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BH Macro GBP Share Discussion Threads
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|I reckon increasing market volatility should do the trick!|
|well done jimbo , i would give you a pat on the back if i could. the next step here, is to get the volume now to push this one to a premium..|
|Note my comment from 15 months ago and the recent resurgence in the USD. I don't expect a pat on the back, but it illustrates the correlation.|
|wakey wakey, this one is starting to come out of its self imposed sleep - end of QE should put this back in the game. maybe Brevan will be back to his bloomberg terminal rather than getting exposed to all that alpine fresh air!|
|I put a lot of the recent weakness down to the weakness in the USD. This will, I'm sure; given the macro environment in which we find ourselves, be temporary.|
|This is not a traders stock hence the 5 year holding period and semi-annual BB posts.
What's happened to BH Global? it looks to be coming apart from Macro since End May. The US 10 year started selling off begining May.
The April commentary was this
...The strongest gains were made in macro equity trading and in European interest rates trading. Smaller gains were also registered in credit trading. Small losses were incurred in interest rates volatility trading and in US interest rates trading.|
|not sure why!|
|Not much interest in this then?|
|macro is motoring. the discount on bh global is very anomalous as macro is nearing a premium. if you are simply after pure macro play, stick with macro but as global has 40% in macro and is on 11 discount, i know where i prefer to be on a 6 month view.|
|Heads up (oh there's no one there) whats that? BH Global has decoupled from BH Macro They all trade from the BH Master Fund so much for the Transparency Reporting thing then.|
|Very witty liquid.|
|Monthly Report Oct 08- Going into November, the Master Fund continues to be positioned with a low level of securities leverage (ratio of absolute value of securities, excluding derivatives, to NAV) of approximately 0.8 (as at 31 October); a simplified derivatives book with lower gross exposure; a high 'unencumbered cash' balance of greater than 80% of the Master Fund's capital (a majority of which is invested in T-Bills); a focus on liquid asset classes and markets; and a low level of VaR utilisation.
Going into the end of the World, the Master Fund of Darkness continues to do absolutley nothing in order not to lose anything. All the money is in short dated US Treasurys which is in line with the apocalyptic risk scenario. These bonds have rallied massively recently as we head towards global zero interest rates - hence the annual perfomance of marginally over 10% reflects the rally in the bond price. The question is, Do you want to invest in a Macro fund that has a low return given the riskiness of its operations? No. Go buy your own Government bonds then.|
|Year to date Performance up 11.4% Discount to NAV now 7.5% Stock on Loan 8.4%|
|David Stevenson (FT/Investors Chronicle) and Paul Dolman-Darrall (Leading Private Investor) both like BH Macro and purchased this week. Original discussion and video at http://www.4wm.co.uk|
|'pension funds, managed funds, endowments & private banks on behalf of
high-net-worth individuals, Over 90 percent of it is new money.' Ian Plenderleith, chairman. Bllomberg March 2008
Please form an ordely queue (behind Iceland) if you wish to redeem.|
|Speed wobbles on the NAV calculation: 1440 29/09 then 1402 30/09 a 2.8% one day drop. Prooved too much for this stock.|
|NAV up considerably to 1423 at end of July so don't think they got caught holding the commodities...
"During June, the Brevan Howard Master Fund Limited (the "Master Fund") made
profits in fixed income volatility and relative value trading. Small gains were made in Credit, Equity and Commodity trades. The Master Fund lost money in fixed income directional and curve trades."
05/08 Macro losses in July highlight dangers of commodity bubble
The slide in oil and commodity prices played a major role in macro hedge fund losses in July. According to HFRX daily indices, macro funds lost 5.8% in the month through July 30, paring gains to 7.5% year-to-date. This compares with the global hedge fund index which lost 2.8% in July and 3.8% year-to-date.
Howard's Brevan Howard Fund rose almost 18% (this year), helped by holdings that profited as the Federal Reserve cut interest rates seven times since September to keep the US out of a recession, according to monthly shareholder reports.
Howard, who founded his London-based firm in 2002 after leaving his job as head of proprietary interest-rate trading at Credit Suisse Group, correctly predicted that the difference between short-term and long-term interest rates in the US would increase, as the Federal Reserve was forced to lower its benchmark rate by 2.25 percentage points to 2% to battle a slowing economy. He also made money on commodities and in emerging markets.
Howard, 44, is expecting stagflation, or economic stagnation coupled with an increase in prices, in the US, Europe and Japan, according to Brevan Howard's latest monthly shareholder report. "The world continues to go through a period of adjustment from excess and the mispricing of risk,'' said Ian Plenderleith, chairman of London-based BH Macro, the publicly traded fund that invests in Brevan Howard's macro portfolio. "I don't think that it would be remotely possible to say that this is coming to an end."|
"Increase certain risks to their delta adjusted exposure in the master fund" was read from their monthly report, & doesn't make much sense to me either!
Proprietary trading fixed income certainly requires a quantative approach to trading strategy (the "quant") & in that respect computer modelling to test their macro view would be in use (hence the "bot") Since you or I have no idea how they do it is called a "black box"
I agree they are single manager but the funds are multi strategy. You cannot buy directly into the master fund, the funds are structured into each strategy hence the "fund of funds" etc
Important definitions to get to know:
Hedge Funds Feeder Fund
Fund of Hedge Funds Feeder Fund|
|Liquid, they are a single manager hedge fund and the Macro fund remains a single manager strategy. They do not invest in externally managed funds so how do you categorise them as a "fund of hedge fund".
I think you need to understand the basics of hedge funds first and especially understand quant strategies and what they do. BH are not a quant shop, never have been, they're fully discretionary trading through a prop trader approach.
"What happens when they increase certain risks to their delta adjusted exposure in the master fund?"
this question doesnt make sense liquid.|
|So what are they then? More importantly what do they do? What happens when they increase certain risks to their delta adjusted exposure in the master fund?|
|"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.|
|New fund of listed this week at £10 share BH Global (BHGG) feeds into Global Opportunities Master fund (BHGO) which invests in Brevan Howard Master fund (BHMF) also in the Equity Strategies Master fund (BHES), Asia Master fund (BHAS) Emerging Markets Strategies Master fund (BHEM) and the Strategic Opportunities fund (BHSO) All this run by Brevan Howard Asset Management (BHAM)|
|3 Month Graph
BH Global 3m Graph
or Coin Flipper?
Brevan Howard makes its money punting on global macro trends using the Fixed income & FX markets.
The primary markets are Gov bonds & US$ against Euro & GBP also trade volatility, Yen & other presumably stick to plain vanilla long/short
A old Warren Puffet Put it - Probably a little out of your circle of confidence in terms of understanding the business. As with most hedge funds don't really make it known how they make their money except when they win or lose big. Whch one is this going to be?
Here's some charts which will have no influence on the valuation of this share price with the exception possibly when "one of 'em blows"
Yields & FX|
|If you don't believe me look at the chart.|
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