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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
BH Macro
BH Macro (BHMG) investor relations material
BH Macro H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary30 Sep, 2026
Executive summary
NAV per share rose 2.43% for Sterling shares and 2.23% for US Dollar shares in H1 2026, driven by underlying portfolio performance and discount management initiatives.
Discount to NAV narrowed to 5.32% (Sterling) and 5.41% (USD), among the lowest in two years, reflecting ongoing buybacks and investor engagement.
Over 90% of shareholders voted against class closure for both share classes, affirming support for the fund's strategy.
The fund continues to focus on risk management and steady compounding returns, with a low correlation to equity and bond markets.
Financial highlights
Net assets at 30 June 2026: $1,907.5m, down from $1,981.1m at year-end 2025.
Net increase in net assets from operations: $14.4m for H1 2026, compared to $161.5m in H1 2025.
Net realised gain on investments: $198.5m; net unrealised loss: $154.8m.
Ongoing charges: 2.79% (Sterling), 2.77% (USD) annualised for H1 2026.
Performance fees accrued: $10.4m; management fees: $14.8m for H1 2026.
Outlook and guidance
The macro environment is shaped by US monetary policy shifts, geopolitical tensions (notably the Iran conflict), and the AI investment boom.
The Fed is expected to reverse previous rate cuts, with higher volatility and less forward guidance anticipated.
Geopolitical risks and evolving global trade dynamics, especially between the US, China, and Europe, are expected to impact markets in H2 2026.
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Latest events from BH Macro
- NAV growth modest; buybacks and class closure votes highlight persistent discount issues.BHMG
H2 2025 - NAV fell modestly, discount narrowed, and net assets grew amid volatile markets and strong support.BHMGH1 2025
- NAV fell in H1 2024, but buybacks narrowed discounts and strategy confidence remains.BHMGH1 2024
- NAV per share rose, discounts narrowed, and class closure votes were defeated in 2024.BHMGH2 2024
Next BH Macro earnings date
H2 202631 Mar, 2027
BH Macro
Next BH Macro earnings date
H2 202631 Mar, 2027
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Frequently asked questions
BH Macro Limited (BHMG) is a closed-ended investment company that functions as a feeder fund, directing all of its assets, minus short-term working capital needs, into the Master Fund, a Cayman Islands-based open-ended investment company managed by Brevan Howard Capital Management LP. The company's investment strategy aims for consistent long-term appreciation through active leveraged trading and investment on a global scale, utilizing a wide array of instruments. These include debt securities, bank loans, equities (both listed and unlisted), collective investment schemes, currencies, commodities, digital assets, futures, options, warrants, swaps, and other derivatives. The Master Fund employs a variety of strategies focused mainly on economic change, monetary policy, and exploiting market inefficiencies. BH Macro Limited is headquartered in Saint Peter Port, Guernsey, and its shares are listed on the London Stock Exchange.