Company summary
BH Macro is a closed-ended investment company providing access to the Brevan Howard Master Fund, a global macro hedge fund that trades across interest rates, currencies, equities, credit and commodities.
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BHMG
BH Macro
Hedge Funds
- Index
- FTSE 250
- ISIN
- Not specified
- Book status
- 2026 edition — current
Key activities
Investment through the Brevan Howard Master Fund in discretionary and systematic macro strategies using derivatives, futures, options, swaps and other instruments across global financial markets.
Key markets
Global financial markets rather than a particular geographic economy. Returns can be generated from moves in interest rates, currencies, government bonds, equities, credit and commodities.
Key drivers
Market volatility, major shifts in interest rates and currencies, macroeconomic dislocations, central-bank policy, successful trade selection, risk management and Brevan Howard's ability to exploit differences across global markets.
Key risks
Complex derivatives and leverage, manager dependence, abrupt market reversals, counterparty risk, model and trading errors, weak macro opportunities, high fee structures and the trust's shares trading at a discount to NAV.
Recent Developments
19 February 2026: sterling shareholders voted overwhelmingly against closing their share class, with the dollar class doing the same on 26 February. The Board also secured a higher fee-free buyback allowance for 2026 to help manage the discount.
Dividend notes
BH Macro is primarily a capital-growth and trading vehicle and does not operate a regular dividend programme. There were no routine 2026 dividend or ex-dividend dates to record.
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