Skip to content
RainmakrrBook a call

Hedge funds ·

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

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.

BH Macro Limited, the FTSE 250 investment company that invests in the Brevan Howard Master Fund, published its interim results for the six months to 30 June 2026.

NAV per share rose 2.43% for the Sterling Class and 2.23% for the US Dollar Class over the 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 annual buyback allowance was raised from 5% to 14.99% at the start of 2026, and a new private fund set up by Brevan Howard Capital Management is able to trade in either share class of the company.

Primary source

BH Macro Limited (regulatory announcement) ↗

Written by Rainmakrr in our own words from the source above, published 30 September 2026.

More news

Other recent items, newest first.

All news

Showing 11 of 11

DealsMain Capital raises price for Tribal Group businesses to about £231.2m

Tribal Group has agreed improved terms with a Main Capital Partners vehicle for the sale of its businesses, lifting proceeds to roughly 105 pence per share.

Private equityArgos closes Mid-Market IX at €736m, 23% above its €600m target

The independent European private equity firm has closed its ninth Mid-Market fund 64% larger than the previous vintage.

RegulationEU supervisors name private credit among key vulnerabilities in autumn risk update

The EBA, EIOPA and ESMA have flagged private credit, external dependencies and emerging technologies as the main vulnerabilities for the EU financial system.

Finance leadershipQarlbo appoints former Hexagon CFO Robert Belkic as chief financial officer

The Stockholm-based long-term owner has hired a finance chief with a decade as CFO of Hexagon, effective 1 October 2026.

Hedge fundsAIMA and Marex survey finds emerging hedge fund breakeven has risen to US$82.9m

The fifth Emerging Manager Survey shows smaller hedge funds building headcount and infrastructure earlier, with higher costs to reach breakeven.

Finance leadershipCervinvest Capital hires CAPZA's Farah Fehaili as partner and head of investor relations

The Paris-based investment firm has appointed a head of investor relations and fundraising ahead of raising its Scale strategy.

DealsAccel-KKR agrees recommended £207.6m cash offer for Eleco

A bid vehicle backed by Accel-KKR funds has agreed terms to take Eleco plc private at 235 pence per share.

Private equityICG closes ninth European Corporate fund at €12bn, 50% larger than its predecessor

ICG Europe Fund IX has held its final close at €12bn, which ICG says makes it the largest dedicated structured capital fund raised globally.

RegulationFCA publishes first market-wide study of the UK alternative fund market, sized at £5.1tn

An FCA research note built from AIFMD regulatory returns maps the size, investor base, leverage and concentration of UK alternative fund management.

DealsVeritas Capital agrees recommended 940p a share takeover of Bodycote

Bodycote's board has recommended a cash offer from a Veritas Capital vehicle that values Bodycote's equity at about £1.65bn.

RegulationSEC and CFTC push 2024 Form PF amendments compliance date to 1 July 2027

US regulators have delayed the expanded private fund reporting requirements by a further nine months while they consider a separate proposal to reduce reporting burdens.

Where we look

Regulators, industry bodies and filings we check for private markets news.

FCA newsFinancial Conduct AuthoritySEC newsroomUS Securities and Exchange CommissionESMA newsEuropean Securities and Markets AuthorityUK Private CapitalFormerly the BVCAAIMAAlternative Investment Management AssociationInvest EuropeEuropean private capital associationRNS news explorerLondon Stock ExchangeCompanies HouseUK company filings

15 minutes · video or phone

Hiring for a fund or a portfolio company?

Book 15 minutes to talk through a private equity, hedge fund or finance leadership hire.

  1. 0115 minutes, video or phone
  2. 02We scope the role and the search
  3. 03A written search plan after the call
Prefer email? hello@fractional.quest →

Pick a day that suits · live availability