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BH Macro Ltd on Thursday struck a cautious tone ahead of the US presidential election, as it reported a jump in interest income for last year. The Guernsey-based close-ended investment company said net asset value per share was £4.11 as at December 31. The asset figures from a year prior are from before the company’s sub-division of its shares at a factor of 10 to 1. For December 31, 2022, before the share sub-division, it had reported a net asset value of £41.81. Notably, the company reported a surge in interest income to $100.0 million in 2023 from $14.3 million. Further, BH Macro had a foreign exchange gain of $108.5 million in 2023 compared to none a year prior. The company swung to a net investment gain of $91.3 million from a loss of $242.4 million. However, it reported a net unrealised loss of $213.5 million on investments, compared to a gain of $236.1 million. Looking ahead, Chair Richard Horlick said that the Biden-Trump rematch at the US presidential election in November ‘increased the uncertainty for the global economy and political stability worldwide. Meanwhile, closer to home in Europe both the economic and political outlook are cause for concern.’ BH Macro shares were 0.2% lower at 335.40 pence each on Thursday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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