BH Macro Limited Results analysis from Kepler Trust Intelligence
18 September 2023 - 8:04PM
RNS Non-Regulatory
TIDMBHMG
BH Macro Limited
18 September 2023
BH Macro (BHMG)
18/09/2023
Results analysis from Kepler Trust Intelligence
Having had a banner year in 2022, 2023 has so far proven rather
more challenging for BH Macro (BHMG). However, whilst short term
NAV performance from the Brevan Howard Master Fund (into which BHMG
invests) has been disappointing, the largest impact for
shareholders this year has been felt in the considerable de-rating
in the share price relative to NAV. As the interim results
published recently highlight, over the six months to 30/06/2023,
BHMG's Sterling shares moved from a premium of 7.39% to a discount
of 6.36% over the six months.
BH Macro's chairman's statement explains that two events during
the interim period contributed to the discount widening, one of
which was down to performance in March 2023, and the other being
the announcement of a proposed merger between two of BH Macro's
largest shareholders.
The chairman notes "March delivered a very sharp reversal of
fortunes", and "it will be scant consolation to shareholders that
the reversal in the company's performance represented "only" 4.29%
of the NAV of Sterling shares in March". The chairman also notes
that following the SVB crisis "directional positions were
essentially eliminated within two business days. This rapid action
by the manager in the face of loss-making positions is a hallmark
of Brevan Howard's risk management process and has served investors
well over the past two decades".
The other event, outside the control of BH Macro's board or
manager that has contributed to the discount widening, is the
mooted merger between Investec Wealth and Rathbones. BH Macro's
board have stated that "whilst this remains a possibility, the
board and its advisors have been in regular discussion and continue
to monitor the situation closely".
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