BH Macro (BHMG) H1 2026 earnings summary

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.