BH Macro (BHMG) H2 2025 earnings summary

Executive summary

• NAV per share rose 1.4% for Sterling shares and 0.8% for US Dollar shares in 2025, with share price returns of -1.7% and 1.7% respectively, reflecting a challenging year with performance below expectations but within historical bounds.

• Persistent share price to NAV discounts (8.1% for Sterling, 8.3% for USD) led to class closure votes, both of which were overwhelmingly defeated, affirming shareholder support.

• £115 million and $1.3 million were spent on buybacks for Sterling and USD shares in 2025, aiming to address the discount issue.

• The Board negotiated an increased buyback allowance to 14.99% of share capital for 2026, up from 5% in 2025.

• Assets under management at year-end were approximately $34 billion, with a stable portfolio management team.

Financial highlights

• NAV per Sterling share at year-end: £4.41 (2024: £4.35); NAV per US Dollar share: $4.52 (2024: $4.48).

• Net total gain: £7.0m (2.12p/share) for Sterling, $0.6m (2.35c/share) for USD (2024: £68.2m and $5.7m).

• Ongoing charges ratio decreased to 2.47% (Sterling) and 2.40% (USD) from 2.95% and 3.06% in 2024.

• No dividends paid in 2025.

• Net assets at year-end: $1,981m (2024: $1,984m).

Outlook and guidance

• The Board remains confident in the Manager’s strategy amid macroeconomic and geopolitical uncertainty, expecting continued volatility and opportunities in 2026.

• Increased buyback allowance and the launch of a private fund investing in the Company are expected to support share price and address discount issues.