BH Macro Limited Investor Statement

 
TIDMBHMG TIDMBHMU 
 
BH MACRO LIMITED INVESTOR STATEMENT 
 
Overview and Objective 
 
This Investor Statement covers the period of 1 July 2023 to 30 September 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     30         30 June   Change in Net Assets 30    30 September  30 
Class     September            September 2023 - 30 June   2023          June 
          2023       2023      2023 
                                                                        2023 
Currency  Currency   Currency  In Currency of Class (mm)  In Currency 
USD (mm)  USD (mm)                                        of Class 
                     USD (mm)                             (mm) 
USD       125.1      117.7     7.4                        125.1         117.7 
Shares 
GBP       1832.5     1868.8    -36.3                      1501.3        1470.0 
Shares 
Total     1957.7     1986.6    -28.9                      -             - 
 
Source: Northern Trust International Fund Administration Services (Guernsey) 
Limited ("Northern Trust") 
 
Figures are rounded to one decimal place. 
 
Share Capital 
 
The number of shares in issue in each share class of BHM is summarised as 
follows: 
 
Share Class  30 September 2023  30 June 2023 
USD Shares   29,607,429         28,840,946 
GBP Shares   373,729,951        374,357,176 
 
Source: Northern Trust 
 
Performance Review 
 
The closing share price* of each share class of BHM is summarised as follows: 
 
Share Class       30 September 2023  30 June 2023 
USD Shares (US$)  3.69               3.99 
GBP Shares (£)    3.56               3.68 
 
Source: Bloomberg 
 
The NAV per share* of each share class of BHM is summarised as follows: 
 
Share Class       30 September 2023  30 June 2023 
USD Shares (US$)  4.18               4.08 
GBP Shares (£)    4.02               3.93 
 
*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: 
 
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OJ Hughes - signature.png] 
 
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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