BH Macro Limited (BHMG), a Guernsey-registered closed-ended collective investment scheme listed on the London Stock Exchange, has announced the purchase of 153,061 Sterling ordinary shares and 2,000 US Dollar ordinary shares on 10 November 2026, executed through J.P. Morgan Securities plc. The Sterling shares were acquired at a weighted average price of £4.1058, while the US Dollar shares were purchased at a weighted average price of $4.2400. All repurchased shares are to be held in treasury rather than cancelled, a distinction that investors in closed-ended funds often monitor closely as it affects the effective free float and future voting rights calculations.

Key Points

  • BH Macro Limited (BHMG) — Guernsey-incorporated closed-ended collective investment scheme, London Stock Exchange listed
  • The company purchased 153,061 Sterling ordinary shares and 2,000 US Dollar ordinary shares on 10 November 2026 through J.P. Morgan Securities plc
  • Weighted average prices: £4.1058 per Sterling share; $4.2400 per US Dollar share; all shares to be held in treasury
  • Investors should watch the trajectory of treasury share accumulation and any future decisions to cancel or reissue these shares

Sterling and US Dollar Share Classes Both Repurchased on 10 November 2026

The buyback covered both of BHMG's listed share classes simultaneously. The larger tranche comprised 153,061 Sterling ordinary shares at a weighted average price of £4.1058 each, while a smaller allocation of 2,000 US Dollar ordinary shares was acquired at $4.2400 per share. The company executed both transactions through J.P. Morgan Securities plc. By purchasing across two currency-denominated share classes in a single trading session, the company's treasury position increased in both the Sterling and US Dollar series, reflecting the dual-class capital structure that distinguishes BHMG from many single-currency investment vehicles.

Treasury Share Position and Remaining Shares in Circulation After the Buyback

Following these transactions, BHMG's total Sterling shares in issue, excluding treasury holdings, stand at 298,340,745, with 79,323,523 Sterling shares now held in treasury. For the US Dollar class, 23,396,556 shares remain in issue excluding treasury, alongside 1,237,677 US Dollar shares held in treasury. The aggregate total number of voting rights in the company, calculated from 10 November 2026 and rounded up to the nearest whole number, is 456,654,565. Shareholders and market participants commonly use this voting rights figure as the denominator for notification of major holdings under applicable disclosure rules.

BHMG's Closed-Ended Structure and Ongoing Share Buyback Programme

BH Macro Limited is a closed-ended fund incorporated in Guernsey with registered number 46235, designed to provide investors with exposure to the investment programme managed by Brevan Howard. As a closed-ended vehicle listed in London, the company does not continuously issue or redeem shares at net asset value in the conventional open-ended manner; instead, buybacks can serve as a mechanism to manage any discount to net asset value that may emerge in the secondary market. The company's administration is handled by Northern Trust International Fund Administration Services (Guernsey) Limited, with JPMorgan Cazenove acting as corporate broker.