Investor Statement - Quarter ended March 2014

RNS Number : 0042G

BH Macro Limited

30 April 2014

 



BREVAN HOWARD

BH MACRO LIMITED INVESTOR STATEMENT For the quarter ended 31 March 2014 CONFIDENTIAL DO NOT COPY OR DISTRIBUTE Your attention is drawn to the disclaimer at the beginning of this document © Brevan Howard (2014). All Rights Reserved.

Important Legal Information and Disclaimer BH Macro Limited ("BHM") is a feeder fund investing in Brevan Howard Master Fund Limited (the "Fund"). Brevan Howard Capital Management LP acting through its general partner Brevan Howard Capital Management Limited ("BHCM") and Brevan Howard Asset Management LLP ("BHAM" and BHAM together with BHCM "Brevan Howard") have supplied the information herein regarding BHM's and the Fund's performance and outlook. 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 and the Fund 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 or the Fund. 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 the funds to which this material relates 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 ADV05644

BH MACRO LIMITED INVESTOR STATEMENT: 31 March 2014	BREVAN HOWARD
T [phone]   www.brevanhoward.com

Overview and Objective	This Investor Statement covers the period of 1 January 2014 to 31 March 2014 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 31 March 2014 Currency: USD (mm) 31 December 2013 Currency: USD (mm) Change in Net Assets 31 December 2013 to 31 March 2014 Currency: USD (mm) 31 March 2014 In Currency of Class (mm) 31 December 2013 In Currency of Class (mm) USD Shares 482.6 514.3 -31.7 482.6 514.3 EUR Shares 173.5 194.6 -21.1 125.9 140.9 GBP Shares 1,514.7 1,537.9 -23.2 908.4 930.6 Total 2,170.8 2,246.9 -76.0  -  - 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 31 March 2014 31 December 2013 USD Shares 24,109,324 24,967,761 EUR Shares 6,247,704 6,792,641 GBP Shares 43,779,735 43,602,671 Source: Northern Trust

Performance Review

The closing share price* of each share class of BHM is summarised as follows: Share Class 31 March 2014 31 December 2013 USD Shares (US$) 18.59 19.74 EUR Shares (€) 18.80 19.73 GBP Shares (£) 19.24 20.79 Source: Bloomberg The NAV per share* of each share class of BHM is summarised as follows: Share Class 31 March 2014 31 December 2013 USD Shares (US$) 20.02 20.60 EUR Shares (€) 20.15 20.74 GBP Shares (£) 20.75 21.34 * 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 the Fund's 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 Further details of monthly performance information and the outlook of the Fund and BHM can be obtained from BHM's Shareholder Reports, copies of which can be found on BHM's website: www.bhmacro.com To the best of my knowledge and belief, the information detailed in this 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.

 

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