BH Macro Limited (BHMG), a Guernsey-domiciled closed-ended collective investment scheme investing in the Brevan Howard Master Fund, has announced the results of its October 2026 share conversion round. The company received requests to convert 764,813 USD Shares into GBP Shares, alongside a separate request to convert 19 GBP Shares into USD Shares, as at the 30 October 2026 conversion date. The conversions will be processed following the release of the company's October 2026 month-end net asset value figures, with shareholders notified no later than 25 business days after October 2026.

Key Points

  • BH Macro Limited (BHMG) — Guernsey-registered closed-ended investment company (registered number 46235)
  • 764,813 USD Shares requested for conversion to GBP Shares; 19 GBP Shares requested for conversion to USD Shares at the 30 October 2026 conversion date
  • Conversions to be completed no later than 25 business days after October 2026, subject to release of month-end NAV figures
  • Investors may watch for the official October 2026 NAV release, which will trigger the conversion process

764,813 USD Shares Submitted for Conversion to GBP Class at 30 October 2026 Date

The announcement, classified as regulated information under DTR 6.1.13, confirms that BH Macro Limited received aggregate conversion requests ahead of its 30 October 2026 scheduled conversion date. The dominant flow was from USD Shares into GBP Shares, with 764,813 shares submitted for reclassification. In the opposite direction, just 19 GBP Shares were tendered for conversion into USD Shares. The significant asymmetry between the two conversion directions may reflect differing currency preferences among the company's shareholder base, though the company did not provide commentary on the motivation behind these requests.

Conversions Contingent on October 2026 Month-End NAV Release by Northern Trust

BH Macro Limited's conversion mechanism is tied directly to its monthly net asset value calculation. The announcement states that conversions will take place as soon as practicable after the company's month-end NAV figures for October 2026 are released, with a maximum completion window of 25 business days after October 2026. Northern Trust International Fund Administration Services (Guernsey) Limited acts as Company Secretary and fund administrator, and converting shareholders will be notified individually once their conversions have been executed within that defined period.

BH Macro's Dual Share Class Structure and Guernsey-Regulated Status

BH Macro Limited operates as a closed-ended collective investment scheme incorporated in Guernsey, offering investors exposure to the Brevan Howard Master Fund through both GBP-denominated and USD-denominated share classes. The dual-currency structure allows shareholders to hold positions in their preferred currency and to switch between classes via periodic conversion windows. The company carries LEI 549300ZOFF0Z2CM87C29 and is subject to Guernsey law, with its registered number recorded as 46235. The conversion facility is a routine structural feature of the fund's operational framework.

What the Conversion Volume Signals for BHMG Shareholders

The scale of conversion requests — particularly the 764,813 USD Shares moving into GBP — represents a notable flow within the fund's share class mechanics. Investors monitoring BHMG may watch for the forthcoming October 2026 NAV announcement, as this will determine the precise conversion ratios applied. The company did not disclose the net asset value per share or the total fund size in this announcement. Any material shift in relative share class weightings following this conversion round could be of interest to shareholders tracking the fund's currency exposure profile.