PR Newswire
LONDON, United Kingdom, January 30
BH MACRO LIMITED INVESTOR STATEMENT
Overview and Objective
This Investor Statement covers the period of 1 October 2025 to 31 December 2025
and is being circulated to satisfy the quarterly account statement obligations
of the commodity pool operator of BH Macro Limited (“BHM”) pursuant to CFTC
Regulation 4.7.
Company Size
The total net assets of BHM are summarised as follows:
Share 31 30 Change in Net 31 December 30
Class December September Assets 31 September
December 2025 2025
2025 2025 – 30 September 2025
2025
Currency Currency Currency In Currency of In Currency
USD (mm) USD (mm) Class (mm) of Class
USD (mm) (mm)
USD 107.7 114.1 -6.4 107.7 114.1
Shares
GBP 1873.4 1908.1 -34.7 1390.3 1417.4
Shares
Total 1981.1 2022.1 -41.1 – –
Source: Northern Trust International Fund Administration Services (Guernsey)
Limited (“Northern Trust”)
Figures are rounded to one decimal place.
Share Capital
The number of shares in issue in each share class of BHM is summarised as
follows:
Share Class 31 December 2025 30 September 2025
USD Shares 23,800,863 25,374,844
GBP Shares 315,544,584 323,524,916
Source: Northern Trust
Performance Review
The closing share price* of each share class of BHM is summarised as follows:
Share Class 31 December 2025 30 September 2025
USD Shares (US$) 4.24 4.02
GBP Shares (£) 3.99 3.92
Source: Bloomberg
The NAV per share* of each share class of BHM is summarised as follows:
Share Class 31 December 2025 30 September 2025
USD Shares (US$) 4.52 4.50
GBP Shares (£) 4.41 4.38
*NAV performance is provided for information purposes only. Shares in BHM do not
necessarily trade at a price equal to the prevailing NAV per Share.
Source: BHM’s Net Asset Value per Share data is provided by BHM’s Administrator,
Northern Trust, and is based on the Fund’s (as defined below) Net Asset Value
data provided by the Administrator of the Fund, State Street Fund Services
(Ireland) Limited. BHM’s Net Asset Value data in this report is unaudited and
net of all investment management fees and all other fees and expenses payable by
BHM. In addition, BHM’s investment in the Fund is subject to an operational
services fee.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
Further details of monthly performance information and the outlook of Brevan
Howard Master Fund Limited (the “Fund”) and BHM can be obtained from BHM’s
Shareholder Reports, copies of which can be found on BHM’s website:
www.bhmacro.com
To the best of my knowledge and belief, the information detailed in this
statement is accurate and complete:
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Name: Jonathan Hughes
Title: Authorised Signatory
Brevan Howard Capital Management Limited as general partner of Brevan Howard
Capital Management LP, the manager and commodity pool operator of BH Macro
Limited.
Important Legal Information and Disclaimer
BH Macro Limited (“BHM”) is a feeder fund investing in Brevan Howard Master Fund
Limited (the “Fund”). Brevan Howard Capital Management LP acting through its
general partner Brevan Howard Capital Management Limited (“BHCM”) has supplied
certain information herein regarding BHM’s and the Fund’s performance and
outlook. BHCM is regulated by the Jersey Financial Services Commission as a fund
services business and is the commodity pool operator of BHM.
The material relating to BHM and the Fund included in this investor statement is
provided for information purposes only, does not constitute an invitation or
offer to subscribe for or purchase shares in BHM or the Fund and is not intended
to constitute “marketing” of either BHM or the Fund as such term is understood
for the purposes of the Alternative Investment Fund Managers Directive as it has
been implemented in the UK and states of the European Economic Area. This
material is not intended to provide a sufficient basis on which to make an
investment decision.
Tax treatment depends on the individual circumstances of each investor in BHM
and may be subject to change in the future. Returns may increase or decrease as
a result of currency fluctuations.
You should note that, if you invest in BHM, your capital will be at risk and you
may therefore lose some or all of any amount that you choose to invest. This
material is not intended to constitute, and should not be construed as,
investment advice. All investments are subject to risk. You are advised to seek
expert legal, financial, tax and other professional advice before making any
investment decisions.
THE VALUE OF INVESTMENTS CAN GO DOWN AS WELL AS UP. YOU MAY NOT GET BACK THE
AMOUNT ORIGINALLY INVESTED AND YOU MAY LOSE ALL OF YOUR INVESTMENT. PAST
PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS.
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Public/22344/4300406/b033a95b2ba58de2.pdf BMA – Investor Statement – December 2025 – ADV022475
