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BH Macro Ltd on Wednesday said net asset value per share was up significantly, as it pointed to high inflation and volatility proving favourable to its core macro strategies. The Guernsey-based close-ended investment company said net asset value per share sterling shares were £41.81 at December 31, up 22% from £34.30 a year earlier. Most of its shares are priced in sterling. Shares in BH Macro were down 0.4% to 416.50 pence each in London on Wednesday morning. This was due to a 2022 net unrealised gain on investments allocated from the master fund of $236.1 million, multiplying from $1.7 million, while net realised gain more than doubled to $118.7 million from $47.0 million. ‘I am delighted to report that Brevan Howard Capital Management LP (the manager) achieved excellent returns in 2022 during a turbulent period in markets, the global economy and geopolitics,’ said BH Macro Chair Richard Horlick. BH Macro cited last year’s economic environment last year as ‘prov[ing] favourable for our core macro strategies’, particularly regarding ‘surging inflation, combined with central banks reversing years of monetary stimulus, triggered high levels of volatility across a range of markets, creating a rich opportunity set’. Looking ahead, BH Macro remained optimistic. ‘Coming into 2023, stock markets enjoyed one of their best starts to a calendar year and appeared to be embracing an expectation that despite the negative backdrop and continued inflation, that a soft landing would be achieved. That hope hit the skids in March when the Fed and the ECB turned more hawkish on inflation and unleashed a cascade of bank failures and retrenchments,’ Horlick added. ‘The optimistic scenario of a soft landing appears to be very much under review. Having said that, your Board remains confident that your Company‘
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