Bh Macro Share Discussion Threads

[edwardt] 14/6/2023 15:27

That is a school boy error . No apology either!!

[eh9] 14/6/2023 11:36

So it was all a mistake and the mtd performance is steady!

[eh9] 13/6/2023 15:34

Agree seems to be fully positioned for rates to overshoot and news keeps coming in less bad than expected so far

[edwardt] 13/6/2023 14:23

this is getting silly.

[rambutan2] 27/4/2023 16:49

A 4% loss for the month was easily the worst since 2007 listing - even the best get caught out sometimes...

[makinbuks] 19/4/2023 11:37

And maybe in anticipation of sales to come resulting from the merger discussed above

[jt35] 19/4/2023 09:29

On a discount to NAV now which is unusual for the last couple years. I would expect it to trade around that now as the sizeable share issuance over the last 6 months has shown no real reason for this to trade as large premiums to NAV when company will issue new stock.

[makinbuks] 19/4/2023 09:28

Trading at a discount to NAV now

[robe7] 18/4/2023 16:08

Not sure how far this has to fall yet - I've pulled out most of my holding over the last couple of days so should start and go up now:)

[makinbuks] 17/4/2023 16:12

I understood they would seek an exemption to the takeover rule. The issue to me is that presumably they want to grow their customer base and would like to buy more on behalf of these new punters and may be prevented

[robe7] 14/4/2023 13:23

The merger of Rathbones and Invesco has resulted in them owning 34% of BHMG I understand - I'm thinking they will probably wish to sell a portion of shares at some point to bring them under 30% maybe this is effecting share prices - any thoughts anybody?

[rambutan2] 30/3/2023 22:19

Annual Report out, excellent returns, but as expected, scarce details to chew on:

Performance and Economic Outlook Commentary

The economic environment last year proved favourable for our core macro
strategies. Surging inflation, combined with central banks reversing years of
monetary stimulus, triggered high levels of volatility across a range of
markets, creating a rich opportunity set. Our core theme of higher US rates
played out during the first three quarters of the year. When sentiment shifted
in the fourth quarter toward the possibility of an end to the rate-hiking cycle
in the US and concerns about recession in Europe, the Master Fund was able to
generate additional gains by positioning for lower rates. European interest
rate trading was much more tactical throughout the year, also contributing to
gains. Not only did the traditional macro directional strategies perform well,
but so too did a range of other strategies including FX, relative value,
inflation, and emerging markets. Looking to the future, it is worth considering
the recent past. The decade following the Great Financial Crisis saw the
longest economic recovery on record, fuelled by unprecedented monetary and
fiscal stimulus. Macroeconomic and market volatility was suppressed as
policymakers used an ever-growing set of policy tools designed to curtail
potential bad outcomes. Harvesting risk premium in this quiescent environment
was relatively straightforward for investors. Eventually, though, the
consequence of such hyper-easy monetary and fiscal policy was a surge in
inflation exacerbated by pandemic-related disruptions to the supply side of the
global economy. Against this backdrop, inflation broke out of 40-year ranges in
many developed market (DM) and emerging market (EM) economies. Huge
uncertainties remain as to whether global central banks will succeed in
containing inflation without triggering severe recessions. Something always
breaks during a rate-hiking cycle and there's no such thing as a pain-free
recession. At the beginning of this year, it looked like investors were willing
to believe in a soft landing. However, by the end of the first quarter, bank
failures in the US and a near-miss in Europe reminded markets that
interest-rate sensitive sectors of the economy are in for a rough time. The
near-term prospect of a credit crunch which slows economic activity has to be
evaluated against continued unwelcome inflationary pressures. Policymakers are
experienced, coordinated and determined. But, it's unclear whether they have
the macro prudential tools to reassure financial markets while simultaneously
using monetary policy tools to tame inflation. Soft landing may turn into
turbulence or worse. This task is made harder as economies adapt to new
geopolitical realities by accelerating re-shoring and supply chain
independence, while political classes remain incentivised to push in the
opposite direction by keeping the fiscal reins loose. Global imbalances, both
within individual economies as well as between them, in part due to economic
desynchronisation, are at generational extremes. As a consequence, the macro
landscape looks set to remain extremely interesting.

Brevan Howard wishes to thank shareholders once again for their continued
support.

Brevan Howard Capital Management LP,

28 March 2023

[eh9] 28/3/2023 14:32

Nav recovering

[rambutan2] 21/3/2023 23:53

apollocreed1, the shares were subdivided 1 for 10 recently!

[dickiehhh] 21/3/2023 20:33

It's lot even 4 percent loss. NAV was 416 a week ago. Now its 405. That's a 2.5 percent loss which is remarkably good given they a "macro trend" trust. Lots of other Marco funds have suffered massive losses this past week. BHMG performance should be congratulated

[eh9] 21/3/2023 19:44

There was a once in a generation reversal of yield curves following the banking crisis this past week. Brevan Howard master trust takes positions on yield curves and was expecting rates to rise further before peaking. The loss was 4% and was capped off. Not a terrible outcome and you would have lost more on stocks.

[apollocreed1] 21/3/2023 19:30

Wow! I got a shock when I saw this drop. It's a big position for me. Supposed to be defensive and successful in volatile markets, but way below the IPO price. Maybe they are just gambling with our money..

[eh9] 21/3/2023 16:28

It was known that bhmt had some losses past week due to plunge in yields. The nav came out but a 4% drop in the circumstances not too awful and can be recovered going forward rest of year

[lozzer69] 21/3/2023 16:21

Anyone know why 6pc drop this afternoon??

[wad collector] 14/2/2023 20:59

Pilling bought them. Suspect they went for a tactical overapplication.

[dickiehh] 14/2/2023 20:53

How did you buy them? I have HL account and it says I can't trade

[wad collector] 14/2/2023 17:19

Picked up some on the offer , not held these before , it was a broker who suggested them. We will see...

[eh9] 13/2/2023 15:49

I got my full allocations but I was already a holder so subscribed to the existing holder offer

[eh9] 13/2/2023 13:03

Citywire suggests that existing shareholders prioritised in the allocations

[sackofspuds] 13/2/2023 11:06

I skimmed through the prospectus again yesterday and.while they have the authority to issue up to 220m shares perhaps they don't want to issue them all at once. There is a reference in an RNS about an initial offering.