REG-BH Macro Limited: Interim Report and Unaudited Financial Statements 2025
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BH Macro Limited
Interim Report and Unaudited Financial Statements 2025
LEI: 549300ZOFF0Z2CM87C29
(Classified Regulated Information, under DTR 6 Annex 1 section 1.2)
The Company has today, in accordance with DTR 6.3.5, released its Interim
Report and Unaudited Financial Statements for the period ended 30 June 2025.
The Report will shortly be available from the Company’s website:
www.bhmacro.com.
Chair’s Statement
The year of 2025 has remained very challenging for the closed-ended fund
sector and, as I said last year, BH Macro Limited (the “Company”) is no
exception. However, the Company’s performance remains within the expected
range of returns. There has been a sustained effort, as has always been the
case, on the part of both the board of directors of the Company (the
“Board”) and Brevan Howard Capital Management LP (the “Manager”) to
ensure robust oversight and management of the Company’s assets. In
particular, the Board has directed the Company to buy back shares in the
market where it has been accretive to do so.
The discount to net asset value (“NAV”) per share has narrowed from the
levels we have experienced in the last couple of years and, compared to many
in the sector, is at a low level. However, as was the case last year, it is at
too great a level for the Board to feel comfortable. None of the issues which
bedevilled the sector last year have changed. Factors such as the
concentration of shareholdings, the concentration of the wealth management
industry and continuing uncertainty around the investment environment
contribute to a most difficult set of conditions for the closed-ended fund
sector. Whilst the Board retains its confidence in the Manager and the
strategy that it has pursued so successfully for many years, neither we nor
the Manager are complacent. We continue to search for ways to improve the
Company’s returns.
NAV per share performance in the six-month period to 30 June 2025 has been
slightly negative at -0.28% for the Sterling Share Class and -0.59% for the US
Dollar Share Class. The discount to NAV per share at which the Company’s two
share classes traded generally continued to follow a narrowing trend during
the period to 30 June 2025. By way of a comparison, the average discount to
NAV per share for 2024 was 11.24% (Sterling Share Class) whereas the
corresponding figure for the six-month period to 30 June 2025 was 7.35%
(Sterling Share Class).
The international environment in which the Company operates remains volatile.
President Trump’s administration continues to pursue policies which have set
it apart from the consensus of recent decades. The geopolitical situation
remains tense. The conflict in Ukraine remains unresolved. The Middle East
remains an epicentre of tension with apparently intractable problems. The
Chinese economy is under pressure which creates greater uncertainty. In the
United Kingdom, the Labour government led by Sir Keir Starmer has earned some
plaudits for its international policy whilst it has, at the same time,
struggled to rejuvenate a faltering domestic economy. There were clear doubts
last year as to whether or not the new government would be able to bring down
inflation, stimulate economic growth and bring government spending under
control. None of these three objectives is currently being achieved, and the
decline of public sector productivity remains a source of considerable concern
for the economic health of the country.
Against this background, the Board remains convinced of the value of the
Company and maintains its confidence in the Manager and its strategy. The
Board recognises that there are two clear challenges ahead: to outperform
other asset classes as a key diversifier for our investors’ portfolios and
to attract new investors to the Company.
Richard Horlick
Chair
16 September 2025
Board Members
The Directors of the Company during the period and as at the date of signing,
all of whom are non-executive, are listed below, together with John Whittle,
who was appointed as director on 1 July 2025:
Richard Horlick (Chair)
Richard Horlick is UK resident. He is currently the non-executive chairman of
CCLA Investment Management which manages assets for over 38,000 charities and
church and local authority funds. He has served on a number of closed-ended
fund boards. He has had a long and distinguished career in investment
management graduating from Cambridge University in 1980 with an MA in Modern
History. After 3 years in the corporate finance department of Samuel Montagu
he joined Newton Investment Management in January 1984, where he became a
Director and portfolio manager. In 1994, he joined Fidelity International as
President of their institutional business outside the US and in 2001 became
President and CEO of Fidelity Management Trust Company in Boston which was the
Trust Bank for the US Fidelity Mutual fund range and responsible for their
defined benefit pension business. In 2003, he joined Schroders Plc as a main
board Director and head of investment worldwide. Mr. Horlick was appointed to
the Board in May 2019 and was appointed Chair in February 2021.
Caroline Chan
Caroline Chan is a Guernsey resident and has over 30 years’ experience as a
corporate lawyer, having retired from private practice in 2020. After studying
law at Oxford University, Caroline qualified as an English solicitor with
Allen & Overy, working in their corporate teams in London and Hong Kong. On
returning to Guernsey in 1998, Caroline qualified as a Guernsey advocate and
practised locally, including as a partner with law firms Ogier and Mourant
Ozannes. Since retiring from private practice, Caroline has taken on
non-executive directorship roles and is Chair of the Board of Governors of The
Ladies’ College, Guernsey. She was a member of the Guernsey Competition and
Regulatory Authority until March 2023. Ms. Chan was appointed to the Board in
December 2022.
Julia Chapman
Julia Chapman is a Jersey resident and a solicitor qualified in England &
Wales and in Jersey with over 30 years’ experience in the investment fund
and capital markets sector. After working at Simmons & Simmons in London, she
moved to Jersey and became a partner of Mourant du Feu & Jeune (now Mourant)
in 1999. She was then appointed general counsel to Mourant International
Finance Administration (the firm’s fund administration division). Following
its acquisition by State Street in April 2010, Julia was appointed European
Senior Counsel for State Street’s alternative investment business. In July
2012, Julia left State Street to focus on the independent provision of
directorship and governance services to a small number of investment fund
vehicles. Mrs. Chapman was appointed to the Board in October 2021.
Bronwyn Curtis
Bronwyn Curtis is a UK resident and Senior Executive with 30 years leadership
in finance, commodities, consulting and the media. Her executive roles
included Head of Global Research at HSBC Plc, Managing Editor and Head of
European Broadcast at Bloomberg LP, Chief Economist of Nomura International,
and Global Head of Foreign Exchange and Fixed Income Strategy at Deutsche
Bank. She has also worked as a consultant for the World Bank and UNCTAD. Her
other current appointments include trustee of the Centre for Economic and
Policy Research, the Australia-UK Chamber of Commerce and The Times shadow
MPC. She is a graduate of the London School of Economics and La Trobe
University in Australia where she received a Doctor of Letters in 2017.
Bronwyn was awarded an OBE in 2008 for her services to business economics.
Mrs. Curtis was appointed to the Board in January 2020 and was appointed
Senior Independent Director on 13 September 2023.
John Le Poidevin
John Le Poidevin is Guernsey resident and has over 30 years’ business
experience. Mr. Le Poidevin is a graduate of Exeter University and Harvard
Business School, a Fellow of the Institute of Chartered Accountants in England
and Wales and a former partner of BDO LLP in London where, as Head of Consumer
Markets, he developed an extensive breadth of experience and knowledge of
listed businesses in the UK and overseas. He is an experienced non-executive
who sits on several Plc boards and chairs a number of Audit Committees. He
therefore brings a wealth of relevant experience in terms of corporate
governance, audit, risk management and financial reporting. Mr. Le Poidevin
was appointed to the Board in June 2016 and will step down from the Board at
the 2026 AGM.
John Whittle
John Whittle is a Fellow of the Institute of Chartered Accountants in England
and Wales and holds the Institute of Directors Diploma in Company Direction.
He is a Non-Executive Director and Audit Committee Chairman of The Renewable
Infrastructure Group Ltd (FTSE 250), Sancus Lending Group Ltd (listed on AIM),
and Chairman of Starwood European Real Estate Finance Ltd (LSE, in wind
down). He was previously Finance Director of Close Fund Services, a large
independent fund administrator, where he successfully initiated a
restructuring of client financial reporting services and was a key member of
the business transition team. Prior to moving to Guernsey, he was at Price
Waterhouse in London before embarking on a career in business services,
predominantly telecoms. He co-led the business turnaround of Talkland
International (which became Vodafone Retail) and was directly responsible for
the strategic shift into retail distribution and its subsequent
implementation; he subsequently worked on the private equity acquisition of
Ora Telecom. John is a resident of Guernsey.
Disclosure of Directorships in Public Companies Listed on Recognised Stock
Exchanges
The following summarises the Directors’ current directorships in other
public companies:
Exchange
Richard Horlick
Riverstone Energy Limited London
VH Global Energy Infrastructure Plc London
Caroline Chan
NextEnergy Solar Fund Limited London
Julia Chapman
GCP Infrastructure Investments Limited London
Henderson Far East Income Limited London
Bronwyn Curtis
TwentyFour Income Fund Limited London
John Le Poidevin John Le Poidevin
Super Group (SGHC) Limited New York
TwentyFour Income Fund Limited London
John Whittle
Starwood European Real Estate Finance Limited London
The Renewables Infrastructure Group Limited Sancus Lending Group Limited London AIM
Sancus Lending Group Limited AIM
Directors’ Report
30 June 2025
The Directors submit their Interim Report together with the Company’s
Unaudited Statement of Assets and Liabilities, Unaudited Statement of
Operations, Unaudited Statement of Changes in Net Assets, Unaudited Statement
of Cash Flows and the related notes for the period ended 30 June 2025. The
Directors’ Report together with the Interim Unaudited Financial Statements
and their related notes (the “Financial Statements”) give a true and fair
view of the financial position of the Company. They have been prepared in
accordance with United States Generally Accepted Accounting Principles (“US
GAAP”) and are in agreement with the accounting records.
