Bh Macro Share Discussion Threads

[steve73] 09/10/2018 07:07

This is perking up over the last few day... in response to US rate rise, or something else?

[edwardt] 07/8/2018 15:35

like the last 8 years never happened - qe to qt + $$

[edwardt] 19/7/2018 15:45

the nav here has zero correlation to the msci. bet it finds its way into more managers portfolios in the next 12 months with a wide discount turniing to a premium to nav is my cry.

[edwardt] 28/6/2018 15:07

liquidity drain in the financial system; QE going to qt and fires popping up in EM, Italy and most global systemically important bank stocks down 20%. last time i looked that constitutes a bear market. tech is the only pariah and is now on a ev/sales akin to 2000. Mr H is one of the few who has laid mouse traps. They are going off all over the place now. get involved.

[edwardt] 28/6/2018 15:02

9 discount. i remember when this was on high single digit premium. if we get another 5% in 3 months, surely discount comes in too.

[edwardt] 07/6/2018 13:06

amazed no more interest here. the old dog knows how to make money in this type of market.

[edwardt] 05/6/2018 18:13

is that mr howard's mojo that we have found again. up 9% year to date. must have been short italian debt.

[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?