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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Bh Macro Limited | BHMG | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 1.50 | 0.42% | 355.00 | 16:35:13 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 352.50 | 352.50 | 354.00 | 355.00 | 353.50 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 18/1/2024 10:29 by affemoose A couple of good articles. MasterInvestor states that Investec would be selling down a large position and the other states that they are bullish on it. I'll post the Citywire text below in case you cant login.hxxps://masterinvest hxxps://citywire.com edge fund BH Macro (BHMG) is a ‘unique’ portfolio that does well in challenging market environments, according to Investec analysts, who highlighted the shares on a 13% discount as a bargain buy. In a note, analysts Alan Brierley and Ben Newell said BH Macro has prided itself on having an ‘inverse correlation with risk assets’ since launch in 2007 and this has been ‘most pronounced during the times of peak distress’. During the 2007-2009 global financial crisis, the FTSE All Share fell 45.6% and the MSCI All Country World index dropped 54.1%, but BH Macro’s net asset value (NAV) rose 43.9%. More recently, in 2022 when Russia invaded Ukraine and inflation worries began, the hedge fund delivered a NAV return of 20.8%, while the FTSE dropped 10.5% and the MSCI ACWI was down 22.1%. Brierley and Newell said with low NAV volatility and minimal correlation to equities and bonds the hedge fund has a ‘natural role to play in improving portfolio diversification̵ Now is also a good time to buy the £1.6bn flagship Brevan Howard hedge fund as it is sitting on a double-digit discount. The sterling share class is trading at a 12% discount to the NAV of 407p, while the US dollar share class (BHMU) is doing slightly better at a 10% discount. As recently as September 2022, shares were trading at 22% premium but the fund had a difficult 2023 when it was hit by a ‘perfect storm’ of performance challenges, ‘unrealised fears’ that Rathbones and Investec would become forced sellers, a broad deterioration in sentiment towards the industry, and a greater appetite for risk assets. The fund’s net asset value fell 7.1% between March and May last year after its key interest rate trade went wrong as markets priced in cuts in US interest rates following the collapse of Silicon Valley Bank and subsequent contagion risk. While they recovered some of the losses in the latter half of the year, the NAV was still 2.6% lower over one year. The share price had a worse time, with the sterling share class down 23% and the US share class (BHMU) down 21.5% over the 12-month period. The derating followed a bumper £315m share issue in February which saw the company capitalise on its strong market-bucking performance in 2022 when it returned nearly 22% to shareholders. Nervousness around the merger of wealth managers Rathbones and Investec, who had a combined stake of more than 30%, the threshold which would ordinarily require a bid to be made under Takeover Panel rules, also weighed on the stock. Prior to the merger’s completion, trust chair Richard Horlick warned investors the combination of the two wealth managers could create an overhang which may lead to forced selling. While the stake has been reduced, this has been minimal and steady, with the latest stock exchange notice saying that the wealth manager had just under 28% as of early November. With Rathbones’ intentions uncertain, the board held off on buybacks in the third quarter despite the derating of the shares. However, in December when the shares hit a nadir of a 15% discount the board became more active. This activity continued into 2024 with 2.8m shares already purchased, according to stock exchange announcements. Buybacks along with better performance should support the share price and offer another reason to invest, according to the Investec analysts. ‘When (not if) we next hit choppy waters, we expect NAV gains to be accompanied by a return to a premium rating, which would equate to significant outperformance of risk assets,’ the analysts wrote in a note. |
Posted at 18/1/2024 10:15 by affemoose I look at the 5 year chart for this share and see 1 significant rise to 500pence, which has now corrected back down, and this share is the same price as it was in 2021.Thus the 'rocket up' has only happened once, the rest of the time it's pretty flat. 10 years ago it was trading at 200p. Today it is at 364. That's approx a 7% return per year. Not bad but not inspirational for what they claim to be. You may be interested in the comment in Master Investor: hxxps://masterinvest "Another trust operating in the same sector is the £1.6bn BH Macro (LON: BHMG), which has a strong long-term record as a diversifier. Recently however it has really struggled and slipped to a 12% discount, although the Board has rather belatedly started to buy back some of the shares. The problem is the 28% stake owned by Investec/Rathbones that has turned a strong supporter into an ongoing seller. Numis believe that it may require a corporate action solution to reduce this position that is seen as an overhang by the market." |
Posted at 16/12/2023 09:27 by eh9 Ft today re hedge funds like bhmg At this point, macro hedge fund managers and other investors who seek to harness broad global economic trends are rubbing their hands with joy. Generally speaking, the past two years or so have featured the big central banks all pulling in the same direction. With the exception of the Bank of Japan, each of them has been seeking to damp down inflation with hefty rises in interest rates.Now they are very clearly at different stages in terms of dialling rates back down, and each is dependent on how economic data releases shape up. Electoral cycles are also not synchronised. With investors unusually closely focused on fiscal policy, that means different major bond markets and currencies are likely to swing around in relation to each other. "As a macro strategist, this is what I dream about," said John Butler, head of macro at Wellington Management in London. "This is the best macro environment I've experienced in 30 years." |
Posted at 14/4/2023 13:23 by robe7 The merger of Rathbones and Invesco has resulted in them owning 34% of BHMG I understand - I'm thinking they will probably wish to sell a portion of shares at some point to bring them under 30% maybe this is effecting share prices - any thoughts anybody? |
Posted at 21/3/2023 20:33 by dickiehhh It's lot even 4 percent loss. NAV was 416 a week ago. Now its 405. That's a 2.5 percent loss which is remarkably good given they a "macro trend" trust. Lots of other Marco funds have suffered massive losses this past week. BHMG performance should be congratulated |
Posted at 08/2/2023 15:10 by apollocreed1 Every broker today is restricting dealing in BHMG. I have friends trying to buy in HL,IB and AJ Bell, but it either shows no quote or a notice stating that there is no KIID document. |
Posted at 28/12/2022 18:06 by u813061 BHMG features in my best investment trusts of 2022. For further analysis and to see the other investment trusts are also featured, click on this link hxxps://youtu.be/5j5 |
Posted at 11/7/2022 15:44 by apollocreed1 Does it make sense to buy into Bhmg at a premium? Quite a large premium at that. |
Posted at 08/4/2022 10:45 by lozzer69 I already have CGT PNL and RICA who are doing a great job of wealth preservation. I invested here having seen a recent Investec report which shows BHMG has the best preservation record of any trust since 2007. |
Posted at 02/6/2008 19:36 by cagr "BH Macro - A Black Box Quant Bot Fund of Hedge Funds Feeder Fund (BHMG) Add Favourite"-------------------- I think one needs to learn the basics of hedge funds. Brevan are NOT a black box quant house my friend AND the BHMG fund is NOT a fund of funds. |
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