The Company
BH Macro Limited is a limited liability closed-ended investment company which
was incorporated in Guernsey on 17 January 2007 and then admitted to the
Official List of the London Stock Exchange ("LSE") later that year. The
Company is currently included in the London Stock Exchange’s FTSE 250 Index
and has been throughout the current and prior financial years.
The Company’s ordinary shares are issued in Sterling and US Dollars.
Investment Objective and Policy
The Company is organised as a feeder fund that invests all of its assets (net
of short-term working capital requirements) directly in the Master Fund, a
hedge fund in the form of a Cayman Islands open-ended investment company,
which has as its investment objective the generation of consistent long-term
appreciation through active leveraged trading and investment on a global
basis. The Master Fund is managed by Brevan Howard Capital Management LP, the
Company’s Manager.
The Master Fund has flexibility to invest in a wide range of instruments
including, but not limited to, debt securities and obligations (which may be
below investment grade), bank loans, listed and unlisted equities, other
collective investment schemes, currencies, commodities, digital assets,
futures, options, warrants, swaps and other derivative instruments. The
underlying philosophy is to construct strategies, often contingent in nature,
with superior risk/return profiles, whose outcome will often be crystallised
by an expected event occurring within a pre-determined period of time.
The Master Fund employs a combination of investment strategies that focus
primarily on economic change and monetary policy and market inefficiencies.
The Company may employ leverage for the purposes of financing share purchases
or buybacks, satisfying working capital requirements or financing further
investment into the Master Fund, subject to an aggregate borrowing limit of
20% of the Company’s NAV, calculated as at the time of borrowing. Borrowing
by the Company is in addition to leverage at the Master Fund level, which has
no limit on its own leverage.
Results and Dividends
The results for the year are set out in the Unaudited Statement of Operations.
The Directors do not recommend the payment of a dividend.
Share Capital
At the Annual General Meeting held on 16 May 2025, Shareholders approved an
Ordinary Resolution to allow the Directors to have the power to issue further
shares totalling 112,033,560 Sterling shares and 9,043,124 US Dollar shares,
respectively. Shareholders at the Annual General Meeting also approved a
Special Resolution that authorised the maximum number of shares that may be
purchased on-market by the Company until the next Annual General Meeting,
being 50,386,530 Sterling shares and 4,067,099 US Dollar shares.
Between 1 January 2025 and 30 June 2025, the Company has bought back
10,749,505 Sterling class shares on the London Stock Exchange with prices
ranging from £3.72 to £4.12 per share. The Company did not buy back any US
Dollar class shares in the six month period. The repurchased shares are held
in Treasury.
The number of shares in issue at the period end is disclosed in note 5 of the
Interim Unaudited Financial Statements.
Going Concern
The Directors, having considered the Principal and Emerging Risks and
Uncertainties to which the Company is exposed, which are materially
unchanged from those reported in the Company’s financial statements for the
year ended 31 December 2024 and on the assumption that these are managed or
mitigated as noted, are not aware of any material uncertainties which may cast
significant doubt upon the Company’s ability to continue as a going concern
for at least 12 months from the date of approval of these Interim Unaudited
Financial Statements and, accordingly, consider that it is appropriate that
the Company continues to adopt the going concern basis of accounting for these
Interim Unaudited Financial Statements.
Whilst the Board continues to monitor the ongoing impact of various
geopolitical events, the Board has concluded that the biggest threat to the
Company remains the failure of a key service provider to maintain business
continuity and resiliency. The Board has assessed the measures in place by key
service providers to maintain business continuity and, so far, has not
identified any significant issues that affect the Company. The financial
position of the Company has not been negatively impacted by geopolitical
events either and the Board is confident that these events have not impacted
the going concern assessment of the Company.
In December 2023 the Board commenced a share buyback programme to manage any
excess mis-match between buyers and sellers of the Company’s shares in the
public markets and in order to narrow the discount at which the Company’s
shares trade. All share buybacks have been and will continue to be funded by
specific cash allocated to them through the redemption of shares in the Master
Fund, subject to the notice period discussed in note 2 to the Interim
Unaudited Financial Statements, and there is therefore no impact on the cash
available to cover the Company’s central operating costs.
The average discount to NAV for the Sterling shares and US Dollar shares for
the year ended 31 December 2024 were 11.24% and 10.99% respectively and
consequently class closure votes were called for both share classes, as set
out in the circular to Shareholders dated 29 January 2025. Following the
Sterling class closure meeting on 18 February 2025 it was announced that the
Sterling shareholders had defeated the class closure resolution, with 98.22%
of votes received against closure. It was also announced that the US Dollar
class closure meeting of the same date was inquorate, and the meeting was
postponed to 25 February 2025. The US Dollar class closure meeting on 25
February 2025 was quorate, with 99.86% of votes received against closure. Both
votes indicate overwhelming shareholder support for the continuation of the
Company and its strategy.
The average discount to NAV for both share classes for the period to 30 June
2025 has been below the 8% threshold to trigger further class continuation
votes at the 2025 financial year, but even if this threshold was breached at
31 December 2025, the directors, having consulted regularly with the
Company’s broker, have no reason to believe at the current time that there
would not be a similarly high level of shareholder support for the Company as
at the 2025 class closure meetings.
The Directors have therefore concluded that there are no significant cash flow
or other risks in relation to preparing the Interim Unaudited Financial
Statements on a going concern basis.
The Board
The Board of Directors has overall responsibility for safeguarding the
Company’s assets, for the determination of the investment policy of the
Company, for reviewing the performance of the service providers and for the
Company’s activities. The Directors, all of whom are non-executive, are
listed on the Board Members section.
The Board has completed an externally facilitated recruitment exercise to
replace John Le Poidevin as a director and made an announcement to the market
on 16 May 2025 that John Whittle would join the Board on 1 July 2025. It is
intended that John Whittle will replace John Le Poidevin as Audit Committee
Chair when John Le Poidevin steps down from the Board at the 2026 AGM. John
Whittle is a Fellow of the Institute of Chartered Accountants in England and
Wales and holds the Institute of Directors Diploma in Company Direction. He is
a highly experienced non-executive director, specialising in London listed
funds, often acting as Audit Committee Chair.
Packaged Retain and Insurance Based Investment Products (“PRIIPS”)
In accordance with the requirements of the UK PRIIPs Laws, the Manager
publishes the latest standardised three-page Key Information Document (a
“KID”) for the Company’s Sterling shares and another for its US Dollar
shares on 23 July 2025. Each KID is available on the Company’s website
https://www.bhmacro.com/regulatory-disclosures/ and will be updated at least
every 12 months.
Principal and Emerging Risks and Uncertainties
The Board is responsible for the Company’s system of internal controls and
for reviewing its effectiveness. The Board is satisfied that by using the
Company’s risk matrix in establishing the Company’s system of internal
controls, while monitoring the Company’s investment objective and policy,
the Board has carried out a robust assessment of the principal and emerging
risks and uncertainties facing the Company. The principal and emerging risks
and uncertainties which have been identified and the steps which are taken by
the Board to mitigate them can be viewed in the Annual Report for the year
ended 31 December 2024. The Board do not consider these risks to have
materially changed during the six months ended 30 June 2025.
Signed on behalf of the Board by:
Richard Horlick
Chair
John Le Poidevin
Director
16 September 2025
Statement of Directors’ Responsibility in respect of the Interim Report and
Unaudited Financial Statements We confirm to the best of our knowledge
that: • these Interim Unaudited Financial Statements have been
prepared in accordance with United States Generally Accepted Accounting
Principles and give a true and fair view of the assets, liabilities, financial
position and profit or loss; and • these Interim Unaudited Financial
Statements include information detailed in the Chair’s Statement, the
Directors’ Report, the Manager’s Report and the Notes to the Interim
Unaudited Financial Statements, which provides a fair review of the
information required by: (a) DTR 4.2.7R of the Disclosure Guidance and
Transparency Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact on these
Interim Unaudited Financial Statements and a description of the principal
risks and uncertainties for the remaining six months of the year; and (b) DTR
4.2.8R of the Disclosure Guidance and Transparency Rules, being related-party
transactions that have taken place in the first six months of the current
financial year and that have materially affected the financial position or
performance of the Company during that period and any changes in the
related-party transactions described in the last Annual Audited Financial
Statements that could materially affect the financial position or performance
of the Company. The Directors are responsible for the maintenance and
integrity of the corporate and financial information included on the
Company’s website and for the preparation and dissemination of financial
statements. Legislation in Guernsey governing the preparation and
dissemination of the financial statements may differ from legislation in other
jurisdictions. Signed on behalf of the Board by:
Richard Horlick
Chair
John Le Poidevin
Director
16 September 2025
Manager’s Report
Brevan Howard Capital Management LP (“BHCM” or the “Manager”) is the
manager of BH Macro Limited (the “Company”) and of Brevan Howard Master
Fund Limited (the “Master Fund”). The Company invests all of its assets
(net of short-term working capital) in the ordinary shares of the Master Fund.
Performance Review
The NAV per share of the USD shares of the Company depreciated by 0.59% in the
first half of 2025 and the NAV per share of the GBP shares depreciated by
0.28%.
