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

BH MacroAnnouncement

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RNS Number : 8462Y  BH Macro Limited  31 March 2026

BH Macro (BHMG)

31/03/2026

Results analysis from Kepler Trust Intelligence

BH Macro Limited ("the Company", GBP share class ticker = "BHMG"), the FTSE
250-listed investment company that aims to generate long-term appreciation
through active trading on a global macro basis by investing in the Brevan
Howard Master Fund Limited (the "Master Fund"), is pleased to announce its
final results for the year ended 31 December 2025.

 

•    Total NAV return per GBP ordinary share of 1.38%, and USD shares
0.83% (2024: 5.86% and 4.92%, respectively)

•    Share price total returns of -1.72% for the Sterling Class and 1.68%
for the US Dollar Class

•    Despite £116m having been spent during 2025 under the buyback
program, including US Dollar buybacks of US$1.3 million, this was not
sufficient to prevent the average discount for the year being 8.10% for the
Sterling Class shares and 8.36% for the US Dollar Class shares.

•    The board regards this performance as less than satisfactory as does
Brevan Howard Capital Management LP (the "Manager") - whilst it is within
expected bounds of return. The board have, therefore, together taken action to
address two critical areas of concern.

•    Firstly, the board is encouraged by the changes to process which the
Manager has implemented during the course of the year.

•    Secondly, in addressing the persistent level of discount, the board
has negotiated, with the full support and encouragement of the manager, an
increase in the 2026 allowance for Master Fund redemptions to enable buybacks
to up to 14.99% of each class of the company's issued share capital (as at the
end of 2025), without fees being incurred, up from 5% in 2025.

•    Finally, on 26 January 2026, it was announced that a private Brevan
Howard fund was being launched which will have the power to invest in the
shares of both the Master Fund and BH Macro, along with other products offered
by Brevan Howard. Therefore, there will be an additional potential purchaser
of the company's shares when or if they trade at a discount.

Outlook

The macro-economic and geopolitical background remains extremely challenging.
While this is undoubtedly a very difficult environment for individuals to
experience and live through, it will provide opportunities for the manager to
deliver returns in the future. The board retains full confidence in the
company's strategy during these challenging times

Commenting on the results, Richard Horlick, Chair, said: "BH Macro has
historically provided significant diversification from, and lack of
correlation to, bond and equity markets. In today's unpredictable global
market environment, macro strategies such as BH Macro have never been more
relevant. Whilst the board regards the company's performance for 2025 as less
than satisfactory (as does the manager), NAV returns were within expected
bounds of return and proved the convexity of trades for which Brevan Howard
are well known (i.e. when "they get it wrong" the downside risk of the NAV is
limited and on the other hand being able to capture plenty of upside when they
are correct. As a board, we are confident that the actions we and the manager
have taken are the best way to address the issues facing our shareholders, and
as such, the board retains its confidence in the manager.

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