What BH Macro does

BH Macro Limited is a Guernsey-incorporated, closed-ended investment company admitted to the Main Market of the London Stock Exchange on March 14, 2007 (Registration Number 46235). It operates as a single-purpose feeder fund: substantially all of its net assets are invested in the ordinary shares of Brevan Howard Master Fund Limited (BHMF), a Cayman Islands open-ended investment company launched in April 2003 that runs active, leveraged trading strategies across global fixed income and FX markets using global macro and relative value approaches.

The company has two listed share classes — US Dollar Shares (BHMU, ISIN GG00BQBFY479) and Sterling Shares (BHMG, ISIN GG00BQBFY362) — with a scheduled semiannual dollar-sterling conversion mechanism; following the November 30, 2025 conversion completed effective January 5, 2026, the share structure is 23,810,774 USD shares and 315,411,548 Sterling shares. Investment management is delegated to Brevan Howard Capital Management Limited, with Northern Trust providing fund administration, Computershare acting as registrar, and Kepler Partners handling press relations. A five-member non-executive board chaired by Richard Horlick oversees the vehicle, and the registered office is in St. Peter Port, Guernsey, with US solicitation explicitly restricted.

Economically, BH Macro is a pass-through vehicle rather than an operating business: it captures the net return of BHMF after management and performance fees flow to Brevan Howard, and recovers its own running costs via its Ongoing Charges Figure. Capital management is actively being recalibrated — the annual share buyback allowance was lifted from 5% to 14.99% for 2026, and Class Closure Meetings have been held in both January 2025 and January 2026 to consider resolutions that could simplify the dual-class structure. The Q3 2025 Investor Statement disclosed a decrease in net assets and share count, consistent with a mature vehicle focused on capital return and structural efficiency rather than asset gathering.

Name

BH Macro

Legal name

BH Macro Limited

Website

https://bhmacro.com

Company type

Public

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

BH Macro Limited is a Guernsey-incorporated, London-listed closed-ended feeder fund that channels substantially all of its assets into Brevan Howard Master Fund Limited, giving public-market investors liquid access to global macro and relative value trading in fixed income and FX markets through dual USD (BHMU) and Sterling (BHMG) share classes.

Ownership category

akta.pro rank

Product category

Alternative Investment Fund (Hedge Fund Feeder)

NAICS

Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)

SIC

Investors, Nec (6799)

akta.pro primary industry

Fixed Income & Rates Macro (FSAHABAC)

akta.pro secondary industry

Fund of Funds & Multi-Manager Mutual Funds (FSAAAEAL)

Keywords

• Closed-ended investment company
• Global macro fund
• Hedge fund feeder
• Alternative investments
• London Stock Exchange listed

Headquarters

HQ city

Burry Port

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Others

Revenue model

1. Management Fees: BH Macro Limited is managed by Brevan Howard Capital Management Limited. The company generates returns through its investment in Brevan Howard Master Fund Limited, which employs leveraged trading strategies in global fixed income and FX markets. Revenue is derived from the investment returns on the underlying portfolio, net of management and performance fees charged by the manager.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

BH Macro Limited is a Guernsey-registered, closed-ended investment company that operates as a feeder fund, investing substantially all of its assets in Brevan Howard Master Fund Limited, a Cayman Islands open-ended investment company. The underlying fund employs active leveraged global macro and relative value trading strategies with exposure predominantly to global fixed income and FX markets. The company offers publicly traded shares in two currency classes (USD and GBP) on the London Stock Exchange Main Market.

Product overview

BH Macro Limited is a closed-ended investment company that operates as a single, unified investment product structured as a feeder fund. The company offers two share classes: US Dollar Shares (BHMU) and Sterling Shares (BHMG), both admitted to the Main Market of the London Stock Exchange. All assets are invested in Brevan Howard Master Fund Limited, a Cayman Islands open-ended investment company that employs active leveraged trading strategies primarily in global fixed income and FX markets using global macro and relative value trading approaches. The product structure consists of dual-currency share classes that allow investors to convert between USD and Sterling denominated shares.

Differentiator

Problem solved

Functional benefit

Products and services

• BH Macro Limited US Dollar Shares (BHMU)
• BH Macro Limited Sterling Shares (BHMG)

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and supporting.

• Northern Trust International Fund Administration Services (Guernsey) LimitedcoreOthersFund administrator providing NAV calculation, investor services, and operational support. Contact: Ethan Hitchon, +44 (0)1481 745 413, [email protected]
• Kepler Partners LLPsupportingOthersPress relations partner for BH Macro. Contact: Catriona Crellin, +44 (0) 20 3887 6915, [email protected]
• Computershare Investor Services (Guernsey) LimitedsupportingOthersRegistrar services for the company, maintaining the register of shareholders.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Capital Gearing Trust: UK-listed investment trust (LSE: CGT) focused on multi-asset, inflation-protected, low-volatility returns. Comparable as a UK-listed closed-ended vehicle with a similar mandate of providing genuine diversification and downside resilience.
• Personal Assets Trust: UK-listed investment trust (LSE: PNL) focused on capital preservation through global multi-asset diversification with low correlation to equities. Comparable to BH Macro as a UK-listed closed-ended vehicle explicitly targeting low correlation and downside protection.
• Pantheon International: UK-listed private equity fund of funds (LSE: PIN). Comparable to BH Macro as a London-listed closed-ended vehicle providing diversified access to an underlying alternative-asset strategy through a single ticker, with similar investor base dynamics.
• Hansa Investment Company: Guernsey-domiciled, London-listed (LSE: HANA) global investment company with a multi-asset, long-term capital preservation focus. Structurally and jurisdictionally similar to BH Macro as a small listed closed-ended vehicle in the Channel Islands.
• Ruffer Investment Company: UK-listed closed-ended investment company (LSE: RICA) with a multi-asset, global macro-tilted absolute return mandate. Most direct structural and strategic comparable to BH Macro: listed daily-traded vehicle providing access to discretionary macro/relative-value strategies.
• RIT Capital Partners: Large UK-listed investment trust (LSE: RIT) with significant exposure to hedge funds and alternative strategies. Comparable as a London-listed closed-ended vehicle with multi-strategy/alternative exposure and a similarly institutional shareholder base.
• Caledonia Investments: UK-listed investment company (LSE: CLDN) operating as a long-term global investment vehicle across public and private markets. Comparable as a UK-listed closed-ended investment company with alternative exposure, albeit with a different strategy mix.
• CQS New City High Yield Fund: UK-listed closed-ended fund (LSE: NCYF) managed by CQS with alternative credit and structured strategies exposure. Comparable as a London-listed closed-ended vehicle offering liquid access to an alternative-asset strategy through a major external manager.
• JPMorgan Global Growth & Income: Large UK-listed investment trust (LSE: JGGI) providing diversified global multi-asset exposure. Comparable as a UK-listed closed-ended vehicle with a similar investor base of institutional and retail wealth managers seeking liquid alternatives exposure.

Broad incumbents

• Man Group: Large, publicly-listed alternative asset manager (LSE: EMG) offering various listed fund products including systematic and discretionary macro strategies. Comparable as a broader incumbent in the listed alternatives space with overlapping macro product offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/bh-macro-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BH Macro