Overview
BH Macro invests substantially all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Master Fund Limited. BH Macro Limited was admitted to the Main Market of the London Stock Exchange on 14 March 2007.
Brevan Howard Master Fund Limited is an exempted company incorporated with limited liability in the Cayman Islands as an open-ended investment company on 22 January 2003 and launched on 1 April 2003. The investment objective of the Master fund is to generate consistent long-term appreciation through active leveraged trading on a global basis. Exposure is predominantly to global fixed income and FX markets, employing a combination of global macro and relative value trading strategies.
You can access the fund’s website here
Fundamentals
Price
Research History
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03 Nov 2022 8 min read
QuotedData’s Investment Companies Roundup – November 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn November 2022 Monthly | Investment companies Winners and losers in October 2022 Many equity markets recovered some of the ground lost in September. The swift departure of Liz Truss and her unfunded tax cuts helped the UK stock market and sterling. North America […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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111 min read
QuotedData’s Economic and Political Monthly Roundup October 2022
Economic and Political Monthly Roundup Investment companies | Monthly | October 2022 A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to […]
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10 Sep 2020 6 min read
QuotedData’s Investment Companies Roundup – September 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research Performance data Discounts and premiums Money in and out Major news stories Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over August: Aberdeen New Dawn – COVID positive “In […]
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5 min read
QuotedData’s Economic Roundup – September 2020
Economic & Political Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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07 Apr 2020 8 min read
QuotedData’s Investment Companies Roundup – April 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over March: An update note […]
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11 Sep 2019 3 min read
QuotedData’s investment companies roundup – September 2019
Investment Companies Roundup Kindly sponsored by Baillie Gifford New research Over August, we published notes on Aberdeen Emerging Markets and JLEN Environmental Assets . You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – appetite for risk was generally down in August, as […]
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05 Jul 2019 3 min read
QuotedData’s investment companies roundup – July 2019
Investment Companies Roundup New research Over June, we published notes on CQS Natural Resources Growth and Income, Standard Life Private Equity and Shires Income. You can read all these notes by clicking on the links above or by visiting www.quoteddata.com. In this issue Performance data – there was a greater appetite for risk in June as […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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16 May 2017 2 min read
QuotedData investment companies roundup – May 2017
QuotedData investment companies roundup: Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of April 2017. Kindly sponsored by Baillie Gifford. Money in: The only new launch in April was EJF Investments, a £69m fund trying to take advantage of […]
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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07 Dec 2016 1 min read
QuotedData investment companies roundup – December 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2016. december-investment-companies-roundup
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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13 Oct 2016 1 min read
QuotedData investment companies roundup – October 2016
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2016. october-investment-companies-roundup
News
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17 Jun 2024 2 min read
QuotedData’s daily briefing 17 June 2024 – BHMG, SEQI, PCTN, CLI
In QuotedData’s daily briefing 17 June 2024: BH Macro (BHMG) has announced an increased annual buyback allowance. Under the new agreement, the allowance for 2024 (which would have previously been capped at 5% of issuance for each currency of shares) has been increased by an amount equal to its unused allowance for the sterling shares […]
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28 Mar 2024 2 min read
QuotedData’s morning briefing 28 March 2024 – IVPB, IVPG, IVPM, IVPU, RIII, TENT, DGI9, HOME, BHMG, BHMU, ESO, SMIF, SONG
In QuotedData’s morning briefing 28 March 2024: Not enough shareholders of Invesco Select Trust (IVPB / IVPG / IVPM / IVPU) voted on the plan to merge the four asset classes into just the global equity income class. The percentage voting requirement to get the deal approved has been relaxed and the timetable pushed back. […]
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14 Sep 2023 2 min read
QuotedData’s morning briefing 14 September 2023 – CGL, SONG, RTW, FSFL, ASCI, BHMG, BCPT
Castelnau Group (CGL) announced the appointment of Richard Brown as non-executive director of the company and chief executive officer of Castelnau Group. A former investment banker, Richard has over 14 years of corporate finance experience. He has advised firms ranging from the largest FTSE 100 companies to private businesses, UK-focused as well as international. The […]
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29 Mar 2023 3 min read
Another tick for BH Macro