The month-by-month NAV performance of each currency class of the Company since
it commenced operations in 2007 is set out below:
GBP Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 - - 0.11 0.83 0.17 2.28 2.55 3.26 5.92 0.04 3.08 0.89 20.67
2008 10.18 6.85 (2.61) (2.33) 0.95 2.91 1.33 1.21 (2.99) 2.84 4.23 (0.67) 23.25
2009 5.19 2.86 1.18 0.05 3.03 (0.90) 1.36 0.66 1.55 1.02 0.40 0.40 18.00
2010 (0.23) (1.54) 0.06 1.45 0.36 1.39 (1.96) 1.23 1.42 (0.35) (0.30) (0.45) 1.03
2011 0.66 0.52 0.78 0.51 0.59 (0.56) 2.22 6.24 0.39 (0.73) 1.71 (0.46) 12.34
2012 0.90 0.27 (0.37) (0.41) (1.80) (2.19) 2.38 1.01 1.95 (0.35) 0.94 1.66 3.94
2013 1.03 2.43 0.40 3.42 (0.08) (2.95) (0.80) (1.51) 0.06 (0.55) 1.36 0.41 3.09
2014 (1.35) (1.10) (0.34) (0.91) (0.18) (0.09) 0.82 0.04 4.29 (1.70) 0.96 (0.04) 0.26
2015 3.26 (0.58) 0.38 (1.20) 0.97 (0.93) 0.37 (0.74) (0.63) (0.49) 2.27 (3.39) (0.86)
2016 0.60 0.70 (1.78) (0.82) (0.30) 3.31 (0.99) (0.10) (0.68) 0.80 5.05 0.05 5.79
2017 (1.54) 1.86 (2.95) 0.59 (0.68) (1.48) 1.47 0.09 (0.79) (0.96) 0.09 (0.06) (4.35)
2018 2.36 (0.51) (1.68) 1.01 8.19 (0.66) 0.82 0.79 0.04 1.17 0.26 0.31 12.43
2019 0.52 (0.88) 2.43 (0.60) 3.53 3.82 (0.78) 1.00 (1.94) 0.47 (1.22) 1.52 7.98
2020 (1.42) 5.49 18.31 0.19 (0.85) (0.53) 1.74 0.94 (1.16) (0.02) 0.75 3.04 28.09
2021 1.20 0.32 0.81 0.15 0.25 (1.50) (0.49) 0.87 0.40 0.27 - 0.47 2.76
2022 0.94 1.79 5.39 3.86 1.66 1.05 0.15 2.84 2.12 (0.40) (1.15) 1.88 21.91
2023 1.20 (0.28) (4.29) (0.93) (1.61) (0.25) 0.90 0.34 1.12 0.86 (0.42) 1.69 (1.81)
2024 0.36 (3.08) 0.98 (0.98) 0.76 0.91 0.41 (0.55) 5.10 (3.10) 7.00 (1.63) 5.86
2025 (2.76) (1.47) (1.20) 4.55 (0.73) 1.51 (0.28)
USD Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2007 - - 0.10 0.90 0.15 2.29 2.56 3.11 5.92 0.03 2.96 0.75 20.27
2008 9.89 6.70 (2.79) (2.48) 0.77 2.75 1.13 0.75 (3.13) 2.76 3.75 (0.68) 20.32
2009 5.06 2.78 1.17 0.13 3.14 (0.86) 1.36 0.71 1.55 1.07 0.37 0.37 18.04
2010 (0.27) (1.50) 0.04 1.45 0.32 1.38 (2.01) 1.21 1.50 (0.33) (0.33) (0.49) 0.91
2011 0.65 0.53 0.75 0.49 0.55 (0.58) 2.19 6.18 0.40 (0.76) 1.68 (0.47) 12.04
2012 0.90 0.25 (0.40) (0.43) (1.77) (2.23) 2.36 1.02 1.99 (0.36) 0.92 1.66 3.86
2013 1.01 2.32 0.34 3.45 (0.10) (3.05) (0.83) (1.55) 0.03 (0.55) 1.35 0.40 2.70
2014 (1.36) (1.10) (0.40) (0.81) (0.08) (0.06) 0.85 0.01 3.96 (1.73) 1.00 (0.05) 0.11
2015 3.14 (0.60) 0.36 (1.28) 0.93 (1.01) 0.32 (0.78) (0.64) (0.59) 2.36 (3.48) (1.42)
2016 0.71 0.73 (1.77) (0.82) (0.28) 3.61 (0.99) (0.17) (0.37) 0.77 5.02 0.19 6.63
2017 (1.47) 1.91 (2.84) 3.84 (0.60) (1.39) 1.54 0.19 (0.78) (0.84) 0.20 0.11 (0.30)
2018 2.54 (0.38) (1.54) 1.07 8.41 (0.57) 0.91 0.90 0.14 1.32 0.38 0.47 14.16
2019 0.67 (0.70) 2.45 (0.49) 3.55 3.97 (0.66) 1.12 (1.89) 0.65 (1.17) 1.68 9.38
2020 (1.25) 5.39 18.40 0.34 (0.82) (0.54) 1.84 0.97 (1.11) (0.01) 0.76 3.15 28.89
2021 1.21 0.31 0.85 0.16 0.26 (1.47) (0.47) 0.86 0.31 0.14 (0.09) 0.59 2.67
2022 0.74 1.77 5.27 3.80 1.09 0.76 0.12 3.11 2.46 (0.50) (1.09) 2.01 21.17
2023 1.26 (0.30) (4.11) (0.88) (1.54) (0.15) 0.92 0.34 1.08 0.88 (0.40) 1.69 (1.33)
2024 0.24 (3.13) 0.86 (1.05) 0.73 0.87 0.42 (0.60) 4.91 (2.93) 6.56 (1.63) 4.92
2025 (2.81) (1.54) (1.29) 4.47 (0.73) 1.48 (0.59)
Source: Master Fund NAV data is provided by the administrator of the Master
Fund, State Street Fund Services (Ireland) Limited. The Company’s NAV and
NAV per Share data is provided by the Company’s administrator, Northern
Trust International Fund Administration Services (Guernsey) Limited.
The Company’s NAV per Share % Monthly Change is calculated by BHCM.
The Company’s NAV data is unaudited and net of all investment management and
performance fees and all other fees and expenses payable by the Company. In
addition, the Company’s investment in the Master Fund is subject to an
operational services fee.
NAV performance is provided for information purposes only. Shares in the
Company do not necessarily trade at a price equal to the prevailing NAV per
Share.
Data as at 30 June 2025
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Quarterly and Annual contribution (%) to the performance of the NAV per Share
of the Company’s USD Shares (net of fees and expenses) by asset class*
This information is given in USD ($)
Rates FX Commodities Credit Equity Digital Assets Discount Management TOTAL
Q1 2025 -1.12 -3.90 0.11 -0.27 0.29 -0.65 0.00 -5.54
Q2 2025 1.34 1.53 0.23 -0.01 1.96 0.19 0.00 5.24
YTD 2025 0.14 -2.45 0.33 -0.27 2.14 -0.48 0.00 -0.59
Data as at 30 June 2025.
Quarterly and YTD figures are calculated by BHCM as at 30 June 2025, based on
performance data for each period provided by the Company’s administrator,
Northern Trust. Figures rounded to two decimal places.
Quarterly and Annual contribution (%) to the performance of the NAV per Share
of the Company’s GBP Shares (net of fees and expenses) by asset class*
This information is given in GBP (£)
Rates FX Commodities Credit Equity Digital Assets Discount Management TOTAL
Q1 2025 -1.09 -3.88 0.11 -0.27 0.29 -0.65 0.14 -5.35
Q2 2025 1.33 1.53 0.23 -0.01 1.96 0.18 0.12 5.34
YTD 2025 0.17 -2.43 0.33 -0.27 2.15 -0.48 0.25 -0.28
Data as at 30 June 2025
Quarterly and YTD figures are calculated by BHCM as at 30 June 2025, based on
performance data for each period provided by the Company’s administrator,
Northern Trust. Figures rounded to two decimal places.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Methodology and Definition of Contribution to Performance:
Attribution by asset class is produced at the instrument level, with
adjustments made based on risk estimates.
*The above asset classes are categorised as follows:
“Rates”: interest rates markets
“FX”: FX forwards and options
“Commodities”: commodity futures and options
“Credit”: corporate and asset-backed indices, bonds and CDS
“Equity”: equity markets including indices and other derivatives
“Digital Assets”: crypto-currencies including derivatives
“Discount Management”: buyback activity or shares from treasury
Performance and Economic Outlook Commentary
At the start of the year, President Trump’s policies and their potential
knock-on effects were the main focus for markets. The President campaigned on
higher tariffs, lower taxes, and tighter immigration control. Risk assets
reacted positively to the President’s election victory and rapid tariff
announcements were anticipated after Inauguration Day in January. Portfolio
managers built positions to profit from higher tariffs, but the Administration
focused on immigration at first. 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.
At the same time, the US pursued a big fiscal package, which extended the tax
cuts from the President’s first term, targeted new tax cuts for individuals,
and expanded investment incentives for businesses. Given the front-loading of
the benefits and the deferral of the tax pay-fors, most economists estimate
that there will be a small but noticeable boost to growth for the next couple
years. Taking a step back, tariffs are estimated to result in approximately a
1% drag on growth and fiscal expansion partly makes up for that. If monetary
policy eases as the markets predict, then the combination of fiscal and
monetary policy easing could eventually balance the estimated subtraction from
tariffs.
In the international realm, the President recalibrated established trading and
geopolitical relationships, pressurised allies, took military action against
Iran, and came to a trade entente with China. The historic headline volatility
pushed markets around, but after six months, US stocks returned to record
highs and other risks assets have performed well.
