Interim Management Statement

RNS Number : 3799S

BH Macro Limited

15 May 2009

 



BH Macro Limited

Interim Management Statement for the period ended 30 April 2009

  30 April 2009                                                                                                                                   www.bhmacro.com

Disclaimer / Important information	BH Macro Limited (the 'Company'), is a feeder fund to Brevan Howard Master Fund Limited ('BHMF'). Brevan Howard Asset Management LLP ('BHAM') has supplied certain of the following information regarding BH Macro Limited's performance. BHAM is authorised and regulated by the Financial Services Authority. The material relating to the Company included in this report is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in the Company. This material is not intended to provide a sufficient basis on which to make an investment decision. Information and opinions presented in this material relating to the Company, and BHMF, have been obtained or derived from sources believed by BHAM to be reliable, but BHAM makes no representation as to their accuracy or completeness. Estimated results, performance or achievements may materially differ from any actual results, performance or achievements. Except as required by applicable law, the Company and BHAM expressly disclaim any obligations to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions. You should note that, if you invest in the Company, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest. This material is not intended to constitute, and should not be construed as, investment advice. BHAM neither provides investment advice to, nor receives and transmits orders from, investors in the Company nor does it carry on any other activities with or for such investors that constitute 'MiFID or equivalent third country business' for the purposes of the FSA Rules. PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS
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Overview and Objective Company Size Share Capital Performance Review	BH Macro Limited is a closed-ended investment company, registered and incorporated in Guernsey on 17 January 2007 (registration number 46235). The Company invests substantially all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Master Fund Limited. The Company was admitted to the Main Market of the London Stock Exchange on 14 March 2007. The Interim Management Statement covers the period from 31 December 2008 to 30 April 2009. The total net assets of the Company are summarised as follows:: Shares Class 30 April 2009 Currency: USD mm 31 December 2008 Currency: USD mm 30 April 2009 Currency of Class (mm) 31 December 2008 Currency of Class (mm) USD Shares 781.56 795.77 US$781.56 US$795.77 EUR Shares 394.71 431.08 €297.92 €310.68 GBP Shares 481.03 413.27 £324.60 £283.70 Total 1657.30 1640.12 N/a N/a The number of shares in issue in each share class of the Company is summarised as follows (USD): Share Class 30 April 2009 31 December 2008 USD Shares 49,349,098 54,992,632 EUR Shares 18,746,338 21,470,815 GBP Shares 19,915,104 19,075,361 The share price of each share class of the Company is summarised as follows: Share Class 30 April 2009 31 December 2008 USD Shares (US$) 14.63 11.95 EUR Shares (€) 14.85 11.21 GBP Shares (p) 1533 1150 The NAV per share* of each share class of the Company is summarised as follows: Share Class 30 April 2009 31 December 2008 USD Shares (US$) 15.84 14.47 EUR Shares (€) 15.89 14.47 GBP Shares (p) 16.30 1487 * NAV performance is provided for information purposes only. Shares in the Company do not necessarily trade at a price equal to the prevailing NAV per Share.  Source: Underlying BHMF Net Asset Value data is provided by the Administrator of BHMF, International Fund Services (Ireland) Limited. The Company's Net Asset and Net Asset Value per Share data is provided by the Company's Administrator, Northern Trust International Fund Administration Services (Guernsey) Limited. The Company's Net Asset and Net Asset Value data in this report is unaudited and net of all investment management fees (2% annual management fee and 20% performance fee) and all other fees and expenses payable by the Company. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.   Further detail of monthly performance information and the outlook of the Company and BHMF can be obtained from the Company's monthly newsletters, copies of which are to be found on the Company's website: www.bhmacro.com

Material Events and Transactions	Tender Offer During March 2009, the shareholders of the Company approved proposals at an Extraordinary General Meeting allowing the Company to implement a tender offer for a maximum 7.5 per cent of the issued shares (excluding shares held in treasury) of each of its Sterling, Euro and US dollar share classes (the 'Tender Offer'). The Tender Offer period closed in March. The Tender Price for each class of shares was 96% of the net asset value per share of the relevant class as at 31 March 2009 being:  Euro shares - €15.2256 per share  US dollar shares - US$15.1776 per share  Sterling shares - £15.6288 per share  In total approximately: 31.33% of the issued Euro shares of the Company (excluding euro shares held in treasury);  48.66% of the issued US Dollar Shares of the Company (excluding US dollar Shares held in Treasury); and  5.08% of the issued Sterling Shares of the Company (excluding sterling Shares held in Treasury),  were tendered meaning that shareholders tendering: Euro shares in excess of their basic entitlement of 7.5% of their shareholding (the 'Excess') had approximately 11.95%  of their Excess satisfied;  US dollar shares had approximately 5.67% of their Excess satisfied; and   Sterling shares had 100 per cent of their Excess satisfied.   The Tender Offer settled in the first week of May. Discount management policy In addition to carrying out the tender offer repurchases, the Company has also purchased the following numbers of shares in the market in accordance with its ongoing discount management policy: Share Class Shares purchased on-market in 2009 (on or before 13 May 2009) USD Shares  340,000 EUR Shares 0 GBP Shares  25,000 In accordance with the terms of the Company's discount management policy these purchases have only be made in the market at prices below the estimated prevailing NAV per Share in circumstances that have resulted in an increase in the NAV per Share of the remaining Shares and after purchase have been held in treasury in Company. Other The Company continues to have substantially all of its assets (net of short-term working capital) invested in the Brevan Howard Master Fund Limited.
Enquiries	Northern Trust International Fund Administration Services (Guernsey) Limited Harry Rouillard [phone]

 

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