BH Macro reports a marginal fall in its Sterling NAV over the year ended 31 December 2015 of just under 1% (0.86%).
The statement says stronger performance in the first quarter reflected the more active market conditions prevailing at the start of the year: NAV gains were made from the ECB’s move to quantitative easing while avoiding losses on the de-pegging of the Swiss franc. Thereafter, however, for much of the remainder of the year markets retreated into a more cautious pattern of trading. Market activity was dampened by heightened uncertainties flowing from strains in the Eurozone, the fall in oil and commodity prices, weakness in the Chinese economy and the impact of disturbance in the Middle East. In this environment, there was little scope for macro-directional trading until the final months of the year, when
gains were made in November in anticipation of further monetary easing by the ECB. These gains were, however, reversed in December when the ECB’s action proved less substantial than markets had expected (the same story as expounded in BH Global’s results statement).
There is no manager’s report in the statement.
BHMG / BHMU / BHME : BH Macro NAV slips as ECB bet fails to pay off