The macro impact of the material changes in US policies has been felt in the
depreciation in the exchange value of the US dollar, as investors hedged some
of their exposure to US markets. In addition, a hint of concern about US
fiscal sustainability has been apparent in the edging up of the term premium
in the long-end of the US bond market.
The next catalyst for the US rates market will depend importantly on the
Federal Reserve. Chair Powell says the US economy is strong and monetary
policy is in a good place. While there are some disagreements among his
colleagues, the Fed seems content to keep policy modestly restrictive until
tariff-related inflation works its way through consumer prices. Unless the
labour market falters, rate cuts could be delayed to the likely displeasure of
the President who believes rates should be substantially lower and who would
seemingly like to install a new Fed Chair as soon as possible. In the second
half of the year market participants will be carefully monitoring the Fed
succession planning since it may have big implications for rates markets.
Elsewhere, other central banks are guiding policy to neutral rates. The ECB
are indicating that the rate-cutting cycle may be near a conclusion. The Bank
of England and other smaller developed market central banks like Bank of
Canada, RBA, and RBNZ would appear to have more work to do to get to neutral.
Meanwhile, the Bank of Japan is trying to inch rates up toward neutral while
navigating a complicated political environment.
While it may have seemed like events involving the President have been central
to international affairs, change has unfolded in other countries as well. The
new conservative government in Germany promised a very un-German fiscal
expansion centred on defence and infrastructure spending. China doubled down
on championing state investment in key sectors like tech, clean energy,
advanced manufacturing and strategic minerals. Instead of balancing trade,
China is running a record trade surplus which promises continued friction with
its trading partners.
With this landscape of macro dispersion and geopolitical uncertainty across
all regions, markets are likely to remain extremely interesting.
Brevan Howard wishes to thank shareholders once again for their continued
support.
Brevan Howard Capital Management LP,
acting by its sole general partner,
Brevan Howard Capital Management Limited.
16 September 2025
Independent Review Report to BH Macro Limited
Introduction
We have reviewed the accompanying interim unaudited financial statements of BH
Macro Limited (the “Company”) as at 30 June 2025 which comprise the
unaudited statement of assets and liabilities as at 30 June 2025 and the
related unaudited statement of operations, unaudited statement of changes in
net assets and unaudited statement of cash flows for the six-month period then
ended, and the notes to the interim unaudited financial statements. Management
is responsible for the preparation and fair presentation of this interim
financial information in accordance with United States Generally Accepted
Accounting Principles (“US GAAP”) and the Disclosure Guidance and
Transparency Rules of the United Kingdom’s Financial Conduct Authority. Our
responsibility is to express a conclusion on this interim financial
information based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements 2410, “Review of Interim Financial Information Performed by the
Independent Auditor of the Entity”. A review of interim financial
information consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion.
Responsibilities of the directors
The directors are responsible for preparing the interim unaudited financial
statements in accordance with the Disclosure Guidance and Transparency Rules
of the United Kingdom’s Financial Conduct Authority.
In preparing the interim unaudited financial statements, the directors are
responsible for assessing the company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the directors either intend to
liquidate the company or to cease operations, or have no realistic alternative
but to do so.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the accompanying interim unaudited financial statements do not
give a true and fair view of the financial position of the entity as at 30
June 2025, and of its financial performance and its cash flows for the
six-month period then ended in accordance with US GAAP and the Disclosure
Guidance and Transparency Rules of the United Kingdom’s Financial Conduct
Authority.
Use of our report
This report is made solely to the company in accordance with guidance
contained in International Standard on Review Engagements 2410 “Review of
Interim Financial Information Performed by the Independent Auditor of the
Entity” issued by the International Auditing and Assurance Standards Board.
To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company, for our work, for this
report, or for the conclusions we have formed.
Ernst & Young LLP
Guernsey
16 September 2025
Unaudited Statement of Assets and Liabilities
As at 30 June 2025
30.06.25 31.12.24
(Unaudited) (Audited)
US$'000 US$'000
Assets
Investment in the Master Fund (note 3) 2,057,637 1,911,988
Master Fund redemption proceeds receivable 14,706 45,111
Prepaid expenses 277 31
Cash and bank balances denominated in Sterling 22,465 42,122
Cash and bank balances denominated in US Dollars 2,086 3,111
Total assets 2,097,171 2,002,363
Liabilities
Performance fees payable (note 4) - 14,536
Management fees payable (note 4) 2,582 2,667
Purchase of shares into treasury payable 2,915 498
Accrued expenses and other liabilities 261 164
Administration fees payable (note 4) 80 155
Total liabilities 5,838 18,020
Net assets 2,091,333 1,984,343
Number of shares in issue (note 5)
Sterling shares 332,135,756 342,211,496
US Dollar shares 26,638,728 27,478,960
Net asset value per share (notes 7 and 9)
Sterling shares £4.33 £4.35
US Dollar shares US$4.45 US$4.48
See accompanying Notes to the Interim Unaudited Financial Statements.
Signed on behalf of the Board by:
Richard Horlick
Chair
John Le Poidevin
Director
16 September 2025
Unaudited Statement of Operations
For the period from 1 January 2025 to 30 June 2025
01.01.25 01.01.24
to 30.06.25 to 30.06.24
(Unaudited) (Unaudited)
US$'000 US$'000
Net investment gain allocated from the Master Fund
Interest income 80,904 56,146
Dividend and other income (net of withholding tax:
30 June 2025: US$56,092; 30 June 2024: US$11,911) 298 306
Expenses (60,891) (39,288)
Net investment gain allocated from the Master Fund 20,311 17,164
Company income
Bank interest income 350 274
Foreign exchange gains (note 3) 174,140 -
Total Company income 174,490 274
Company expenses
Performance fees (note 4) - -
Management fees (note 4) 14,664 14,705
Other expenses 511 324
Directors' fees 216 202
Administration fees (note 4) 151 151
Foreign exchange losses (note 3) - 15,801
Total Company expenses 15,542 31,183
Net investment gain / (loss) 179,259 (13,745)
Net realised and unrealised gain/(loss) on investments allocated from the Master Fund
Net realised gain on investments 45,460 3,641
Net unrealised loss on investments (63,248) (40,069)
Net realised and unrealised (loss) / gain on investments allocated from the Master Fund (17,788) (36,428)
Net increase / (decrease) in net assets resulting from operations 161,471 (50,173)
See accompanying Notes to the Interim Unaudited Financial Statements.
Unaudited Statement of Changes in Net Assets
For the period from 1 January 2025 to 30 June 2025
01.01.25 01.01.24
to 30.06.25 to 30.06.24
(Unaudited) (Unaudited)
US$'000 US$'000
Net increase in net assets resulting from operations
Net investment gain / (loss) 179,259 (13,745)
Net realised gain on investments allocated from the Master Fund 45,460 3,641
Net unrealised (loss) / gain on investments allocated from the Master Fund (63,248) (40,069)
161,471 (50,173)
Purchase of shares into treasury
Sterling shares (54,481) (74,683)
Total share capital transactions (54,481) (74,683)
Net increase / (decrease) in net assets 106,990 (124,856)
Net assets at the beginning of the period 1,984,343 2,074,531
Net assets at the end of the period 2,091,333 1,949,675
See accompanying Notes to the Interim Unaudited Financial Statements.
Unaudited Statement of Cash Flows
For the period from 1 January 2025 to 30 June 2025
01.01.25 01.01.24
to 30.06.25 to 30.06.24
(Unaudited) (Unaudited)
US$'000 US$'000
Cash flows from operating activities
Net increase/(decrease) in net assets resulting from operations 161,471 (50,173)
Adjustments to reconcile net (decrease)/increase in net assets resulting from
operations to net cash (used in)/generated from operating activities:
Net investment gain allocated from the Master Fund (20,311) (17,164)
Net realised gain on investments allocated from the Master Fund (45,460) (3,641)
Net unrealised loss on investments allocated from the Master Fund 63,248 40,069
Purchase of investment in the Master Fund (27,183) -
Proceeds from sale of investment in the Master Fund 86,518 100,668
Foreign exchange (gains) / losses (174,140) 15,801
Increase in prepaid expenses (246) (52)
Decrease in performance fees payable (14,536) (2)
Decrease in management fees payable (85) (249)
Increase in accrued expenses and other liabilities 97 33
Increase in Directors' fees payable - 103
(Decrease)/increase in administration fees payable (75) 71
Net cash generated from operating activities 29,298 85,464
Cash flows from financing activities
Purchase of own shares into treasury (52,064) (76,160)
Net cash used in financing activities (52,064) (76,160)
Change in cash (22,766) 9,304
Cash, beginning of the period 45,233 19,651
Effect of exchange rate fluctuations 2,084 (286)
Cash, end of the period 24,551 28,669
Cash, end of the period
Cash and bank balances denominated in Sterling 1 22,465 26,497
Cash and bank balances denominated in US Dollars 2,086 2,172
24,551 28,669
Supplemental disclosure of non-cash financing activities
1 Cash and bank balances in Sterling (GBP'000) 16,399 20,958
See accompanying Notes to the Interim Unaudited Financial Statements.
Notes to the Interim Unaudited Financial StatementsFor the period from 1
January 2025 to 30 June 2025
1. The Company
BH Macro Limited (the “Company”) is a limited liability closed-ended
investment company which was incorporated in Guernsey on 17 January 2007 and
admitted to the Official List of the London Stock Exchange (“LSE”) later
that year.
The Company’s ordinary shares are issued in Sterling and US Dollars.
