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Investor Relations14 Oct 2025
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BH Macro Limited (BHMG) investor relations material
BH Macro Limited H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary17 Sep, 2025
Executive summary
NAV per share declined slightly in H1 2025: -0.28% for Sterling shares and -0.59% for US Dollar shares, reflecting challenging conditions for closed-ended funds.
The discount to NAV narrowed to 7.35% (Sterling) and 7.71% (USD) from over 11% in 2024, aided by share buybacks.
Overwhelming shareholder support for continuation, with class closure votes defeated by over 98% for both share classes.
The company remains a key portfolio diversifier amid volatile geopolitical and economic environments.
Financial highlights
Net assets increased to $2,091 million as of 30 June 2025, up from $1,984 million at year-end 2024.
Net investment gain for H1 2025 was $179.3 million, with a net increase in net assets from operations of $161.5 million.
Net realised gain on investments: $45.5 million; net unrealised loss: $63.2 million.
Ongoing charges ratio: 2.23% (Sterling), 2.21% (USD) annualised for H1 2025.
No dividends declared for the period.
Outlook and guidance
The investment environment remains volatile, with macroeconomic dispersion and geopolitical uncertainty expected to persist.
The Board and Manager continue to seek ways to improve returns and attract new investors.
Monetary policy, US fiscal expansion, and global central bank actions are key factors for H2 2025.
Discount management effectiveness?
Key drivers of H1 2025 NAV performance?
Operating cash flow decline drivers?
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Next BH Macro Limited earnings date
H2 202527 Mar, 2026
Next BH Macro Limited earnings date
H2 202527 Mar, 2026
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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.
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