BH Macro offers to buy back its shares and wind up

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class="cw-rounded xl:cw-border cw-border-neutral-300"> <article id="ArticleContainer" class="cw-flex cw-flex-col cw-mx-6 cw-space-y-2 sm:cw-ml-0 xl:cw-m-10 xl:cw-mx-4 xl:cw-space-y-6"> <div class="xl:cw-mx-10"> <div class="cw-flex cw-flex-wrap cw-text-xs cw-font-semibold cw-leading-5 cw-uppercase cw-divide-x cw-divide-neutral-300"> <span class="first:cw-pl-0 first:cw-border-l-0 cw-px-2 cw-text-neutral-500">29 Nov, 2016</span> </div> <h1 class="cw-py-2 cw-text-3xl cw-font-medium cw-leading-9 cw-text-primary-900 sm:cw-font-bold xl:cw-font-semibold xl:cw-text-5xl xl:cw-leading-11 cw-break-word" lang="en-GB"> BH Macro offers to buy back its shares and wind up </h1> <h3 class="cw-py-2 cw-text-base cw-font-normal cw-leading-6 cw-text-neutral-900 xl:cw-text-xl xl:cw-font-semibold xl:cw-text-neutral-600 cw-break-word" lang="en-GB"> BH Macro, the investment company offering access to the Brevan Howard hedge fund, proposes 100% tender offer and possible wind-up.  </h3> </div> <div 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<a href="#ShowComments" onclick="onToggleContent(ShowCommentsPanelBtn, CommentsWrapper, true)" class="hover:cw-text-primary-500 cw-cursor-pointer cw-relative"> <i class="fa-solid fa-messages"></i> <span class="cw-sr-only">comments</span> <span id="articleCommentCount" class="cw-absolute -cw-top-2.5 -cw-right-3 empty:cw-hidden cw-text-primary-500 cw-text-base cw-font-semibold cw-border cw-rounded-full cw-px-1"></span> </a> </div> </div> <div id="newsArticleBody" class="cw-w-full"> <div> <div class=" cw-article-body cw-max-w-inherit cw-article-body-neutral cw-break-word" lang="en-GB"><p><strong>BH Macro</strong> (<a href="https://citywire.com/funds-insider/investment-trusts/trust/bhmg/f735360?utm_medium=website&utm_source=citywire_funds_insider&utm_campaign=article-in-body" data-link-type="investment_trust" data-investment-trust-id="2788">BHMG</a>), the investment company offering ordinary investors access to the Brevan Howard hedge fund, has proposed measures that could see it wind up its portfolio after several years of disappointing performance.</p> <p>Shares in the £436 million Guernsey-based closed-end fund jumped 5.5% to £20.71 after it proposed a tender offer to buy back all its shares at 96% of net asset value. They currently trade at a discount of nearly 13% below NAV.</p> <p>Should more than two thirds of shareholders tender their shares, the fund will move to an organised sale process in March next year, expected to continue up to early 2019.</p> <p>Launched in 2007, BH Macro offers an alternative route to the Brevan Howard Master Fund, which invests in global bond and currency markets and aims to achieve consistent long-term capital growth. At the end of last year it held $29.6 billion,</p><div id="adform_script_container_1583266" name="Desktop/Tablet - In-article slot 1" data-advertposition="1583266" data-domain="adx" class="cw-hidden sm:cw-block inline-native-advert"> <script id="adf_1583266" data-adfscript="adx.adform.net/adx/?mid=1583266&rnd=565648" parsed-adfscript="true"></script> </div><div id="adform_script_container_1583276" name="Mobile - In-article slot 1" data-advertposition="1583276" data-domain="adx" class="cw-block sm:cw-hidden inline-native-advert"> <script id="adf_1583276" data-adfscript="adx.adform.net/adx/?mid=1583276&rnd=432187" parsed-adfscript="true"></script> </div> <p>The board of BH Macro did not offer an explicit explanation for the tender offer but said it had been made after discussions with Brevan Howard and some of its shareholders.  </p> <p>BH Macro has struggled in the past five years with the portfolio achieving annualised growth of 2.3%. However, as the discount on the shares widened, the actual annualised return shareholders received  -1.05%, according to Morningstar data.</p> <p>Any remaining investors in the run-off portfolio will have their management fee slashed from the current 2% to 0.5% for the remaining life of the fund. Outstanding shares will be put to an immediate continuation vote if they trade at a discount greater than 8% over any sustained period, with remaining shareholders in currency-denominated shares potentially facing roll over into another denomination.</p> <p>The decision diminishes an already small pool of investment company hedge funds, including BH Macro's sister fund, <strong>BH Global</strong> (<a href="#" data-link-type="investment_trust" data-investment-trust-id="2785">BHGG</a>), Daniel Loeb's <strong>Third Point Offshore</strong> (<a href="#" data-link-type="investment_trust" data-investment-trust-id="3237">TPOG</a>) and Bill Ackman's <strong>Pershing Square Holdings</strong> (<a href="https://citywire.com/funds-insider/investment-trusts/trust/psh/f723878?utm_medium=website&utm_source=citywire_funds_insider&utm_campaign=article-in-body" data-link-type="investment_trust" data-investment-trust-id="3841">PSH</a>).</p> <p> </p><div id="adform_script_container_1583273" 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cw-border-neutral-300 cw-border-y cw-m-6 sm:cw-ml-0 xl:cw-ml-6"> <div class="cw-flex cw-flex-col"> <div class="cw-flex cw-flex-col cw-my-3"> <h4 class="cw-text-2xl cw-tracking-tight cw-font-bold cw-text-neutral-900 cw-leading-7 cw-my-4"> Related News </h4> <div class="cw-flex cw-flex-col cw-space-y-4 cw-divide-y cw-divide-solid cw-divide-neutral-300"> <a href="https://citywire.com/funds-insider/news/us-faces-enormous-fiscal-drag-in-2013-bh-macro-warns/a581773?utm_medium=website&utm_source=citywire_funds_insider&utm_campaign=article-related-content" class="cw-text-lg cw-font-semibold cw-text-neutral-600 hover:cw-text-primary-500 cw-pt-3 hover:cw-underline"> US faces 'enormous fiscal drag' in 2013, BH Macro warns </a> </div> </div> <div class="cw-flex cw-flex-col cw-my-3"> <h4 class="cw-text-2xl cw-tracking-tight cw-font-bold cw-text-neutral-900 cw-leading-7 cw-my-4"> Related Investment Trusts </h4> <div class="cw-flex cw-flex-col cw-space-y-4 cw-divide-y cw-divide-solid cw-divide-neutral-300"> <a href="https://citywire.com/funds-insider/investment-trusts/trust/bh-macro-gbp-ordinary-share/f735360?utm_medium=website&utm_source=citywire_funds_insider&utm_campaign=article-related-trust" class="cw-text-lg cw-font-semibold cw-text-neutral-600 hover:cw-text-primary-500 cw-pt-3 hover:cw-underline"> BH Macro GBP (Ordinary Share) </a> <a class="cw-text-lg cw-font-semibold cw-text-neutral-600 hover:cw-text-primary-500 cw-pt-3 hover:cw-underline"> BH Global GBP (Ordinary Share) </a> <a class="cw-text-lg cw-font-semibold cw-text-neutral-600 hover:cw-text-primary-500 cw-pt-3 hover:cw-underline"> Third Point Offshore GBP (Ordinary Share) </a> <a href="https://citywire.com/funds-insider/investment-trusts/trust/pershing-square-holdings-ordinary-share/f723878?utm_medium=website&utm_source=citywire_funds_insider&utm_campaign=article-related-trust" class="cw-text-lg cw-font-semibold cw-text-neutral-600 hover:cw-text-primary-500 cw-pt-3 hover:cw-underline"> Pershing 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