2. Organisation
The Company is organised as a feeder fund and seeks to achieve its investment
objective by investing all of its investable assets, net of short-term working
capital requirements, in the ordinary Sterling and US Dollar-denominated Class
B shares issued by Brevan Howard Master Fund Limited (the “Master Fund”)
and, as such, the Company is directly and materially affected by the
performance and actions of the Master Fund.
The Master Fund is an open-ended investment company with limited liability
formed under the laws of the Cayman Islands on 22 January 2003. The investment
objective of the Master Fund is to generate consistent long-term appreciation
through active leveraged trading and investment on a global basis. The Master
Fund employs a combination of investment strategies that focus primarily on
economic change and monetary policy and market inefficiencies. The underlying
philosophy is to construct strategies, often contingent in nature with
superior risk/return profiles, whose outcome will often be crystallised by an
expected event occurring within a pre-determined period of time. New trading
strategies will be added as investment opportunities present themselves.
As such, the Interim Unaudited Financial Statements of the Company should be
read in conjunction with the Financial Statements of the Master Fund which can
be found on the Company's website, www.bhmacro.com.
At the date of these Interim Unaudited Financial Statements, there were four
other feeder funds in operation in addition to the Company that invest all of
their assets (net of working capital) in the Master Fund. Furthermore, other
funds managed by the Manager invest some of their assets in the Master Fund as
at the date of these Interim Unaudited Financial Statements.
Off-Balance Sheet, market and credit risks of the Master Fund’s investments
and activities are discussed in the notes to the Master Fund’s Interim
Unaudited Financial Statements. The Company’s investment in the Master Fund
exposes it to various types of risk, which are associated with the financial
instruments and markets in which the Brevan Howard underlying funds invest.
Market risk represents the potential loss in value of financial instruments
caused by movements in market factors including, but not limited to, market
liquidity, investor sentiment and foreign exchange rates.
The Manager
Brevan Howard Capital Management LP (the “Manager”) is the manager of the
Company. The Manager is a Jersey limited partnership, the general partner of
which is Brevan Howard Capital Management Limited, a Jersey limited company
(the “General Partner”). The General Partner is regulated in the conduct
of fund services business by the Jersey Financial Services Commission pursuant
to the Financial Services (Jersey) Law, 1998 and the Orders made thereunder.
The Manager also manages the Master Fund and in that capacity, as at the date
of these Unaudited Interim Financial Statements, has delegated the function of
investment management of the Master Fund to Brevan Howard Investment
Management Limited, Brevan Howard (Hong Kong) Limited, Brevan Howard
Investment Products Limited, Brevan Howard US Investment Management LP, Brevan
Howard Private Limited, Brevan Howard (Tel Aviv) Limited and BH-DG Systematic
Trading LLP.
In order to reflect the increased investment of the Company in the Master Fund
as a result of the Initial Issue on 13 February 2023, the completion of which
saw a total of 72,378,000 Sterling shares and 746,400 US Dollar shares issued
at a price per share equal, respectively, to 431.5 pence per Sterling share
and US$4.47 per US Dollar share, raising gross proceeds of approximately
£312.3m for the Sterling share class and US$3.3m for the US Dollar share
class, the Company and the Manager agreed to a number of amendments to the
Management Agreement, including the terms on which the Company’s investment
in the Master Fund could be redeemed in order to provide the Manager with more
operational certainty regarding the Company’s investment in the Master Fund.
Certain of these changes, which did not require Shareholder approval, were as
follows:
The Company will ordinarily be required to provide 12 months’ notice of the
redemption of all or some of its investment in the Master Fund, except as may
be required to fund the Company’s specific working capital requirements and,
up to a maximum amount equal to five per cent of each class of the Company’s
holding of Master Fund shares every month, to finance on-market share
buybacks. As such, any redemption of all or part of the Company’s investment
in the Master Fund on a winding up of the Company or to finance a tender offer
or a class closure resolution will be required to be on 12 months’ notice.
In those cases, the Company would only receive the proceeds of redemption from
the Master Fund (and, therefore, Shareholders would only receive payment from
the Company) after the redemption date at the end of the 12-month notice
period and the Company (and, therefore, Shareholders) would remain exposed to
the investment performance of the Master Fund in the intervening period to
that redemption date.
In other changes to the Management Agreement, the circumstances in which the
Company can terminate the Management Agreement and redeem its investment in
the Master Fund on less than 12 months’ notice includes certain “cause”
events affecting the Manager, in which case the Company would be entitled to
terminate the Management Agreement on 90 days’ notice and redeem its
investment in the Master Fund on three months’ notice.
The annual buyback allowance fee arrangements introduced in 2021 will continue
to apply in respect of repurchases and redemptions by the Company of its
shares of each class in excess of a number equal to five per cent of shares in
issue of the relevant class at the end of the prior calendar year. See also
note 8 for further details relating to redemptions from the Master Fund for
discount management mechanisms.
3. Significant accounting policies
These Interim Unaudited Financial Statements, which give a true and fair view,
are prepared in accordance with United States Generally Accepted Accounting
Principles and comply with The Companies (Guernsey) Law, 2008. The functional
and reporting currency of the Company is US Dollars which is the currency of
the primary economic environment in which the Company operates.
As further described in the Directors’ Report, these Interim Unaudited
Financial Statements have been prepared using the going concern basis of
accounting.
The Board continues to monitor the ongoing impact of various geopolitical
events but has concluded that the biggest threat to the Company remains the
failure of a key service provider to maintain business continuity and
resiliency. The Board has assessed the measures in place by key service
providers to maintain business continuity and, so far, has not identified any
significant issues that affect the Company. The financial position of the
Company has not been negatively impacted by geopolitical events and the Board
is confident that these events have not impacted the going concern assessment
of the Company.
Results of the February 2025 class closure resolutions are discussed in note
8.
The Company is an investment company which has applied the provisions of
Accounting Standards Codification (“ASC”) 946.
Recent accounting pronouncements
The Company has not early adopted any standards, interpretations or amendments
that have been issued but are not yet effective and is currently evaluating
the potential impact on the Interim Unaudited Financial Statements.
The following are the significant accounting policies adopted by the Company:
Valuation of investments
The Company records its investment in the Master Fund based on the reported
NAV as a practical expedient under ASC Topic 820. At 30 June 2025, the Company
was the sole investor in the Master Fund’s ordinary Sterling and US Dollar
Class B shares as disclosed in the table below. Within the table below, the
Company’s investment in each share class in the Master Fund is included,
with the overall total investment shown in the Unaudited Statement of Assets
and Liabilities.
Percentage of NAV per Share Shares held in the Master Fund Investment in Master Fund Investment in Master Fund
Master Fund's capital (Class B) (Class B) CCY '000 US$'000
30 June 2025
Sterling 16.44% £7,111.79 199,382 £1,417,957 1,943,168
US Dollar 0.97% US$7,136.40 16,038 US$114,469 114,469
2,057,637
31 December 2024
Sterling 14.95% £7,101.86 201,713 £1,432,534 1,792,458
US Dollar 1.00% US$7,126.07 16,772 US$119,530 119,530
1,911,988
The valuation and classification of securities held by the Master Fund is
discussed in the notes to the Master Fund’s Audited Financial Statements
which are available on the Company’s website, www.bhmacro.com.
Income and expenses
The Company records monthly its proportionate share of the Master Fund’s
income, expenses and realised and unrealised gains and losses. In addition,
the Company accrues its own income and expenses.
Use of estimates
The preparation of the Interim Unaudited Financial Statements in accordance
with United States Generally Accepted Accounting Principles requires
management to make estimates and assumptions that affect the reported amounts
of assets and liabilities and disclosure of contingent assets and liabilities
at the date of these Interim Unaudited Financial Statements and the reported
amounts of increases and decreases in net assets from operations during the
reporting period. Actual results could differ from those estimates.
Leverage
The Manager has discretion, subject to the prior approval of a majority of the
independent Directors, to employ leverage for and on behalf of the Company by
way of borrowings to effect share purchases or share buybacks, to satisfy
working capital requirements and to finance further investments in the Master
Fund.
The Company may borrow up to 20% of its NAV, calculated as at the time of
borrowing. Additional borrowing over 20% of NAV may only occur if approved by
an ordinary resolution of the Shareholders.
Foreign exchange
Transactions reported in the Unaudited Statement of Operations are translated
into US Dollar amounts at the date of such transactions. Assets and
liabilities denominated in foreign currencies are translated into US Dollars
at the exchange rate at the reporting date. The share capital and other
capital reserves are translated at the historic rate ruling at the date of the
transaction.
Investment securities and other assets and liabilities of the Sterling share
class are translated into US Dollars, the Company's reporting currency, using
exchange rates at the reporting date. The Unaudited Statement of Operations’
items of the Sterling share class are converted into US Dollars using the
average exchange rate. Exchange differences arising on translation are
included in foreign exchange gains or losses in the Unaudited Statement of
Operations. This foreign exchange adjustment has no effect on the value of net
assets allocated to the individual share classes.
Cash and bank balances
Cash and bank balances comprise demand deposits.
Allocation of results of the Master Fund
Net realised and unrealised gains or losses of the Master Fund are allocated
to the Company’s share classes based upon the percentage ownership of the
equivalent Master Fund class.
Treasury shares
Where the Company has purchased its own share capital, the consideration paid,
which includes any directly attributable costs, has been recognised as a
deduction from equity Shareholders’ funds through the Company’s reserves.
