Bh Macro Share Discussion Threads

[edwardt] 25/1/2018 10:54

god knows why i am still here but if we get vol this will roar.

[edwardt] 21/12/2016 12:14

another nice print last night. mr howard is probably loving this market for him.

[edwardt] 29/11/2016 14:15

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.

[liquidkid] 29/11/2016 12:14

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.

[ifthecapfits] 29/11/2016 08:54

What to do now?

[edwardt] 29/11/2016 08:10

and when they say they will buy it all back , we may well be off to the races.

[edwardt] 23/11/2016 13:15

nice article on ft site today.

[edwardt] 23/11/2016 11:07

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.

[edwardt] 23/11/2016 11:00

looks like the great unwashed are now seeing value here. volumes picking up.

[edwardt] 22/11/2016 16:33

hey up. convexity kicking in. loving the nav print.

[edwardt] 21/11/2016 09:16

also you need to assess the relative discount to nav on each share class. converting to a narrower discount class is better for you.

[edwardt] 21/11/2016 09:15

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!

[ifthecapfits] 17/11/2016 15:51

edwardt - i've received a conversion notice to eur & $ - stupid question perhaps but why do this?

[ifthecapfits] 16/11/2016 11:55

Yep. Perking up.

[edwardt] 16/11/2016 08:58

best get the tractor out - the sun is out drying the grass.

[edwardt] 15/11/2016 15:06

convexity trading is their skillset - time to make hay.

[edwardt] 14/11/2016 17:34

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?

[jimbo55] 09/10/2014 12:52

I reckon increasing market volatility should do the trick!

[edwardt] 07/10/2014 16:37

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..

[jimbo55] 20/9/2014 03:09

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.

[edwardt] 18/9/2014 15:42

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!

[jimbo55] 13/6/2013 09:42

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.

[liquidkid] 11/6/2013 15:46

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.

[edwardt] 18/4/2013 14:53

not sure why!

[ifthecapfits] 22/6/2012 12:55

Not much interest in this then?