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Hedge funds · Source announcement

BH Macro reports 2.43% NAV return for the first half of 2026 as its discount narrows

By Dan Keegan · Page updated

The London-listed feeder into the Brevan Howard Master Fund posted modest NAV gains for the six months to 30 June 2026, with share prices rising faster than NAV.

On 30 September 2026, BH Macro Limited published interim results for the six months ended 30 June 2026; the London-listed investment company invests in the Brevan Howard Master Fund.

NAV per share rose 2.43% for the Sterling Class and 2.23% for the US Dollar Class over the period.

For the same six-month period, share price total returns were 7.0% for the Sterling Class and 3.1% for the US Dollar Class.

At 30 June 2026 the discount to NAV per share stood at 5.32% for Sterling shares and 5.41% for US Dollar shares, which the board describes as towards the narrowest end of the range of the last two years.

The interim report said the annual buyback allowance had risen from 5% to 14.99% at the start of 2026 and described a new Brevan Howard private fund able to trade in either share class.

Primary source

BH Macro Limited (regulatory announcement) ↗

Written for Rainmakrr from the source above. The announcement was published 30 September 2026.

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