RCS - BH Macro Limited - Results analysis from Kepler Trust Intelligence

BH MacroAnnouncement

17/10/2025 14:45

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RNS Number : 8948D  BH Macro Limited  17 October 2025

BH Macro (BHMG)

17/10/2025

Results analysis from Kepler Trust Intelligence

During the first half of 2025, BH Macro's GBP NAV (BHMG) per share delivered a
slightly negative return of -0.28% for the Sterling Share Class and -0.59% for
the US Dollar Share Class. Over the period, the share price performance was c.
-2.3% for the Sterling Class shares and c. -5.5% for the US Dollar Class
shares, reflecting the discount to NAV for both share classes widening over
the six-month period to 30/06/2025.  The Board has directed the company to
buy shares back "where it has been accretive to do so".  Whilst the discount
has narrowed from the levels experienced in the last couple of years, "it is
at too great a level for the Board to feel comfortable".

Kepler View

The NAV performance, according to the managers, was largely as a result of the
portfolio being positioned for the impact of tariffs from the new presidential
term. As it was, the new administration focused on immigration at first, and
trade policy took a few months to develop, culminating in the "Liberation Day"
announcements in early April. The delay caused initial positions to incur
losses that were largely made up after tariffs began to be implemented. The
positive returns that BHMG delivered during April contrasted with high
volatility in equity markets, serving to remind investors that BHMG can act as
a diversifier, or shock absorber, in equity portfolios. In our view, this
diversifier potential is one of the main attractions of BHMG to shareholders.

The managers observe that "with this landscape of macro dispersion and
geopolitical uncertainty across all regions, markets are likely to remain
extremely interesting". This could be fertile grounds for Brevan Howard's
traders, and so long-term investors who value the unique, diversifying
properties of BHMG may see the current share price discount to NAV as an
opportunity.

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