BH Macro (BHMG) H1 2025 earnings summary

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.