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About the company
BH Macro Limited is a closed-ended investment company. The Company is organized as a feeder fund that invests all of its assets (net of short-term working capital requirements) directly in the Master Fund, a hedge fund in the form of a Cayman Islands open-ended investment company. Its investment objectives the generation of consistent long-term appreciation through active leveraged trading and investment on a global basis. The Master Fund invests in a range of instruments including debt securities and obligations (which may be below investment grade), bank loans, listed and unlisted equities, other collective investment schemes, currencies, commodities, digital assets, futures, options, warrants, swaps, and other derivative instruments. The Master Fund employs a combination of investment strategies that focus primarily on economic change and monetary policy and market inefficiencies. The Company is managed by Brevan Howard Capital Management LP.
- Revenue in GBP (TTM)331.62m
- Net income in GBP199.54m
- Incorporated2007
- Employees0.00
- LocationBH Macro Limited GBPTrafalgar Court, Les BanquesPO Box 255SAINT PETER PORT GY1 3QLGuernseyGGY
- Websitehttps://www.bhmacro.com/
Profile
| Management group(s) | Brevan Howard Capital Management LP |
|---|---|
| AIC sector | Hedge Funds |
| ISIN | GG00BQBFY362 |
| Launch date | 14 Mar 2007 |
| Share type | Ordinary Share |
| Structure | Investment Trust |
| Base currency | GBP |
Objective
The Company is organised as a feeder fund that invests all of its assets (net of short-term working capital requirements) directly in Brevan Howard Master Fund Limited, a hedge fund in the form of a Cayman Islands open-ended investment company, which has as its investment objective the generation of consistent long-term appreciation through active leveraged trading and investment on a global basis.
Managed by
| Not Disclosed |
|---|
Management & contract fees
Management fee equals to 1.5% p.a. of the NAV of each class of Shares. Performance of 20% of the appreciation in the NAV per share of that class during that calculation period which is above the base NAV. Agreement may be terminated on notice period of 24 months.
Peer analysis
| Company | Revenue (TTM) | Net income (TTM) |
|---|---|---|
| Herald Investment Trust plc | 46.46m | 31.67m |
| Sequoia Economic Infrastrctr Incm Fd Ltd | 97.77m | 79.56m |
| Bankers Investment Trust PLC | 230.72m | 216.69m |
| Schiehallion Fund Ltd | 252.29m | 242.60m |
| Aberforth Smaller Companies Trust plc | 114.11m | 96.24m |
| Rosebank Industries PLC | -100.00bn | -100.00bn |
| Worldwide Healthcare Trust PLC | -148.71m | -168.47m |
| JPMorgan Emerging Mkts Grt & Inc PLC | 65.23m | 49.48m |
| BH Macro Ltd | 331.62m | 199.54m |
| Fidelity Special Values PLC | 172.69m | 158.39m |
| Burford Capital Limited | 349.70m | 64.40m |
| Fidelity China Special Situations PLC | 590.06m | 557.14m |
| Law Debenture Corporation plc | 252.53m | 169.96m |
| Pantheon International PLC | 45.41m | -6.71m |
| Smithson Investment Trust PLC | 106.55m | 83.49m |
| Renewables Infrastructure Group Ltd | -210.10m | -213.20m |
Institutional shareholders
| Holder | Shares | % Held |
|---|---|---|
| Investec Wealth & Investment Ltd.as of 13 Nov 2024 | 72.03m | 22.80% |
| Rathbones Investment Management Ltd.as of 22 Oct 2025 | 58.06m | 18.38% |
| Evelyn Partners Investment Management LLPas of 20 Jan 2026 | 46.15m | 14.61% |
| RBC Europe Ltd.as of 23 Dec 2024 | 26.23m | 8.30% |
| LGT Wealth Management UK LLPas of 26 Jun 2024 | 19.11m | 6.05% |
| BlackRock Investment Management (UK) Ltd.as of 30 Jan 2026 | 5.69m | 1.80% |
| Saltus Partners LLPas of 31 Dec 2025 | 4.95m | 1.57% |
| Janus Henderson Investors UK Ltd.as of 31 Dec 2025 | 4.37m | 1.38% |
| Vanguard Asset Management Ltd.as of 31 Dec 2025 | 4.21m | 1.33% |
| CG Asset Management Ltd.as of 31 Dec 2025 | 3.81m | 1.21% |
