TIDMBHMG
BH Macro Limited
22 September 2022
BH Macro (BHMG)
22/09/2022
Results analysis from Kepler Trust Intelligence
Over the first half of the year to 30 June 2022 the BH Macro
(BHMG) share price has increased significantly, despite (or indeed,
perhaps, because of) the very difficult background for investment
markets. Over the first half of 2022, the Net Asset Value ("NAV")
per Sterling share in the Company increased by 15.53% and the NAV
per US Dollar share increased by 14.11%.
BH Macro's Chairman, Richard Horlick said: "it is gratifying
that your confidence in the Manager, and the new [management fee]
arrangements, have been so well rewarded. Moreover, the shares,
whilst generating very good absolute returns, have also provided
even better returns when compared to most other investable asset
classes."
Kepler View
In the interim statement, the Manager observes that going into
the second half of the year, Europe faces profound economic
challenges. Brevan Howard comment that the European Central Bank
("ECB") appears in an especially parlous position. They believe
that the global macro environment is "complicated, challenging and
changing at a fast pace".
In our view, this is precisely why investors have been attracted
to BH Macro (BHMG), reflected in the premium to NAV which the
shares have been trading on. BHMG has historically delivered
positive returns in 17 of the 20 worst performing months for
equities since IPO in 2007. Indeed, the strongest periods of
performance have come at times of stress for equity and, more
latterly, bond markets.
Currently the shares trade on a premium to NAV of 14.5%.
Broadly, we would emphasise caution on the current level of premium
for a closed-end fund. That said, over the long-term, Brevan Howard
Master Fund Limited into which BHMG invests, has delivered clear
diversification from risk assets over its lifetime.
In the words of BH Macro's Chairman, "the investment strategy of
the Company should continue to provide diversifying returns against
what remains a very difficult background".
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. The analyst
who has prepared this report is aware that Kepler Partners LLP has
a relationship with the company covered in this report and/or a
conflict of interest which may impair the objectivity of the
research.
Past performance is not a reliable indicator of future results.
The value of investments can fall as well as rise and you may get
back less than you invested when you decide to sell your
investments. It is strongly recommended that if you are a private
investor independent financial advice should be taken before making
any investment or financial decision.
Kepler Partners is not authorised to make recommendations to
retail clients. This report has been issued by Kepler Partners LLP,
is based on factual information only, is solely for information
purposes only and any views contained in it must not be construed
as investment or tax advice or a recommendation to buy, sell or
take any action in relation to any investment.
The information provided on this website is not intended for
distribution to, or use by, any person or entity in any
jurisdiction or country where such distribution or use would be
contrary to law or regulation or which would subject Kepler
Partners LLP to any registration requirement within such
jurisdiction or country. In particular, this website is exclusively
for non-US Persons. Persons who access this information are
required to inform themselves and to comply with any such
restrictions.
The information contained in this website is not intended to
constitute, and should not be construed as, investment advice. No
representation or warranty, express or implied, is given by any
person as to the accuracy or completeness of the information and no
responsibility or liability is accepted for the accuracy or
sufficiency of any of the information, for any errors, omissions or
misstatements, negligent or otherwise. Any views and opinions,
whilst given in good faith, are subject to change without
notice.
This is not an official confirmation of terms and is not a
recommendation, offer or solicitation to buy or sell or take any
action in relation to any investment mentioned herein. Any prices
or quotations contained herein are indicative only.
Kepler Partners LLP (including its partners, employees and
representatives) or a connected person may have positions in or
options on the securities detailed in this report, and may buy,
sell or offer to purchase or sell such securities from time to
time, but will at all times be subject to restrictions imposed by
the firm's internal rules. A copy of the firm's Conflict of
Interest policy is available on request.
PLEASE SEE ALSO OUR TERMS AND CONDITIONS
Kepler Partners LLP is authorised and regulated by the Financial
Conduct Authority (FRN 480590), registered in England and Wales at
70 Conduit Street, London W1S 2GF with registered number
OC334771.
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
Reach is a non-regulatory news service. By using this service an
issuer is confirming that the information contained within this
announcement is of a non-regulatory nature. Reach announcements are
identified with an orange label and the word "Reach" in the source
column of the News Explorer pages of London Stock Exchange's
website so that they are distinguished from the RNS UK regulatory
service. Other vendors subscribing for Reach press releases may use
a different method to distinguish Reach announcements from UK
regulatory news.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRASELFIFEESEIU
(END) Dow Jones Newswires
September 22, 2022 02:01 ET (06:01 GMT)
Bh Macro (LSE:BHMG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Bh Macro (LSE:BHMG)
Historical Stock Chart
From Aug 2023 to Aug 2024