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Alternative Market Briefing

BH Macro up 18.04% for 2009, but Brevan Howard cautions about macro environment stability

Thursday, February 11, 2010

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From Sagar Chakraverty, Opalesque Asia:

BH Macro Ltd, a feeder fund investing in Brevan Howard’s Master Fund Ltd (BHMF), produced returns in USD share class of 18.04% in 2009. BH Macro is listed on the London Stock Exchange and comes under FTSE 250 companies, according to Brevan Howard’s December-09 shareholder report.

This close-ended fund has seen an appreciation of 70% (NAV per share of its USD share class) since inception (14-Mar-07) with an annualized volatility of 7%, the shareholder presentation report said.

BH Macro’s 2009 return was well ahead of the HFRI Macro (Total) Index, which rose just 4.36% for the year.

Due to the financial crisis, from Sept-08 onwards, the shares of BH Macro traded at a discount to NAV. To address this issue, Brevan Howard (BH) undertook a partial capital return in 2009 of approximately 7.5% of its net assets. In addition to this, it also carried out shares buy-backs and allowed investors to convert between the various currency share classes at the end of each month as opposed to each quarter.

All these measures helped BH Macro to return back to ‘trade at a premium’ for the first time in Jan-10, which is a very positive sign as demand for hedge funds is picking up. I......................

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