Investor statement - 30 June 2013

RNS Number : 4957K

BH Macro Limited

30 July 2013

 



BREVAN HOWARD

BH MACRO LIMITED  INVESTOR STATEMENT  For the quarter ended 30 June 2013 ADV04818 CONFIDENTIAL DO NOT COPY OR DISTRIBUTE Your attention is drawn to the disclaimer at the beginning of this document © Brevan Howard (2013). All Rights Reserved.

Important Legal Information and Disclaimer Brevan Howard Capital Management LP acting through its general partner Brevan Howard Capital Management Limited ("BHCM") and Brevan Howard Asset Management LLP ("BHAM") (together "Brevan Howard") have supplied the information herein regarding BH Macro Limited's ("BHM") performance. BHCM is regulated by the Jersey Financial Services Commission as a fund services business and is the commodity pool operator of BHM. BHAM is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom. The material relating to BHM included in this report has been prepared by Brevan Howard and is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in BHM. This material is not intended to provide a sufficient basis on which to make an investment decision. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions. Tax treatment depends on the individual circumstances of each investor in BHM and may be subject to change in the future. Returns may increase or decrease as a result of currency fluctuations. You should note that, if you invest in BHM, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest. This material is not intended to constitute, and should not be construed as, investment advice. Potential investors in BHM should seek their own independent financial advice. Brevan Howard neither provides investment advice to, nor receives and transmits orders from, investors in BHM nor does it carry on any other activities with or for such investors that constitute "MiFID or equivalent third country business" for the purposes of the FCA Handbook. PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS

BH MACRO LIMITED INVESTOR STATEMENT: 30 June 2013
T [phone]   www.brevanhoward.com

Overview	This Investor Statement covers the period of 31 March 2013 to 30 June 2013 and is being circulated to satisfy the quarterly account statement obligations of the commodity pool operator of BH Macro Limited ("BHM") pursuant to CFTC Regulation 4.7.
Company Size	The total net assets of BHM are summarised as follows: Share Class 30 June 2013 Currency: USD          (mm) 31 March 2013 Currency: USD         (mm) Change in Net Assets 31 March 2013 to 30 June 2013 Currency: USD (mm) 30 June 2013 In Currency of Class (mm) 31 March 2013 In Currency of Class (mm) USD Shares 581.0 598.2 -17.2 581.0 598.2 EUR Shares 186.7 197.5 -10.8 143.6 153.8 GBP Shares 1,366.8 1,332.3 34.5 901.2 877.6 Total 2,134.6 2,128.1 6.5  -  - Source: Northern Trust International Fund Administration Services (Guernsey) Limited ("Northern Trust") Figures are rounded to one decimal place.
Share Capital	The number of shares in issue in each share class of BHM is summarised as follows: Share Class 30 June 2013 31 March 2013 USD Shares 27,877,684 28,759,152 EUR Shares 6,839,881 7,337,008 GBP Shares 41,778,807 40,806,490 Source: Northern Trust

Performance Review

The closing share price of each share class of BHM is summarised as follows: Share Class 30 June 2013 31 March 2013 USD Shares (US$) 20.80 20.20 EUR Shares (€) 20.90 20.20 GBP Shares (£) 22.15 20.82 Source: Bloomberg The NAV per share* of each share class of BHM is summarised as follows: Share Class 30 June 2013 31 March 2013 USD Shares (US$) 20.84 20.80 EUR Shares (€) 21.00 20.96 GBP Shares (£) 21.57 21.51 * NAV performance is provided for information purposes only. Shares in BHM do not necessarily trade at a price equal to the prevailing NAV per Share. Source: BHM's Net Asset Value per Share data is provided by BHM's Administrator, Northern Trust, and is based on Brevan Howard Master Fund Limited's (the "Fund") Net Asset Value data provided by the Administrator of the Fund, International Fund Services (Ireland) Limited. BHM's Net Asset Value data in this report is unaudited and net of all investment management fees (2% annual management fee and 20% performance fee) and all other fees and expenses payable by BHM.  PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS To the best of my knowledge and belief, the information detailed in this investor statement is accurate and complete: By: Name: David Barton Title: Head of Legal and Authorised Signatory Brevan Howard Capital Management Limited as general partner of Brevan Howard Capital Management LP, the manager and commodity pool operator of BH Macro Limited.

Enquiries

Northern Trust International Fund Administration Services (Guernsey) Limited Rose Toussaint [phone]

 

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