BH Macro Limited released impressive numbers for the year-end December 2022. The price of the sterling class shares rose by 20.05% and the US dollar class shares by 12.72%, whilst the NAV per share rose by 21.91% for the sterling class shares and 21.17% for the US dollar class shares. While the company doesn’t list […]
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13 Feb 2023 1 min read
QuotedData’s morning briefing 13 February 2023
In QuotedData’s morning briefing 13 February 2023: Aquila Energy Efficiency (AEET) is holding a continuation vote on 28 February. A meeting has been convened for that date. [The continuation vote was brought forward from 2025. The shares are trading on a 32% discount (this has been widening again in recent weeks) and the trust is […]
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24 Jan 2023 1 min read
QuotedData’s morning briefing 24 January 2023
In QuotedData’s morning briefing 24 January 2023: JPMorgan Global Income & Growth (JGGI) says its C share portfolio now has 77% commonality with its ordinary share portfolio. The C share portfolio contains holdings from JPMorgan Elect Managed Growth that the managers thought it might take some time to sell. The board decides when the time […]
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18 Jan 2023 1 min read
QuotedData’s morning briefing 18 January 2023
In QuotedData’s morning briefing 18 January 2023: BH Macro (BHMG/BHMU) has announced that it is contemplating an equity raise in response to strong demand for its shares. It says that this would help satisfy further market demand and improve liquidity, alongside spreading its fixed costs across a wider share capital base. Further details will be […]
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18 May 2022 1 min read
QuotedData’s morning briefing 18 May 2022
In QuotedData’s morning briefing 18 May 2022: Riverstone Energy (RSE) has led a investment round in Infinitum Electric, creator of the breakthrough air-core motor. Infinitum Electric will use the investment to vertically integrate and automate production of its motors for the commercial and industrial market segments, and complete development and commercialisation of a traction motor […]
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31 Mar 2022 2 min read
BH Macro – eventful and dull at the same time
BH Macro – eventful and dull at the same time – BH Macro’s chair says that “To say that last year was an eventful year for BH Macro Limited would be an understatement, both for long-term shareholders in BH Macro Limited and for shareholders in the former BH Global Limited.” The merger of the two […]
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16 Mar 2022 1 min read
QuotedData’s morning briefing 16 March 2022
In QuotedData’s morning briefing 16 March 2022: BH Macro (BHMG) has announced it may sell sterling shares at a price of 3,770 pence per share, reflecting a 5.9% premium to the estimated net asset value per share as at 11 March 2022 and a 8.9% premium to the monthly final net asset value per share […]
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08 Dec 2021 2 min read
QuotedData’s morning briefing 8 December 2021
In QuotedData’s morning briefing 8 December 2021: VH Global Sustainable Energy Opportunities (GSEO) has completed its acquisition of a second 10.9MW solar photovoltaic site located in Queensland, Australia. This acquisition completes the first tranche of this project consisting of two solar PV sites totalling 17MW as previously announced on 2 August 2021. Tranche II of […]
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06 Dec 2021 2 min read
QuotedData’s morning briefing 6 December 2021
In QuotedData’s morning briefing 6 December 2021: Foresight Sustainable Forestry (FSF) has announced that Blackmead Forestry II, which FSF has an option to acquire, has fully completed the purchase of two substantial afforestation opportunities in Dumfries and Galloway, Scotland. Rorie Hill, one of the key afforestation opportunities, has a freehold area of 303 hectares and […]
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01 Sep 2021 3 min read
BH Macro posts first results since combination with BH Global
BH Macro posts first results since combination with BH Global – BH Macro has posted its first set of results since the combination of BH Macro and BH Global, which was completed this year. The results represent the six months to 30 June 2021. During the period, the NAV per sterling share in the company […]
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01 Jul 2021 2 min read
BH Macro issues prospectus and update on merger with BH Global
BH Macro issues prospectus and update on merger with BH Global – The board of BH Macro (BHMG) has published its prospectus regarding the issue of its shares pursuant to the proposed combination with BH Global (BHGG), the latter of which will take part in a scheme of reconstruction and winding up, as announced earlier […]
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24 Jun 2021 2 min read
QuotedData’s morning briefing 24 June 2021
In QuotedData’s morning briefing 24 June 2021: The Apax Digital Fund, in which Apax Global Alpha (APAX) is a limited partner, has invested in Revolution Prep, a national provider of online academic tutoring and test preparation services. APAX is expected to invest approximately €3.6m in the company on a look through basis. The investment will be used […]
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04 Jun 2021 1 min read
QuotedData’s weekly news show 4 June 2021
QuotedData’s weekly news show 4 June 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Scottish Investment Trust update Performance fees this week – Lindsell Train, Worldwide Healthcare, Aurora Brevan Howard funds merger […]
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03 Jun 2021 2 min read
QuotedData’s morning briefing 3 June 2021
In QuotedData’s morning briefing 3 June 2021: Round Hill Music Royalty Fund says that Josh Gruss, CEO and chairman of its manager, has opted to receive 2m shares in Round Hill Music Royalty Fund in exchange for his interest in the catalogues that the fund acquired recently. Josh is handing over 950,000 of these to establish […]