Where such shares have been subsequently sold or reissued to the market, any
consideration received, net of any directly attributable incremental
transaction costs, is recognised as an increase in equity Shareholders’
funds through the share capital account. Where the Company cancels treasury
shares, no further adjustment is required to the share capital account of the
Company at the time of cancellation. Shares held in treasury are excluded from
calculations when determining NAV per share as detailed in note 7 and in the
‘Financial highlights’ in note 9.
Refer to note 5 for details of sales of shares from treasury or purchases by
the Company of its share capital.
Segment reporting
The Chief Operating Decision Maker, which is the Board, is of the opinion that
the Company is engaged in a single segment for the current and comparative
period presented. The financial information used by the Chief Operating
Decision Maker to manage the Company presents the business as a single segment
and concludes that the segment measure is the net increase/(decrease) in net
assets resulting from operations.
4. Management Agreement and administration agreement Management fee and
performance fee
The Company has entered into the Management Agreement with the Manager to
manage the Company’s investment portfolio. The management fee charged to the
Company is reduced by the Company’s share of management fees incurred by the
Master Fund through any underlying investments of the Master Fund that share
the same manager as the Company. Effective from 1 July 2021, the management
fee charged was 1/12 of 1.5% per month of the NAV. The investment in the Class
B shares of the Master Fund is not subject to management fees, but is subject
to an operational services fee payable to the Manager of 1/12 of 0.5% per
month of the Master Fund NAV, attributable to the Company’s investment in
the Master Fund. On 23 January 2023, the Management Agreement between the
Company and the Manager was amended. Please see note 2 for further
information.
During the six month period ended 30 June 2025, US$14,664,469 (six month
period ended 30 June 2024:US$14,704,921) was earned by the Manager as net
management fees. At 30 June 2025, US$2,581,761 (31 December 2024:
US$2,667,015) of the management fee remained outstanding.
The Manager is also entitled to an annual performance fee for both share
classes. The performance fee is equal to 20% of the appreciation in the NAV
per share of that class during the period of twelve months ending on 31
December in each year (the “calculation period”) which is above the base
NAV per share of that class, other than that arising to the remaining shares
of the relevant class from any repurchase, redemption or cancellation of any
share in the calculation period. The base NAV per share is the greater of the
NAV per share of the relevant class at the time of issue of such share and the
highest NAV per share achieved as at the end of any previous calculation
period.
The Manager will be paid an estimated performance fee on the business day
preceding the last business day of each calculation period. Within 5 business
days of the publication of the final NAV of each class of shares as at the end
of the calculation period, any difference between the actual performance fee
and the estimated amount will be paid to or refunded by the Manager, as
appropriate. Any accrued performance fee in respect of shares which are
converted into another share class prior to the date on which the performance
fee would otherwise have become payable in respect of those shares will
crystallise and become payable on the date of such conversion. The performance
fee is accrued on an ongoing basis and is reflected in the Company’s
published NAV. During the six month period ended 30 June 2025, US$ Nil (six
month period ended 30 June 2024:US$Nil) was earned by the Manager as
performance fees. At 30 June 2025, US$ Nil (31 December 2024: US$14,536,362)
of the fee remained outstanding.
The Master Fund may hold investments in other funds managed by the Manager. To
ensure that Shareholders of the Company are not subject to two tiers of fees,
the fees paid to the Manager as outlined above are reduced by the Company’s
share of any fees paid to the Manager by the underlying Master Fund
investments, managed by the Manager.
The notice period for termination of the Management Agreement without cause by
either the Company or the Manager is 12 months. The Management Agreement was
amended on 23 January 2023. See note 2 for further details.
Administration fee
The Company has appointed Northern Trust International Fund Administration
Services (Guernsey) Limited as its administrator and corporate secretary (the
“Administrator” and “Corporate Secretary”) pursuant to an
administration agreement. The Administrator is paid fees based on the NAV of
the Company, payable quarterly in arrears. The fee is at a rate of 0.015% of
the average month-end NAV of the Company, subject to a minimum fee of £67,500
per annum. In addition to the NAV-based fee, the Administrator is also
entitled to an annual fee of £6,000 (31 December 2024: £6,000) for certain
additional administration services. The Administrator is entitled to be
reimbursed for out-of-pocket expenses incurred in the course of carrying out
its duties as Administrator. During the six month period ended 30 June 2025,
US$150,569 (six-month period ended 30 June 2024: US$150,875) was earned by the
Administrator as administration fees. The amounts outstanding are disclosed on
the Unaudited Statement of Assets and Liabilities.
5. Share capital
Issued and authorised share capital
The Company has the power to issue an unlimited number of ordinary shares with
no-par value and an unlimited number of shares with a par value. Shares may be
divided into at least two classes denominated in Sterling and US Dollars.
Further issues of shares may be made in accordance with the Articles of
Incorporation (the “Articles”). Shares may be issued in differing currency
classes of ordinary redeemable shares. The following tables show the movement
in ordinary shares.
For the period from 1 January 2025 to 30 June 2025:
For the year ended 30 June 2025
Sterling shares US Dollar shares
Number of ordinary shares
In issue at 1 January 2025 342,211,496 27,478,960
Share conversions 673,765 (840,232)
Purchase of shares into Treasury (10,749,505) -
In issue at 30 June 2025 332,135,756 26,638,728
Number of treasury shares
In issue at 1 January 2025 33,244,410 -
Shares purchased and held in Treasury during the period:
On market purchases* 10,749,505 -
In issue at 30 June 2025 43,993,915 -
Percentage of class 11.70% -
*On market purchases for the period ended 30 June 2025.
Number of shares purchased Cost
(in currency)
Treasury shares Cost (US$)
US Dollar shares - - -
Sterling shares 10,749,505 54,481,257 £41,734,230
For the year ended 31 December 2024
Sterling shares US Dollar shares
Number of ordinary shares
In issue at 1 January 2024 372,024,149 29,856,472
Share conversions 1,927,480 (2,377,512)
Purchase of shares into treasury (31,740,133) -
In issue at 31 December 2024 342,211,496 27,478,960
Number of treasury shares
In issue at 1 January 2024 1,504,277 -
On market purchases* 31,740,133 -
In issue at 31 December 2024 33,244,410 -
Percentage of class 8.85% -
*On market purchases in the year ended 31 December 2024.
Number of shares purchased Cost (in currency)
Treasury shares Cost (US$)
US Dollar shares - - -
Sterling shares 31,740,133 148,418,885 £115,985,967
Share classes
In respect of each class of shares, a separate class account has been
established in the books of the Company. An amount equal to the aggregate
proceeds of issue of each share class has been credited to the relevant class
account. Any increase or decrease in the NAV of the Master Fund US Dollar
shares and Master Fund Sterling shares as calculated by the Master Fund is
allocated to the relevant class account in the Company. Each class account is
allocated those costs, prepaid expenses, losses, dividends, profits, gains and
income which the Directors determine in their sole discretion relate to a
particular class.
Voting rights of sharesOrdinary shares carry the right to vote at general
meetings of the Company and to receive any dividends attributable to the
ordinary shares as a class declared by the Company and, in a winding-up will
be entitled to receive, by way of capital, any surplus assets of the Company
attributable to the ordinary shares as a class in proportion to their holdings
remaining after settlement of any outstanding liabilities of the Company.
As prescribed in the Company’s Articles, the different classes of ordinary
shares have different values attributable to their votes. The attributed
values have been calculated on the basis of the Weighted Voting Calculation
(as described in the Articles) which takes into account the prevailing
exchange rates on the date of initial issue of ordinary shares. On a vote, a
single US Dollar ordinary share has 0.7606 votes and a single Sterling
ordinary share has 1.4710 votes.
Repurchase of ordinary shares
Under the Company’s Articles, Shareholders of a class of shares have the
ability to call for repurchase of that class of shares in certain
circumstances. At the Annual General Meeting held on 16 May 2025, Shareholders
approved a Special Resolution that authorised the maximum number of shares
that may be purchased on-market by the Company until the next Annual General
Meeting, being 50,386,530 Sterling shares and 4,067,099 US Dollar shares.
Further issue of shares
As approved by the Shareholders at the Annual General Meeting held on 16 May
2025, the Directors have the power to issue further shares totalling
112,033,560 Sterling shares and 9,043,124 US Dollar shares, respectively. This
power is due to expire fifteen months after the passing of the resolution or
on the conclusion of the next Annual General Meeting of the Company, whichever
is earlier, unless such power was varied, revoked or renewed prior to that
Meeting by a resolution of the Company in general meeting.
Distributions
The Master Fund has not previously paid dividends to its investors. This does
not prevent the Directors of the Company from declaring a dividend at any time
in the future if the Directors consider payment of a dividend to be
appropriate in the circumstances. If the Directors declare a dividend, such
dividend will be paid on a per class basis.
As announced on 15 January 2014, the Company intends to be operated in such a
manner to ensure that its shares are not categorised as non-mainstream pooled
investments. This may mean that the Company may pay dividends in respect of
any income that it receives or is deemed to receive for UK tax purposes so
that it would qualify as an investment trust if it were UK tax-resident.
Further, the Company will first apply any such income in payment of its
management fee and performance fees.
Treasury shares are not entitled to distributions. During the period ended 30
June 2025, the Company purchased 10,749,505 (period ended 30 June 2024:
16,703,822) Sterling shares to be held in Treasury. Share conversion scheme
The Company has implemented a share conversion scheme. The scheme provides
Shareholders with the ability to convert some or all of their ordinary shares
in the Company of one class into ordinary shares of the other class.
