BH Macro (BHMG/BHMU) is effectively the last trust remaining in what was once a much larger AIC Hedge Fund sector, and it serves as a feeder fund for the Brevan Howard Master Fund. BH Macro has net assets of around $2bn and has generated an annualised NAV return of 8.2% since it was listed in March 2007 (the Master Fund was launched a few years earlier in 2003). Although its returns since inception are a little lower than the MSCI All World Index, NAV drawdowns have been rare and fairly minor, and its performance has tended to be negatively correlated to both equity and bond returns, producing...