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01 Jun 2021 3 min read
BH Macro and BH Global agree heads of terms for proposed combination
BH Macro and BH Global agree heads of terms for proposed merger – The boards of BH Macro and BH Global, and Brevan Howard Capital Management LP, the manager of both BH Macro and BH Global, have agreed heads of terms in respect of the proposed combination of BHMG with BHGG. The combination will be […]
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17 May 2021 2 min read
QuotedData’s morning briefing 17 May 2021
In QuotedData’s morning briefing 17 May 2021 – Baillie Gifford European Growth’s (BGEU’s) interim results to 31 March 2021 brought a total NAV return of 8.7%, which it says compared with a total return of 12.2% for the FTSE Europe ex UK index, in sterling terms. BGEU#s shareholder return over the same period was 11.7%. […]
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12 Apr 2021 1 min read
Investec sounds out the boards of BH Global and BH Macro on a possible combination
Investec Wealth & Investment (Invested), the largest shareholder in Brevan Howard-managed BH Macro (BHMG) and a major shareholder in BH Global (BHGG), has approached the boards of both funds with a view to a possible combination. Potential combination would include an exit opportunity for those shareholders wishing to exit BHMG said the following in a statement this […]
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31 Mar 2021 3 min read
Brevan Howard-managed BH Macro has a great 2020
Brevan Howard-managed BH Macro (BHMG) reported annual results spanning the 12-month period to 31 December 2020. During the year ended 31 December 2020, the NAV of the sterling shares increased by 28.09% and the NAV of the US dollar shares (BGMU) increased by 28.86%. The share price total return on sterling and US dollar shares was […]
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26 Aug 2020 1 min read
QuotedData’s morning briefing 26 August 2020
In QuotedData’s morning briefing 26 August 2020: Hedge fund company, BH Macro (BHMG), which invests all of its assets in the Brevan Howard Master Fund, is having a strong 2020 with its shares up over 30%. This morning, it reported interim results, covering the period to 30 June 2020. NAV in the Sterling share class increased by […]
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23 Aug 2019 1 min read
QuotedData’s other news 23 August 2019
In QuotedData’s other news 23 August 2019: Africa Opportunity shrinks board – Chris Agar, Dr. Vikram Mansharamani, and Mr. Peter Mombaur resign as directors with effect from 22 August 2019 so that the trust can save money. We have a raft of half-year reports: BMO Private Equity made 2.4% in NAV terms and 13.7% in share […]
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17 Oct 2016 1 min read
10 YEARS OF PA: The birth of infrastructure funds, to property in turmoil
The investment company sector has changed considerably over the past ten years, as back in October 2006 we were still enjoying the dying days of the credit boom. read more here
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27 Aug 2015 2 min read
26 August interim results roundup
A quick summary of interim results for periods ended 30 June 2015 announced on 26 August 2015 APAX Global Alpha reported its first set of results since listing. Its NAV was up 8% over H1 2015 t0 €1.79. BH Global said at the six month stage on 30 June 2015 the Net Asset Value per […]
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25 Mar 2015 1 min read
Stronger Q4 nudges BH Macro into positive territory for 2014
BH Macro has published figures for 2014. They say the environment for their macro-trading strategies got more favourable towards the end of the year but this just offset poor performance earlier in the year and the return on net assets for 2014 as a whole turned out to be 0.26%. The Chairman’s statement says the weaker […]
In The Press
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16 Jan 2023 1 min read
Investment trust insider on running last year’s winners
James Carthew: Some 2022 winners are worth holding onto this year I’m uneasy about the resilience of the recent stock market rally. Despite this, I think a few of last year’s big gainers could do well again in 2023. Against a difficult backdrop, only about a third of investment companies generated a positive share price […]
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18 Oct 2022 1 min read
Investment trust insider opportunities in troubled times
Investment trust insider opportunities in troubled times – James Carthew: Where trust opportunities lie after another Tory regime collapse The U-turns, clumsy mistakes, muddled thinking and general ineptitude of current UK economic policy may have killed any hope of a relatively shallow recession in the UK. For investors, the way forward is hard to fathom, […]
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06 Apr 2021 1 min read
Investment trust insider on hedge funds
Investment trust insider on hedge funds – James Carthew: Hedge funds proved their worth last year if you can stomach the fees A few of the listed hedge funds have published results recently. Pershing Square (PSH) and the two Brevan Howard funds – BH Global (BHGG) and BH Macro (BHMG) – had bumper years, largely on […]
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25 Jan 2021 1 min read
Brevan Howard demands fee increase but has it shot itself in the foot?
Brevan Howard demands fee increase on BH Macro – but has it shot itself in the foot? David Brenchley, Investment Week, 25 January 2021 BH Macro, alongside its sister fund BH Global, published a letter from investment manager Brevan Howard, who said they wanted the fee structure reset to 2%/20%, reversing concessions previously agreed in […]
