BH
MACRO LIMITED INVESTOR STATEMENT
Overview
and Objective
This
Investor Statement covers the period of 1
July 2023 to 30 September 2023
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
Class
|
30
September 2023
|
30
June
2023
|
Change
in Net Assets 30 September 2023 - 30 June 2023
|
30
September 2023
|
30
June
2023
|
Currency
USD (mm)
|
Currency
USD (mm)
|
Currency
USD
(mm)
|
In
Currency of Class (mm)
|
In
Currency of Class (mm)
|
USD
Shares
|
125.1
|
117.7
|
7.4
|
125.1
|
117.7
|
GBP
Shares
|
1832.5
|
1868.8
|
-36.3
|
1501.3
|
1470.0
|
Total
|
1957.7
|
1986.6
|
-28.9
|
-
|
-
|
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
|
30
September 2023
|
30
June 2023
|
USD
Shares
|
29,607,429
|
28,840,946
|
GBP
Shares
|
373,729,951
|
374,357,176
|
Source: Northern Trust
Performance
Review
The
closing share price* of each share class of BHM is summarised as
follows:
Share
Class
|
30
September 2023
|
30
June 2023
|
USD
Shares (US$)
|
3.69
|
3.99
|
GBP
Shares (£)
|
3.56
|
3.68
|
Source: Bloomberg
The NAV
per share* of each share class of BHM is summarised as
follows:
Share
Class
|
30
September 2023
|
30
June 2023
|
USD
Shares (US$)
|
4.18
|
4.08
|
GBP
Shares (£)
|
4.02
|
3.93
|
*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:
Name:
Jonathan Hughes
Title:
Chief Financial Officer and 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.