BH Macro (BHMG) H1 2024 earnings summary

Executive summary

• NAV per share declined -1.10% for Sterling and -1.54% for USD shares in H1 2024, reflecting slightly negative investment returns within the expected range, amid challenging market conditions and sector-wide pressures.

• Share price discounts to NAV narrowed to 8.62% (Sterling) and 9.29% (USD) by 30 June 2024, aided by an expanded buyback program.

• The Board remains confident in the manager and strategy, focusing on buybacks and expanding the investor base.

• No dividend was recommended for the period.

Financial highlights

• Net assets at 30 June 2024 were $1,949.7m, down from $2,074.5m at 31 December 2023.

• Net decrease in net assets from operations was $50.2m for H1 2024, compared to a $66.5m increase in H1 2023.

• NAV per share at period end: £4.06 (Sterling), $4.20 (USD); prior year: £4.11 and $4.27.

• Ongoing charges for H1 2024 were 2.18% for both share classes, consistent with prior periods.

• No performance fees were accrued in H1 2024.

Outlook and guidance

• The manager expects US macro risks to be more balanced, with potential Fed rate cuts as inflation moderates and growth slows.

• The Board and manager remain focused on delivering diversifying positive returns and managing share price discounts.