Tue, Sep 16, 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. Investing - Big hedge funds show interest in Alibaba, Maglan joins other hedge funds in rush to Argentinian assets[more]

    Big hedge funds show interest in Alibaba From Hereisthecity.com: …Three other major hedge fund investors who have shown interest in the IPO are Dan Loeb of Third Point, David Tepper of Appaloosa Management and Dan Benton of Andor Capital Management. All three were among the roughly 800 p

  2. Investors looking at other sources for hedge fund-like returns[more]

    Komfie Manalo, Opalesque Asia: Investors who are always on the lookout for higher gains are looking at alternative sources of income, particularly exchange-traded fund industry that generates hedge fund-like returns, according to

  3. …And Finally – Immature[more]

    From Newsoftheweird.com: Princeton University professor John Mulvey, 67 (who teaches financial engineering applications), was charged in July with stealing 21 yard signs around the town of Princeton -- signs for a computer repair business owned by a man with whom he was feuding. Nathan McCoy,

  4. Investors move capital out of Scotland ahead of referendum[more]

    Benedicte Gravrand, Opalesque Geneva: Ahead of Scotland’s independence referendum on September 18, asset managers, investors and pension savers are moving billions of pounds out of the country,

  5. Indices - Greenwich Global Hedge Fund Index up 1.57% in August (+4.22% YTD), Eurekahedge Hedge Fund Index rebounds in August gaining 1.36% (4.22%), Lyxor Hedge Fund Index was up 0.9% in August (YTD +1.7%)[more]

    Greenwich Global Hedge Fund Index up 1.57% in August (+4.22% YTD) The Greenwich Global Hedge Fund Index ended the month of August up +1.57%. Equity markets were up in August with the MSCI World Index up +2.00%. This was primarily driven by the performance of the S&P 500 which was up +4.