Shareholders are able to convert ordinary shares on the last business day of
every month. Each conversion will be based on the NAV (note 7) of the shares
of the class to be converted.
6. Taxation Overview
The Company is exempt from taxation in Guernsey under the provisions of the
Income Tax (Exempt Bodies) (Guernsey) Ordinance 1989. The adoption of Pillar
Two by Guernsey effective 1 January 2025 does not have an impact on the
Company.
Uncertain tax positions
The Company recognises the tax benefits of uncertain tax positions only where
the position is more-likely-than- not (i.e. greater than 50%) to be sustained
assuming examination by a tax authority based on the technical merits of the
position. In evaluating whether a tax position has met the recognition
threshold, the Company must presume that the position will be examined by the
appropriate taxing authority that has full knowledge of all relevant
information. A tax position that meets the more-likely-than-not recognition
threshold is measured to determine the amount of benefit to recognise in the
Company’s Interim Unaudited Financial Statements. Income tax and related
interest and penalties would be recognised by the Company as tax expenses in
the Interim Unaudited Statement of Operations if the tax positions were deemed
not to meet the more-likely-than-not threshold.
The Company analyses all open tax years for all major taxing jurisdictions.
Open tax years are those that are open for examination by taxing authorities,
as defined by the statute of limitations in each jurisdiction. The Company
identifies its major tax jurisdictions as: Guernsey; the Cayman Islands; and
foreign jurisdictions where the Company makes significant investments. The
Company has no examinations by tax authorities in progress.
The Directors have analysed the Company’s tax positions and have concluded
that no liability for unrecognised tax benefits should be recorded related to
uncertain tax positions. Further, the Directors are not aware of any tax
positions for which it is reasonably possible that the total amounts of
unrecognised tax benefits will significantly change in the remainder of the
year.
7. Publication and calculation of the Company’s Net Asset Value
(“NAV”)
The NAV of the Company is equal to the value of its total assets less its
total liabilities. The NAV per share of each class will be calculated by
dividing the NAV of the relevant class account by the number of shares of the
relevant class in issue on that day.
The Company publishes the NAV per share for each class of shares as calculated
by the Administrator based in part on information provided by the Master Fund,
monthly in arrears, as at each month-end.
The Company also publishes an estimate of the NAV per share for each class of
shares as calculated by the Administrator based in part on information
provided by the Master Fund, weekly in arrears.
8. Discount management programme
The Company has previously implemented a number of methods in order to seek to
manage any discount to NAV at which the Company’s shares trade. See note 2
for further details regarding the Company’s annual buyback allowance.
Market purchases
Subject to the authority granted by Shareholders at the 2023 AGM, the 2024 AGM
and subsequently, the 2025 AGM (see note 5), from December 2023, market
purchases by the Company of the Sterling share class have resumed, due to the
class trading at a discount.
Under the terms of the Management Agreement, the Company may, on one month’s
notice, redeem up to 5 per cent of its shares of each class in the Master
Fund, in order to fund buybacks.
Please see note 5 for details of shares purchased and held in Treasury.
Annual offer of partial return of capital
Under the Company’s Articles, once in every calendar year, the Directors
have discretion to determine that the Company make an offer of a partial
return of capital in respect of such number of shares of the Company in issue
as they determine, provided that the maximum amount distributed does not
exceed 100% of the increase in NAV of the Company in the prior calendar year.
The Directors have discretion to determine the particular class or classes of
shares in respect of which a partial return of capital would be made, the
timetable for that partial return of capital and the price at which the shares
of each relevant class are to be returned.
The Company is entitled to redeem upon three months’ notice, no more than
once per year, a portion of its interest in the Master Fund representing up to
10 per cent of each class of the Company’s holding of Master Fund shares as
at the date of the relevant redemption request in connection with any such
offer of a partial capital return of capital which is approved by the
Directors.
The decision to make a partial return of capital in any particular year and
the amount of the return depend, among other things, on prevailing market
conditions, the ability of the Company to liquidate its investments to fund
the capital return, the success of prior capital returns and applicable legal,
regulatory and tax considerations.
Class closure resolutions
If any class of shares trades at an average discount at or in excess of 8% of
the monthly NAV in any year from 1 January to 31 December, the Company will
hold a class closure vote of the relevant class.
The average discount to NAV for the Sterling shares and US Dollar shares for
the period ended 30 June 2025 were 7.35% and 7.71%, respectively.
The average discount to NAV for the Sterling shares and US Dollar shares for
the year ended 31 December 2024 were 11.24% and 10.99% respectively and
consequently class closure votes were called for both share classes as set out
in the circular to Shareholders dated 29 January 2025. Following the Sterling
class closure meeting on 18 February 2025 it was announced that the Sterling
shareholders had defeated the class closure resolution, with 98.22% of votes
received against closure. It was also announced that the US Dollar class
closure meeting of the same date was inquorate, and the meeting was postponed
to 25 February 2025. The US Dollar class closure meeting on 25 February 2025
was quorate, with 99.86% of votes received against closure.
The arrangements for class closure meetings are described more fully in the
Company’s principal documents which were approved at the EGM on 24 February
2017.
9. Financial highlights
The following tables include selected data for a single ordinary share of each
of the ordinary share classes in issue at 30 June 2025 and other performance
information derived from the Interim Unaudited Financial Statements.
The per share amounts and ratios shown reflect the income and expenses of the
Company for each class of ordinary share.
30.06.25 30.06.25
Sterling shares US Dollar shares
£ US$
Per share operating performance
Net asset value at beginning of the period 4.35 4.48
Income from investment operations
Net investment gain 1 0.01 0.01
Net realised and unrealised loss on investment (0.04) (0.04)
Other capital items 2 0.01 -
Total loss (0.02) (0.03)
Net asset value, end of the period 4.33 4.45
Total loss before performance fees (0.28%) (0.59%)
Performance fees - -
Total loss after performance fees (0.28%) (0.59%)
Total loss reflects the net loss for an investment made at the beginning of
the period and is calculated as the change in the NAV per ordinary share
during the period from 1 January 2025 to 30 June 2025. An individual
Shareholder’s return may vary from these losses based on the timing of their
purchase or sale of shares.
30.06.25 30.06.25
Sterling shares US Dollar shares
£'000 US$'000
Supplemental data
Net asset value, end of the period 1,439,539 118,597
Average month end net asset value for the period 1,426,896 116,891
30.06.25 30.06.25
Sterling shares US Dollar shares
Ratio to average net assets 6
Operating expenses
Company expenses 3 0.79% 0.78%
Master Fund expenses 4 0.51% 0.51%
Master Fund interest expenses 5 2.58% 2.61%
Performance fees - -
3.88% 3.90%
Net investment gain before performance fees 1 0.26% 0.28%
Net investment gain after performance fees 1 0.26% 0.28%
31.12.24 31.12.24
Sterling shares US Dollar shares
£ US$
Per share operating performance
Net asset value at beginning of the year 4.11 4.27
Income from investment operations
Net investment loss 1 (0.03) (0.03)
Net realised and unrealised gain on investment 0.23 0.24
Other capital items 2 0.04 -
Total gain 0.24 0.21
Net asset value, end of the year 4.35 4.48
Total gain before performance fees 6.59% 5.86%
Performance fees (0.73%) (0.94%)
Total gain after performance fees 5.86% 4.92%
Total gain reflects the net gain for an investment made at the beginning of
the year and is calculated as the change in the NAV per ordinary share during
the year from 1 January 2024 to 31 December 2024. An individual
Shareholder’s return may vary from these gains based on the timing of their
purchase or sale of shares.
31.12.24 31.12.24
Sterling shares US Dollar shares
£'000 US$'000
Supplemental data
Net asset value, end of the year 1,487,501 123,111
Average month end net asset value for the year 1,463,916 121,860
31.12.24 31.12.24
Sterling shares US Dollar shares
Ratio to average net assets 6
Operating expenses
Company expenses 3 1.59% 1.57%
Master Fund expenses 4 1.07% 1.07%
Master Fund interest expenses 5 3.58% 3.55%
Performance fees 0.74% 0.87%
6.98% 7.06%
Net investment gain before performance fees 1 0.10% 0.12%
Net investment loss after performance fees 1 (0.64%) (0.75%)
Notes
1 The net investment gain and loss figures disclosed above do not include net
realised and unrealised gains/losses on investments allocated from the Master
Fund.
2 Included in other capital items are the discounts and premiums on
conversions between share classes and on the sale of treasury shares as well
as any partial capital return effected in the relevant year or period as
compared to the NAV per share at the beginning of the year or period.
3 Company expenses are as disclosed in the Unaudited Statement of Operations
for the period excluding the performance fee and foreign exchange
gains/losses.
4 Master Fund expenses are the operating expenses of the Master Fund
excluding the interest and dividend expenses of the Master Fund.
5 Master Fund interest expenses include interest and dividend expenses on
investments sold short.
6 Average net assets is calculated as the sum of the final NAV of the share
class as at each month-end NAV Calculation Date during the period/year,
divided by 6 for the six-month period or 12 for the year.
10. Related-party transactions
Parties are considered to be related if one party has the ability to control
the other party or exercise significant influence over the party in making
financial or operational decisions.
The management fees, performance fees and administration fees are disclosed in
note 4. Details of the amended Management Agreement can be found in note 2.
