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...
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I am experimenting with a series of shorter videos covering specific asset classes and investment trust sectors. The notes this week include the first of these, together with a short summary of my current thinking about the market cycle.
Market overview Once again I have reason to be grateful for technical analysis, which has kept me from making too grievous a mistake in thinking about the equity and bond markets so far this year. The essential message from the charts has been; don't rush to judgment and in particular don't buy too readily the argument that both equity and bond prices are...
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Not a perma-bear I think it is beginning to sink in that there are no easy ways out of the dilemma that the authorities are now in - belatedly trying to balance the fight against inflation with the need to protect financial stability and doing so at a time when the accumulation of government debt is limiting the room for fiscal interventions and banks are running into liquidity problems. The uncertainty about where this all goes to which investors are waking up is matched by the lack of coherence and clarity in the responses of central banks and governments. I fear that there are bound to be p...
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BH Macro (tickers: BHMG and BHMU) is the largest trust in the AIC Hedge Fund sector with net assets of £1.3bn. It invests solely in the Brevan Howard Master Fund, which in turn invests in a number of other Brevan Howard funds as well as having its own core portfolio. The Master Fund focuses on fixed income and currency investment and seeks to exploit pricing anomalies and increased market volatility. Although the Master Fund uses leverage, it says that most trades are structured to minimise downside risk where possible. After a period of impressive returns following its 2007 IPO, BH Macro's NA...
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Jonathan Davis My notes include some further thoughts on current market conditions. Following on last week's profile of the Herald investment trust, this week's offering from Stuart is a profile of the Mobius investment trust, which has been posting some good numbers since it launched, well ahead of its larger rivals. There will be more Q and As later this week.
A fork in the road You may have noted the comment in yesterday's weekly investment trust podcast that, in the opinion of Brevan Howard, the managers of BH Macro, one of the four trusts that make up our defensive investment portfolio, ...
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Jonathan Davis These notes are currently presented in a diary format and are normally updated day by day. My plan now is to keep updating the entries until the weekend when you can read all the entries in one go, alongside the trust news and data posts, should you prefer. By their nature these notes are somewhat transitory in nature.
Monday 29th March The week starts with news of another hedge fund implosion on Wall Street. This time it is a entity called Archegos, run by a man called Bill Hwang, who started life working for Julian Robertson, one of the superstars of the hedge fund business...
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