the "Master Fund") whose investment objective is to generate consistent long-term capital appreciation through active leveraged trading on a global macro basis. 23%. 5%. The Board has continued its regular dialogue with Brevan Howard Capital Management LP (the "Manager"), reviewing the Master Fund's trading strategies and risk exposures.
The Board has also continued to focus on discount management and has closely monitored the discount to net asset value ("NAV") per share. Over the six-month period ending 30 June 2026, the average discount to NAV stood at the narrowest end of the range seen in the last two years. 03% respectively. 99% (Sterling shares and US Dollar shares respectively for both 2025 and 2024).
This improving trend is the culmination of a number of actions taken over time. Over the calendar year to date (23 Sept 2026), BHMG has bought back c. 7% of US Dollar shares. 99% of each class of the Company's issued share capital (as at the end of 2025), without fees being incurred, up from 5% in 2025.
The Board has also focused on attracting new purchasers of the Company's shares both in the UK and internationally. A notable development in this respect has been the announcement of the new private fund established by the Manager, whose intention is to invest and trade in strategies and funds managed by the Manager. Brevan Howard notes that we face three big forces that markets must contend with, which together result in "a richer but less forgiving macro opportunity set".
Richard Horlick, Chairman said "We believe the Company is an attractive long-term investment for those wishing to accumulate capital in a manner that has historically exhibited low structural correlation to equity or bond markets. You are all aware of the high level of geopolitical risk and the high level of valuation currently placed on the US market. Against this backdrop, the Board remains confident in the investment strategy of Brevan Howard Master Fund Limited and the Manager's ability to implement it successfully.
" Kepler View BH Macro's NAV returns have been in line with the expected range, but remain relatively muted, especially in the context of a surging equity market. This does nothing to alter the fact that BHMG may potentially act as a low-volatility compounder to form the core of a long-term investment portfolio. Every cycle, one is told that 'this time it's different'. Brevan Howard's commentary which we summarise in our results analysis is rather disquieting in this context.
There is clearly plenty of potential for an upset to financial markets. BHMG has historically provided significant diversification from, and lack of correlation to, bond and equity markets, and as such offers the potential of being one of the truly rare places that offers investors a port in a storm. CLICK HERE TO READ THE FULL REPORT Visit Kepler Trust Intelligence for more high quality independent investment trust research. Important information This report has been issued by Kepler Partners LLP.
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