The annual Directors’ fees from 1 July 2022 were:
Fee per annum
Role £
Board Chair 90,000
Audit Committee Chair 65,000
Management Engagement Committee Chair 55,000
Remuneration and Nomination Committee Chair 55,000
Senior Independent Director 55,000
All other Directors 50,000
During the meeting of 10 December 2024, the Remuneration and Nomination
Committee carried out a review of fees, where increased workload, inflation,
and benchmarking against peers was considered, it was concluded that fees be
increased as follows effective 1 January 2025.
Fee per annum
Role £
Board Chair 99,000
Audit Committee Chair 69,000
Management Engagement Committee Chair 58,000
Remuneration and Nomination Committee Chair 58,000
Senior Independent Director 59,000
All other Directors 53,000
The fees payable by the Company in respect of each of the Directors who served
during the period ended 30 June 2025, the year ended 31 December 2024 and the
period ended 30 June 2024, were as follows:
Period Year
ended ended
30.06.25 31.12.24
£ £
Richard Horlick 49,500 90,000
Caroline Chan 29,000 55,000
Julia Chapman 29,000 55,000
Bronwyn Curtis 29,500 55,000
John Le Poidevin 34,500 65,000
John Whittle (appointed 1 July 2025) - -
Total 171,500 320,000
The annual aggregate limit of fees payable to Directors is £800,000 per
annum.
11.Subsequent events On 4 July 2025, the Company completed the share
conversion for the 31 May 2025 share conversion date, issuing 327,585 Sterling
shares and cancelling 429,016 US Dollar shares. On 1 August 2025, the Company
completed the share conversion for the 30 June 2025 share conversion date,
issuing 234,698 GBP Shares and cancelling 313,694 US Dollar shares. On 3
September 2025, the Company completed the share conversion for the 31 July
2025 share conversion date, issuing 279,210 GBP Shares and cancelling 358,917
US Dollar shares.
The Company made the following purchases of ordinary shares to be held in
Treasury:
Sterling Class shares
Month Number of shares bought Highest Price point Lowest Price point
£ £
July 2025 3,122,897 4.01 3.93
August 2025 2,745,496 4.01 3.87
September 2025* 1,355,005 3.97 3.89
Total 7,223,398
*Until 11 September 2025
The Directors have evaluated subsequent events up to 11 September 2025, which
is the date that the Interim Unaudited Financial Statements were approved and
available to be issued and have concluded there are no further items that
require disclosure or adjustment to the Interim Unaudited Financial
Statements.
Historic Performance SummaryAs at 30 June 2025
30.06.25 31.12.24 31.12.23 31.12.22 31.12.21
US$'000 US$'000 US$'000 US$'000 US$'000
Net increase in net assets
resulting from operations 161,471 58,231 66,494 112,078 12,010
Total assets 2,097,171 2,002,363 2,079,009 1,707,130 1,307,490
Total liabilities (5,838) (18,020) (4,478) (66,682) (9,762)
Net assets 2,091,333 1,984,343 2,074,531 1,640,448 1,297,728
Number of shares in issue
Sterling shares 332,135,756 342,211,496 372,024,149 30,156,454* 25,864,663*
US Dollar shares 26,638,728 27,478,960 29,856,472 2,858,135* 2,689,547*
Net asset value per share
Sterling shares £4.33 £4.35 £4.11 £41.81* £34.30*
US Dollar shares US$4.45 US$4.48 US$4.27 US$43.28* US$35.71*
* The Number of Shares In Issue and Net Asset Value Per Share prior to 31
December 2023 are not adjusted by a factor of 10 to reflect the 10 for 1 share
sub-division approved at the EGM held on 6 February 2023.
Glossary of Terms and Alternative Performance Measures
Alternative Performance Measures (“APMs”)
We assess our performance using a variety of measures that are not
specifically defined under US GAAP and therefore termed APMs. The APMs that we
use may not be directly comparable with those used by other companies.
Average Discount to NAV
The average discount to NAV of the whole year/period is calculated for each
share class by using the following formula:
(A-B)
B
Where:
* ‘A’ is the average closing market price of a share of the relevant share
class as derived from the trading price on the London Stock Exchange,
calculated as the sum of all the closing market prices per share of that class
as at each London Stock Exchange trading day during a calendar year, divided
by the number of such trading days in such year; and
* ‘B’ is the average NAV per share of the shares of the relevant share
class taken over the 6 month-end NAV Calculation Dates in the period ended 30
June 2025 calculated as the sum of the final NAV of the share class as at each
month-end NAV Calculation Date during the period ended 30 June 2025, divided
by 6.
Discount
If the share price of an investment is lower than the NAV per share, the
shares are said to be trading at a discount. The size of the discount is
calculated by subtracting the share price from the NAV per share of the
relevant share class and is usually expressed as a percentage of the NAV per
share. If the share price is higher than the NAV per share, the shares are
said to be trading at a premium. The Board monitors the level of discount or
premium and consideration is given to ways in which share price performance
may be enhanced, including the effectiveness of marketing and share buybacks,
where appropriate. The discount is shown below.
Sterling Shares US Dollar Shares
30.06.25 31.12.24 30.06.25 31.12.24
Share Price at Period / Year End (C) £3.93 £3.66 US$3.97 £3.80
NAV per Share (D) £4.33 £4.13 US$4.45 £4.27
Discount to NAV (C-D)/D (9.24%) (11.24%) (10.79%) (10.99%)
(Loss)/Gain Per Share
(Loss)/gain per share is calculated using the net loss/gain on ordinary
activities after finance costs and taxation (period ended 30 June 2025: a loss
of £9,093,267 and a loss of US$837,415; year ended 31 December 2024: a gain
of £68,166,209 and a gain of US$5,680,548), divided by the weighted average
number of shares in issue (period ended 30 June 2025: 346,980,453 Sterling
shares and 26,814,365 US Dollar shares; year ended 31 December 2024:
380,616,423 Sterling shares and 28,572,373 US Dollar shares).
Period ended Year ended
30.06.25 31.12.24
Per share '000 Per share '000
Net total (loss)/gain for Sterling shares (2.62p) (£9,093) 17.91p £68,166
Net total (loss)/gain for US Dollar shares (3.12c) (US$837) 19.88c US$5,681
Ongoing Charges
The Ongoing Charges are calculated using the AIC Ongoing Charges methodology,
which was last updated in April 2022 and is available on the AIC website
(theaic.co.uk). The Ongoing Charges represent the Company’s management fee
and all other operating expenses, excluding finance costs, performance fees,
share issue or buyback costs and non-recurring legal and professional fees and
are expressed as a percentage of the average of the daily net assets during
the period. The Board continues to be conscious of expenses and works hard to
maintain a sensible balance between good quality service and cost. The Ongoing
Charges calculation is shown below:
Sterling Shares US Dollar Shares
Period ended Year ended Period ended Year ended
30.06.25 31.12.24 30.06.25 31.12.24
Average NAV for the period / year (A) £1,426,895,782 £1,463,916,101 US$116,890,753 US$121,859,568
Management Fee * £21,489,067 £22,022,232 US$1,760,407 US$1,833,616
Other Company expenses * £1,306,766 £1,190,495 US$74,543 US$79,940
Total Company Expenses * £22,795,833 £23,212,727 US$1,834,950 US$1,913,556
Expenses allocated from the Master Fund * £9,120,439 £9,161,315 US$747,745 US$758,658
Performance Fee £0 £10,771,912 US$0 US$1,058,004
Total Expenses (B) * £31,916,272 £43,145,954 US$2,582,695 US$3,730,218
Ongoing Charges (B/A) 2.23% 2.95% 2.21% 3.06%
*For comparative purposes, the expenses for the period ended 30 June 2025 have
been annualised.
The NAV
The NAV is the net assets of the Company attributable to Shareholders, that
is, total assets less total liabilities, expressed as an amount per individual
share of the relevant class of shares.
Company InformationDirectors
Richard Horlick (Chair)
Caroline Chan
Julia Chapman
Bronwyn Curtis
John Le Poidevin
John Whittle (appointed 1 July 2025)
(All Directors are non-executive and independent for the purpose of UKLR
11.2.12)
Registered Office
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
Channel Islands GY1 3QL
Manager
Brevan Howard Capital Management LP
6th Floor
37 Esplanade
St Helier
Jersey
Channel Islands JE2 3QA
Administrator and Corporate Secretary
Northern Trust International Fund
Administration Services (Guernsey) Limited
PO Box 255
Trafalgar Court
Les Banques
St Peter Port
Guernsey
Channel Islands GY1 3QL
Independent Auditor
Ernst & Young LLP (appointed 16 May 2025)
Royal Chambers
St. Julians Avenue
St. Peter Port
Guernsey
Channel Islands GY1 4AF
KPMG Channel Islands Limited (retired 16 May 2025)
Glategny Court
Glategny Esplanade
St Peter Port
Guernsey
Channel Islands GY1 1WR
Registrar and CREST Service Provider
Computershare Investor Services (Guernsey) Limited
1st Floor
Tudor House
Le Bordage
St Peter Port
Guernsey GY1 1DB
Legal Advisor (Guernsey Law)
Carey Olsen
Carey House
Les Banques
St Peter Port
Guernsey
Channel Islands GY1 4BZ
Legal Advisor (UK Law)
Hogan Lovells International LLP
Atlantic House
Holborn Viaduct
London EC1A 2FG
Corporate Broker
JPMorgan Cazenove
25 Bank Street
Canary Wharf
London E14 5JP
Tax Adviser
Deloitte LLP
PO Box 137
Regency Court
Glategny Esplanade
St Peter Port
Guernsey
Channel Islands GY1 3HW
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