Thu, Jul 24, 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. Events – AIMA Australian Hedge Fund Forum, Sept. 16, Sydney[more]

    AIMA Australia invite you to join us at our annual Hedge Fund Forum on Tuesday 16th September 2014 at the Sofitel Sydney Wentworth. The AIMA Australian Hedge Fund Forum is a non-profit hedge fund conference organised by the industry for the industry, featuring quality Australian and internation

  2. Opalesque Exclusive: Loeb, Grantham cite growing economic concerns in letters[more]

    Bailey McCann, Opalesque New York: Hedge fund manager Daniel Loeb, head of Third Point, and Jeremy Grantham of Grantham, Mayo, Van Otterloo & Co. have both released their quarterly investor letters today. While news is positive on some fronts, and both men see pockets of opportunity, they also h

  3. Investing – Hedge funds expect Netflix earnings to catapult forward, Third Point's Loeb takes stakes in Fibra Uno, YPF, Royal DSM, Lake Capital in talks to back Engine Group[more]

    Hedge funds expect Netflix earnings to catapult forward From Investing.com: Netflix has made major strides forward in 2014 despite ongoing battles with the FCC and cable companies over the issue of net neutrality. The FCC has now received over 500,000 comments from the public on its pend

  4. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  5. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag