Wed, Sep 28, 2016
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. Nobel Sustainability Trust, Prince Albert II of Monaco help launch major new initiative to drive sustainable technologies[more]

    Matthias Knab, Opalesque: The Nobel Sustainability® Trust ("NST") is leading a major new initiative to finance, incubate and accelerate the development of clean technologies. The initiative will start with the formation of the Nobel Sustainability Fund® ("NSF"). NSF will drive faster access t

  2. Studies - Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements, Cambridge: Look to private investments for best access to LatAm growth[more]

    Hedge funds’ study reveals vast disparity in types of investors securing side letter arrangements A new study of the hedge fund space by industry law firm Seward & Kissel LLP reveals a wealth of information regarding established hedge fund managers’ use of side letters—special agreements

  3. Activist News - Caesars 'optimistic' on deal with hedge fund creditors[more]

    From Reuters.com: Caesars Entertainment Corp said on Monday it remains "optimistic" of reaching a $5 billion deal with the bulk of its creditors to push its main operating unit out of bankruptcy, but one hedge fund bondholder said it will pursue litigation. Caesars offered a sweetened $5 billion set

  4. Hedge funds recover from losses as central banks give markets a respite[more]

    Komfie Manalo, Opalesque Asia: The Lyxor Hedge Fund index was up 0.4% from the week ending September 20 (-2.4% YTD), supported by the willingness of central banks to remain accommodative, Lyxor Asset Management said in its weekly briefing. It ad

  5. Perry Capital closing flagship fund after almost three decades[more]

    From Blooomberg.com: Richard Perry, one of the biggest names in hedge funds, is calling it quits after 28 years. Perry, 61, is winding down his New York-based flagship fund as the industry confronts one of the most tumultuous periods in its history. In a letter to investors Monday, he said his style