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LONDON - BH Macro Limited (LSE:BHMG) reported a negative return in its net asset value (NAV) for the first half of 2025, with the Sterling Share Class declining 0.28% and the US Dollar Share Class falling 0.59%, according to a company statement released Friday.
The investment trust’s share price performance was more pronounced, with the Sterling Class shares dropping approximately 2.3% and the US Dollar Class shares falling about 5.5% during the six-month period ending June 30. These declines reflected a widening discount to NAV for both share classes.
The board has instructed the company to repurchase shares "where it has been accretive to do so," noting that while the discount has narrowed from levels seen in recent years, it remains "at too great a level for the Board to feel comfortable."
According to the company, the fund’s performance was primarily affected by positioning for anticipated tariffs from the new presidential administration. The investment strategy initially incurred losses as the administration prioritized immigration policy, with trade policy developments delayed until the "Liberation Day" announcements in early April.
The fund delivered positive returns during April, a period of high volatility in equity markets, highlighting its potential role as a portfolio diversifier.
BH Macro invests all its assets in the Brevan Howard Master Fund Limited, a hedge fund that employs macroeconomic and relative value trading strategies.
The information was disclosed in a results analysis published by Kepler Trust Intelligence.
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