BH MACRO LIMITED INVESTOR
STATEMENT
Overview and Objective
This Investor Statement covers the period of 1 January 2023 to 31 March
2023 and is being circulated to satisfy the quarterly
account statement obligations of the commodity pool operator of BH
Macro Limited ("BHM") pursuant to CFTC Regulation 4.7.
Company Size
The total net assets of BHM are summarised as follows:
Share Class |
31
March 2023 |
31
December
2022 |
Change in Net Assets 31 March 2023 – 31 December 2022 |
31
March 2023 |
31
December
2022 |
Currency
USD (mm) |
Currency
USD (mm) |
Currency
USD (mm) |
In
Currency of Class (mm) |
In
Currency of Class (mm) |
USD
Shares |
121.2 |
123.6 |
-2.4 |
121.2 |
123.6 |
GBP
Shares |
1869.0 |
1516.8 |
352.2 |
1511.6 |
1261.0 |
Total |
1990.2 |
1640.5 |
349.7 |
- |
- |
Source: Northern Trust International Fund Administration
Services (Guernsey) Limited (“Northern Trust”)
Figures are rounded to one decimal place.
Share Capital1
The number of shares in issue in each share class of BHM is
summarised as follows:
Share
Class |
31
March 2023 |
31
December 2022 |
USD Shares |
28,932,914 |
2,858,1311 |
GBP Shares |
374,280,163 |
30,156,4721 |
Source: Northern Trust
Performance Review2
The closing share price* of each share class of BHM is
summarised as follows:
Share
Class |
31
March 2023 |
31
December 2022 |
USD
Shares (US$) |
4.31 |
45.202 |
GBP
Shares (£) |
4.19 |
44.902 |
Source: Bloomberg
The NAV per share* of each share class of BHM is summarised as
follows:
Share
Class |
31
March 2023 |
31
December 2022 |
USD
Shares (US$) |
4.19 |
43.272 |
GBP
Shares (£) |
4.04 |
41.812 |
2 The closing share price of each share class are not
directly comparable as at 31 December
2022 and 31 March 2023. The
NAV per share of each share class are not directly comparable as at
31 December 2022 and 31 March
2023. On 7 February 2023 each
then existing GBP Share was sub-divided into ten sub-divided GBP
Shares and each then existing USD Share was sub-divided into ten
sub-divided USD Shares. To compare the closing share price (or the
NAV per share) of each share class over the period (31 December 2022 to 31
March 2023) please divide the closing share price (or the
NAV per share) as at 31 December 2022
by ten and then compare the resulting closing share price (or the
resulting NAV per share) figure with the closing share price (or
the NAV per share) figure as at 31 March
2023.
*NAV performance is provided for information purposes only.
Shares in BHM do not necessarily trade at a price equal to the
prevailing NAV per Share.
Source: BHM’s Net Asset Value per Share data is provided by
BHM’s Administrator, Northern Trust, and is based on the Fund’s (as
defined below) Net Asset Value data provided by the Administrator
of the Fund, State Street Fund Services (Ireland) Limited. BHM’s Net Asset Value data
in this report is unaudited and net of all investment management
fees and all other fees and expenses payable by BHM. In addition,
BHM’s investment in the Fund is subject to an operational services
fee.
PAST PERFORMANCE IS NOT INDICATIVE OF
FUTURE RESULTS
Further details of monthly performance information and the
outlook of Brevan Howard Master Fund Limited (the “Fund”) and BHM
can be obtained from BHM’s Shareholder Reports, copies of which can
be found on BHM’s website: www.bhmacro.com
To the best of my knowledge and belief, the information detailed
in this statement is accurate and complete:
Name: Jonathan Hughes
Title: Chief Financial Officer and Authorised Signatory
Brevan Howard Capital Management Limited as general partner of
Brevan Howard Capital Management LP, the manager and commodity pool
operator of BH Macro Limited.
Important Legal Information and Disclaimer
BH Macro Limited (“BHM") is a feeder fund investing in Brevan
Howard Master Fund Limited (the "Fund"). Brevan Howard
Capital Management LP acting through its general partner Brevan
Howard Capital Management Limited (“BHCM”) has supplied certain
information herein regarding BHM’s and the Fund’s performance and
outlook. BHCM is regulated by the Jersey Financial Services
Commission as a fund services business and is the commodity pool
operator of BHM.
The material relating to BHM and the Fund included in this
investor statement is provided for information purposes only, does
not constitute an invitation or offer to subscribe for or purchase
shares in BHM or the Fund and is not intended to constitute
“marketing” of either BHM or the Fund as such term is understood
for the purposes of the Alternative Investment Fund Managers
Directive as it has been implemented in the UK and states of the
European Economic Area. This material is not intended to provide a
sufficient basis on which to make an investment decision.
Tax treatment depends on the individual circumstances of each
investor in BHM and may be subject to change in the future. Returns
may increase or decrease as a result of currency fluctuations.
You should note that, if you invest in BHM, your capital will be
at risk and you may therefore lose some or all of any amount that
you choose to invest. This material is not intended to constitute,
and should not be construed as, investment advice. All
investments are subject to risk. You are advised to seek expert
legal, financial, tax and other professional advice before making
any investment decisions.
THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU
MAY NOT GET BACK THE AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE
ALL OF YOUR INVESTMENT. PAST PERFORMANCE IS NOT A RELIABLE
INDICATOR OF FUTURE RESULTS.
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