REG-BH Macro Limited: Investor Statement - September 2019
30/10/2019 17:50
BH MACRO LIMITED INVESTOR STATEMENT FOR THE QUARTER ENDED 30 SEPTEMBER 2019
YOUR ATTENTION IS DRAWN TO THE DISCLAIMER AT THE END OF THIS DOCUMENT
Overview and Objective This Investor Statement covers the period of 1 July 2019 to 30 September 2019 and is being circulated to satisfy the quarterly account statement obligations of the commodity pool operator of BH Macro Limited ("BHM") pursuant to CFTC Regulation 4.7.
Company Size The total net assets of BHM are summarised as follows:
Share Class 30 September 2019 30 June 2019 Change in Net Assets 30 June 2019 – 30 September 2019 30 September 2019 30 June 2019
Currency USD (mm) Currency USD (mm) Currency USD (mm) In Currency of Class (mm) In Currency of Class (mm)
USD Shares 66.5 64.8 1.8 66.5 64.8
GBP Shares 454.6 480.8 -26.2 369.0 377.7
Total 521.1 545.5 -24.4 - -
Share Capital The number of shares in issue in each share class of BHM is summarised as follows:
Share Class 30 September 2019 30 June 2019
USD Shares 2,493,757 2,391,955
GBP Shares 14,268,272 14,353,937
Performance Review The closing share price* of each share class of BHM is summarised as follows:
Share Class 30 September 2019 28 June 2019
USD Shares (US$) 27.70 28.00
GBP Shares (£) 27.20 27.60
Share Class 30 September 2019 30 June 2019
USD Shares (US$) 26.68 27.07
GBP Shares (£) 25.86 26.32
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 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.
A PDF version of the announcement can be found here:
https://mma.prnewswire.com/media/1020319/BMA___Investor_Statement___September_2019___ADV011015.pdf
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