Results analysis from Kepler Trust Intelligence
Summary by AI BETAClose X
BH Macro (BHMG)
17/10/2025
Results analysis from Kepler Trust Intelligence
During the first half of 2025, BH Macro's GBP NAV (BHMG) per share delivered a slightly negative return of -0.28% for the Sterling Share Class and -0.59% for the US Dollar Share Class. Over the period, the share price performance was c. -2.3% for the Sterling Class shares and c. -5.5% for the US Dollar Class shares, reflecting the discount to NAV for both share classes widening over the six-month period to 30/06/2025. The Board has directed the company to buy shares back "where it has been accretive to do so". Whilst the discount has narrowed from the levels experienced in the last couple of years, "it is at too great a level for the Board to feel comfortable".
Kepler View
The NAV performance, according to the managers, was largely as a result of the portfolio being positioned for the impact of tariffs from the new presidential term. As it was, the new administration focused on immigration at first, and trade policy took a few months to develop, culminating in the "Liberation Day" announcements in early April. The delay caused initial positions to incur losses that were largely made up after tariffs began to be implemented. The positive returns that BHMG delivered during April contrasted with high volatility in equity markets, serving to remind investors that BHMG can act as a diversifier, or shock absorber, in equity portfolios. In our view, this diversifier potential is one of the main attractions of BHMG to shareholders.
The managers observe that "with this landscape of macro dispersion and geopolitical uncertainty across all regions, markets are likely to remain extremely interesting". This could be fertile grounds for Brevan Howard's traders, and so long-term investors who value the unique, diversifying properties of BHMG may see the current share price discount to NAV as an opportunity.
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