Bh Macro Share Discussion Threads

[eh9] 13/2/2023 11:02

It's all a bit smoke and mirrors Placing vs Offer for Subscription - but I think offer for subscription is usual share offers through the ongoing 2023 calendar year whereas the Placing was once off large raise on single date. They scaled back the placing ie had more demand than the amount they planned to issue at the placing. Now a cynic would say they created the perception of over subscription by scaling back the placing and raising more in the offer for subscription. One would assume the placing plus the current offer for subscription (shares being issued tomorrow) add up to the total demand - ie if you applied for gbp50k some might be called offer and some placing rather than say only taking 35k of your money

[eaaxs06] 13/2/2023 10:54

I’m a bit confused on the results of the initial issue and ‘scale-back exercise’

The combined offers were for up to 220m shares, and the got applications for 73m, so why are they scaling back?

Good luck everyone, Sid.

[eh9] 13/2/2023 08:38

Seems to have been oversubscribed

[dickiehhh] 11/2/2023 12:56

Has anyone managed to buy/sell this over the past week?

[eaaxs06] 08/2/2023 15:17

Makinbuks

I was assuming the nav would be depressed by introducing the new cash net of charges, and the overheads that go together with the fundraising.

It has happened before with investment trusts that have raised funds, then the asset value is significantly lower then next time its released.

I’m reassured by your confidence in the board and their ability to use the funds in a profitable way, but I’m still getting splinters off this fence.

Good luck everyone, Sid.

[apollocreed1] 08/2/2023 15:10

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.

[makinbuks] 08/2/2023 14:30

Sid,

Why would a fund raise at a premium to NAV "severely depress the nav for quite some time"? Initially it is accreditive to nav, then it will reduce charges per share and finally I am certain they have sufficient ideas to deploy effectively in a timely manner

[sackofspuds] 08/2/2023 14:05

I did get a quote for it from interactive investor earlier today.

Offer expired at 12pm today for II customers so time to sit back and wait.

I'm a bit sceptical about the accuracy of the NAV on this.

[eh9] 08/2/2023 13:49

I think yesterday due to the stock split it was difficult to trade

[eaaxs06] 08/2/2023 13:43

Well done SoS, fortune favours the brave. Did you look at buying in the open market, like to posted about yesterday?

As I said earlier, I couldn’t get a price for it this morning, claiming it was ‘restricted from dealing’ which seemed very odd when I could see other trades going through.

I’m still sitting on the fence with the offer at the moment, it looks ok, but how much will the nav be diluted and can it start to rise again as quickly as before?

Good luck everyone, Sid.

[sackofspuds] 08/2/2023 13:03

I took a small punt by subscribing to the offer.The long term share price graph is good and how else do small retail investors get to invest in a macro hedge fund? Markets will, I think, be volatile for some time to come which may help this Trust. It's certainly opaque though.

[eaaxs06] 08/2/2023 12:51

Whilst the share price has performed well over the past 2 years, even with the pull back of the past 6 months, this huge influx of capital is going to severely depress the nav for quite some time.

Also there is no guarantee the share price will return back to the healthy premium to nav that’s been evident for the past 18 months or so.

Good luck everyone, Sid.

[checkers2] 08/2/2023 12:49

A good deal per se no, however I see bh macro as a good manager in these uncertain times, where it is more about capital preservation than gains, and since I wanted to add to my position, this is a more favourable way to add without paying a large premium over nav.

[eaaxs06] 08/2/2023 11:04

It’s a combined Offer for Sale, Placing and Intermediary offer of up to 220m shares, which at nearly £1b is a huge amount. Probably best not to load up at over 220m shares, checkers2.

I can’t find any totals for what shares/percentage goes to which of the three offers, so I’d guess its down to the directors and advisors to allocate as they see fit, once the bids are in.

Good luck everyone, Sid.

[sackofspuds] 08/2/2023 11:00

Don't think there's a limit. Presumably you think this is a good deal then?

[checkers2] 08/2/2023 09:46

I am a holder here, however wasn't sure if is there a limit to how many new issue shares one can subscribe for? Asking beceause I'm thinking of loading up here...

[eaaxs06] 08/2/2023 08:50

I tried to get a price for it earlier today and it came up as this security is restricted from dealing.

Good luck everyone, Sid.

[eh9] 08/2/2023 08:34

You avoid trading costs and stamp duty

[sackofspuds] 07/2/2023 22:01

RNS just before 4pm states that the initial Issue Price will be 431.5p which just happens to be the closing mid price from today. How coincidental that this just happens to be the NAV plus 2%. Latest NAV on 31/1/23 was 423.1 * 10. The spread on these is 1.02%. See little point in participating in the share offer.

[eh9] 07/2/2023 17:25

The premium plummeted due to the dilution foreseen by the offering. It's a very poor deal for existing holders as they lost 10% or so due to the dilution.

[sackofspuds] 07/2/2023 16:42

Yes, 10:1 split happened today.

I was considering investing in this anyhow, then they announced the new issue. Struggling to see the advantage of subscribing to the new issue versus buying in the market. Price for the subscription is 2% above NAV. Their current premium to NAV is around 3% I believe but NAV is only an estimate. Not much in it from what I can see. I seem to recall the premium used to be nearer 13% which clearly would have changed the calculation.

[yf23_1] 07/2/2023 16:01

HAs this had a 10:1 split.
Really annoys me as it wouldn't take a lot to announce an RNS announcing the split details or even a reference to the details.
Happens all the time.

[apollocreed1] 06/2/2023 11:05

Good morning all.
Can anyone please explain to me if BH Macro's GBP class is invested in dollars?

So if USD strengthens against GBP, does the GBP share class rise in value?

The last NAV in USD was about $43.50 and in GBP £42.22. The fact that they are so close in value is confusing as it seems that the GBP value is not a straight conversion from USD.

[rabiddog] 30/1/2023 09:46

Yep, going to need a good captain in the choppy seas ahead.

[spooky] 30/1/2023 09:43

2 and 20 makes it a more difficult decision when rates are 4% rather than 0.5. Long term not a deal breaker if you respect their investment abilities but...........