BH Macro's quarterly investor statement, published on 29 October, showed sterling NAV per share falling to £4.39 at 30 September from £4.51 at the end of June. The Brevan Howard feeder fund has continued to buy back shares, most recently on 30 October.

What happened

The statement showed total net Assets of $1,852.9m at 30 September, down $54.6m from 30 June. The sterling class accounted for $1,746.3m, or £1,314.6m in its own currency. Sterling shares closed at £4.13, compared with £4.27 three months earlier.

Those figures imply a discount of about 5.9%, slightly wider than about 5.3% at the end of June, on our calculation. The statement does not explain the move and includes no manager commentary, directing readers to monthly Shareholder reports on the company's website. The September report was published on 20 October, but its announcement contains only a link to a PDF, which was not reviewed for this article.

The latest buyback, announced on 2 November, was 11,019 sterling shares at a weighted average of £4.18 on 30 October, held in treasury. That left 299,082,375 sterling shares and 23,688,060 dollar shares outstanding, with 457,967,312 total voting rights.

Why it matters for investors

BH Macro (LSE:BHMG) is a constituent of the FTSE All-Share index and a Guernsey-registered closed-ended Investment company. It is a feeder fund, investing substantially all its assets in Brevan Howard Master Fund, a hedge fund using active leveraged trading globally. It sits in the investment companies sector, though its returns depend on macro trading rather than Equity markets.

The discount has been a persistent concern. The company called it "undesirable" in its March results, attributing it to continued selling and weaker NAV performance. The 2026 allowance for fee-free Buybacks rose to 14.99% of each class, from 5% in 2025. Kepler Trust Intelligence reported that about 5.0% of sterling shares had been bought in the year to 23 September, leaving room under that limit.

There has also been a change on the register. A notification published on 20 October showed Evelyn Partners Group's voting rights rising to 14.31% from 13.96%, with the threshold crossed on 16 October.

How the shares have performed

AJ Bell's page shows 417.5p to sell and 420.5p to buy, with a last trade of 417.5p on 2 November. It gives a NAV of 445p at 23 October and a discount of 6.07%, against a 12-month average of 6.67%. The 12-month range is 391p to 445p, and Market Value is £1.25bn.

Kepler reported that sterling NAV per share rose 2.43% in the first half of 2026, while the share price rose 7.0%. The average sterling discount was 6.98% in that period, narrower than the 8.10% average for 2025 and 11.24% for 2024.

The third quarter's quoted NAV movement was negative, but the 23 October figure indicates some recovery. Monthly statements should show how much of that is due to trading.

What to watch next

The longer-term context is modest returns. NAV total return for sterling shares was 1.38% in 2025 and 5.86% in 2024. AJ Bell reported in March that Interest Rate and currency trading, historically the main return drivers, delivered little in 2025. Chair Richard Horlick nevertheless said the board remains confident in the manager's strategy.

Investors can follow two practical indicators: weekly NAV estimates and buyback notices. A further item is the private Brevan Howard fund announced in January, which the board said could add a potential buyer of the shares.

Share conversions between the dollar and sterling classes also continue. A conversion corrected on 9 October involved 370,007 new dollar shares and the cancellation of 279,793 sterling shares. The company declared no Dividend for 2025, so returns have depended on NAV and the discount.