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BH Macro GBP Share Discussion Threads
Showing 26 to 50 of 50 messages
|liquid, not sure you get what they do but hey ho, if they just sat on a bunch of bonds the last month or so the nav would have been going in the opposite direction.|
|This is what happens when you just sit on a pile of bonds for a decade. Convexity trading? LOL
Nothing positive about this at all.
Wind up its portfolio after several years of disappointing performance.
as the discount on the shares widened, the actual annualised return shareholders received -1.05%
tender offer to buy back all its shares at 96% of net asset value. They currently trade at a discount of nearly 13% below NAV.
Will move one of the last remaining listed hedge funds from the UK market.|
|What to do now?|
|and when they say they will buy it all back , we may well be off to the races.|
|nice article on ft site today.|
|if anyone knows more would welcome a debate but macro hedge funds such as this trade convexity which is defined as
Convexity is a measure of the curvature or 2nd derivative of how the price of a bond varies with interest rate, i.e. how the duration of a bond changes as the interest rate changes. Specifically, one assumes that the interest rate is constant across the life of the bond and that changes in interest rates occur evenly.
with the trump election, this has to be a good place for these guys to trade imo.|
|looks like the great unwashed are now seeing value here. volumes picking up.|
|hey up. convexity kicking in. loving the nav print.|
|also you need to assess the relative discount to nav on each share class. converting to a narrower discount class is better for you.|
|you would only do it if you are particularly bullish on dollars and euros versus sterling. Hence if they strengthen further against sterling you will get an uplift because there is no hedging on this risk in the foreign denominated holding. Also note the other share classes are far smaller so it will be harder to sell them if you need to. I don't want to give advice but post brexit we have seen a large fall in sterling so it may have been a clever time to do this a year ago but question the merit now. your call!|
|edwardt - i've received a conversion notice to eur & $ - stupid question perhaps but why do this?|
|Yep. Perking up.|
|best get the tractor out - the sun is out drying the grass.|
|convexity trading is their skillset - time to make hay.|
|well to date this has been rubbish but my guess is we have just seen post trump and the yield curve steepening a chance for this fund to come into its own. nav print for this week will give us a good gauge but I would expect it to be good and this trust to get some attention - how about a premium to nav in 3 months?|
|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.|