Sat, Nov 29, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

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

Thursday, February 11, 2010

amb
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......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Unlucky Paulson & Co. rebrands $1.6bn Recovery Fund after 13% drop[more]

    From Businessweek.com: A maturing U.S. economic recovery is prompting Paulson & Co. to change course. The $19 billion hedge fund firm, led by billionaire John Paulson, told investors on a conference call this month that the Paulson Recovery Fund will be renamed Paulson Special Situations Fund on Jan

  2. Opalesque Roundtable: Islamic Finance races ahead with Sukuk, the first managed account platform, and foreign demand[more]

    Komfie Manalo, Opalesque Asia: A number of developments took place within Islamic finance in the past years, including the launch of a Islamic managed account platform and the further growth of the sukuk space that saw this instrument evolve from being a type of an ABS security that was rarely

  3. Fund Profile - A complex hedge fund strategy works for United Technologies[more]

    From Institutionalinvestor.com: Reports that portable alpha is dead have been greatly exaggerated, as Mark Twain might have phrased it. Another Connecticut Yankee, giant United Technologies Corp., is gearing up to grow its successful, nearly decade-long portable-alpha program. The UTC strategy took

  4. Opalesque Exclusive: The unintended consequences of Basel III[more]

    Benedicte Gravrand, Opalesque Geneva: Bijesh Amin, co-founder and managing director of Indus Valley Partners (IVP), a technology solutions and services firm focused on the alternative asset management industry, has recently observed

  5. Legal - Six years after AIG takeover, lawsuit reveals another potential buyer[more]

    From Institutional investor.com: When former Treasury secretary Henry (Hank) Paulson Jr. testified in a suit last month about the U.S. government takeover of American International Group, his words were — mostly — numbingly familiar. Explaining the “punitive” terms set for the September 2008 bailout