For the second year in a row, BH Macro (BHMG), the £1.3bn Brevan Howard hedge fund, has won the backing of a big majority of its sterling shareholders to continue.

Over 96% of votes at a sterling share class closure meeting held today were cast against discontinuation. Participation was high with 71.7% of sterling shares voted.

The vote was required after the shares traded at an average discount of more than 8% last year.

A closure vote for the smaller dollar share class was adjourned to 26 February after the meeting was inquorate.

A vote a year ago saw 98% of votes in favour of continuing the sterling share class.

Although the share price discount has reduced shareholder returns, BH Macro is the only hedge fund of its kind listed on the London Stock Exchange and is viewed as a useful safe haven during turbulent markets despite its high fees.

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