Investment Trusts

BH Macro Limited GBP


BH Macro Limited GBP

  • Price (GBX)419.00
  • Today's Change-8.50 / -1.99%
  • Shares traded683.00k
  • 1 Year change+2.95%
  • Beta-0.2196
Data delayed at least 20 minutes, as of Mar 31 2023 16:35 BST.
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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 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. The Master Fund's investment objective is 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 but not limited to, 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 Master Fund is managed by Brevan Howard Capital Management LP.

  • Revenue in GBP (TTM)304.05m
  • Net income in GBP90.88m
  • Incorporated2007
  • Employees0.00
  • Location
    BH Macro Limited GBPTrafalgar Court Les BanquesPO Box 255SAINT PETER PORT GY1 3QLGuernseyGGY
  • Website
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Management group(s)Brevan Howard Capital Management LP
AIC sectorHedge Funds
Launch date14 Mar 2007
Share typeOrdinary Share
StructureInvestment Trust
Base currencyGBP


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

Key Information
CompanyRevenue (TTM)Net income (TTM)Market capEmployeesPrice/earnings (TTM)Price/book value (MRQ)Price/cash flow (TTM)Price/sales (TTM)EPS (excl. extraordinary items, TTM)EPS (incl. extraordinary items, TTM)Revenue per share (TTM)Book value per share (MRQ)Asset turnover (TTM)Inventory turnover (TTM)Receivables turnover (TTM)Revenues per employee (TTM)Return on avg assets (TTM)Return on avg assets (5 yr avg)Return on investment (TTM)Return on investment (5 yr avg)Gross margin (TTM)Gross margin
(5 yr avg)
Net profit margin (TTM)Net Profit margin
(5 yr avg)
Quick ratio (MRQ)Interest coverage (TTM)Total debt to capital (MRQ)Payout ratio
(5 yr avg)
(YOY change %)
(5 yr growth rate)
Net income
(YOY change %)
Net income
(5 yr growth rate)
Capital expenditure
(5 yr growth rate)
(5 yr growth rate)
Sequoia Economic Infrastrctr Incm Fd Ltd-18.96m-55.37m1.40bn0.00--0.8586-----0.0314-0.0314-0.01070.9364-0.0097-------2.834.44-3.044.67--81.90--78.80---3.320.1056140.92-62.9512.43-70.138.45---1.78
Witan Investment Trust plc-259.31m-280.55m1.48bn6.00--0.9789-----0.3848-0.3848-0.36652.27-0.1277-----43,219,000.00-13.822.21-14.582.31--78.05--61.81----0.14190.05-191.15---206.78----6.67
HgCapital Trust plc124.92m107.48m1.57bn0.0014.600.7512--12.570.23490.23490.27314.570.0569--0.9378--4.9018.134.9018.1594.69--86.0496.58--30.470.06179.83-79.38-0.9889-81.94-3.50--8.76
Mercantile Investment Trust PLC-499.75m-525.70m1.58bn0.00--0.8478-----0.6643-0.6643-0.63152.37-0.2026-------21.317.76-21.407.80--90.06--89.09----0.14929.64334.7323.27284.0426.47--8.45
HarbourVest Global Private Equity Ltd248.20m236.51m1.63bn800.006.950.5315--6.562.962.963.1138.730.0824----310,252.607.8621.207.8621.2296.5097.9795.2997.41--131.860.00--55.5948.2656.6750.14----
Murray International Trust plc155.23m134.72m1.67bn0.0012.441.03--10.781.081.081.2412.930.0867--12.58--7.524.517.794.6592.6387.1786.7980.31----0.1177.47-28.67-7.52-32.00-8.43--2.29
BH Macro Ltd304.05m90.88m1.68bn0.0014.441.04--5.510.29130.29130.974.030.2488--10.56--7.449.367.639.5976.6379.5729.8949.10--1.750.000.00595.11--833.2188.38----
Jpmorgan Global Growth & Income PLC-48.90m-57.64m1.75bn0.00--0.8968-----0.3942-0.3942-0.2495.09-0.0382-------4.508.13-4.548.24--91.95--88.70----0.074843.19-111.28---116.47----11.96
Templeton Emerging Markets Inv Trust plc-393.77m-427.85m1.76bn0.00--0.9485-----0.363-0.363-0.33421.60-0.174-------18.914.61-19.204.76--81.68--78.31----0.050746.40-142.89---147.35----18.16
Bridgepoint Group PLC307.40m120.60m1.81bn366.0015.072.3513.025.880.14650.14650.37340.93860.2004--0.4767839,890.707.86--9.01------39.23----33.970.4693--13.31--108.65------
Caledonia Investments plc396.10m376.50m1.85bn66.004.980.6662--4.686.816.817.1750.880.1471--56.996,001,515.0013.9810.8714.1311.03----95.0591.68----0.0023.2029.1114.8931.1616.07-47.153.41
Personal Assets Trust PLC-34.26m-51.63m1.87bn0.00--0.906-----0.1507-0.1507-0.09765.27-0.0195-------2.945.82-2.945.86--90.32--87.30----0.0022.15-13.6010.47-18.5210.16--0.00
Finsbury Growth & Income Trust PLC-105.08m-118.74m1.87bn0.00--1.06-----0.5351-0.5351-0.47268.48-0.0529-------5.974.07-6.044.10--87.74--85.35----0.019747.60-150.01---160.39----4.97
Petershill Partners PLC-334.95m-367.22m1.93bn----0.5041-----0.3183-0.3183-0.29123.37---------------------------10.000.0946---211.20---282.69------
Data as of Mar 31 2023. Currency figures normalised to BH Macro Limited GBP's reporting currency: UK Pound GBX

Institutional shareholders

44.34%Per cent of shares held by top holders
HolderShares% Held
Investec Wealth & Investment of 29 Sep 202278.23m20.90%
Rathbone Investment Management of 16 Feb 202329.59m7.91%
Quilter Cheviot of 10 Feb 202219.71m5.27%
Close Asset Management of 16 Feb 202315.89m4.25%
Janus Henderson Investors UK of 31 Jan 20237.29m1.95%
BlackRock Investment Management (UK) of 28 Feb 20234.97m1.33%
Vanguard Global Advisers LLCas of 28 Feb 20233.67m0.98%
Evelyn Partners Investment Management LLPas of 28 Feb 20232.49m0.67%
Thesis Unit Trust Management of 31 Jan 20132.23m0.60%
Saltus Partners LLPas of 28 Feb 20231.87m0.50%
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Data from 31 Dec 2022 - 28 Feb 2023Source: FactSet Research Systems Inc.
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