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BH Macro Ltd on Wednesday reported a steady first half as its net asset value per share edged lower, while cautioning that the international backdrop remains volatile and market conditions challenging. The Guernsey-based closed-ended investment company, which invests in a master fund managed by Brevan Howard Capital Management LP, said its NAV per share at June 30 was £4.33 for the sterling class, compared with £4.45 at December 31. The US dollar share class stood at $4.45 from $4.48. Performance for the six-month period was slightly negative, with the sterling share class down 0.28% and the dollar share class down 0.59%. The board noted that the discount to NAV had narrowed compared with 2024, but still remained wider than it would like. Chair Richard Horlick said 2025 had been ‘very challenging’ for the closed-ended fund sector, though BH Macro’s performance remained within its expected range. He said the company had continued to buy back shares where accretive, with 10.7 million sterling shares repurchased in the period. Horlick described the international environment as ‘volatile,’ pointing to continuing geopolitical tensions, unresolved conflicts, and weak economic conditions in China and the UK. Domestically, he said the Labour government had ‘struggled to rejuvenate a faltering economy’ with inflation, growth and spending still unresolved. Despite this backdrop, Horlick said the board remained convinced of the value of the company and confident in the manager‘s long-term strategy. He said the next catalyst for US rates markets would ‘depend importantly’ on the Federal Reserve, while in Europe, the European Central Bank appeared close to the end of its rate-cutting cycle. BH Macro said the discount to NAV for its sterling shares averaged 7.35% in the first half, compared with 11.24% for 2024. Both sterling and dollar shareholders voted overwhelmingly in favour of continuation at the closure votes earlier this year. Horlick said the company’s priorities remain to ‘outperform other asset classes as a key diversifier’ and to attract new investors. Shares in BH Macro were 0.1% higher at 391.48 pence in London on Wednesday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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