LONDON (Alliance News) - Investment company BH Macro Ltd said Tuesday its net asset value increased in 2018 due to a robust performance from the Brevan Howard Master Fund Ltd and it will promote Non-Executive Director Colin Maltby as chair in June.
Maltby replaces Huw Evans, who will retire after two years as chair and nine years with the company. Maltby has been a non-executive director at BH Macro for four years since 2015 and will assume the role on June 20.
As at December 31, the company's net asset value per USD share stood at USD24.67, up 14% from USD21.62 the year before, while its net asset value per sterling share had increased 12% to GBP24.13 from GBP21.47.
The company's performance directly relates to the Brevan Howard Master Fund, in which most of BH Macro's assets are invested. In May, the fund produced its largest monthly return for several years with its USD share net asset value up 8.4% for that month.
"Although the second half of the year did not feature any further spectacular movements, performance was consistently positive, while both the S&P 500 and the FTSE 100 indices were falling," said Evans.
"The events of the past year support the hypothesis that the company's investment in the master fund provides a listed vehicle whose performance is uncorrelated with other asset classes," Evans added.
Going forward, the company expects global growth to weaken and predicts that policy-related headwinds will arise from trade disputes.
Shares in BH Macro were up 0.4% at 2,258.10 pence on Tuesday.
BH Macro GBP (BHMG)