Listed Brevan Howard Fund Back Above NAV

Jan 14 2010 | 7:47pm ET

Facing a vote on the future of its flagship listed hedge fund product, Brevan Howard Asset Management can at least tell its investors that the long-term discount that triggered the poll is history.

For the first time since Lehman Brothers went under, BH Macro, which manages US$2 billion, is trading at a premium to its net asset value. The fund had traded at a discount—averaging 8%—for more than a year, despite its strong performance. The fund returned 20.4% in 2008, when the average hedge fund lost double-digits, and 18% last year.

Still, the consistent discount still haunts the fund and firm: Brevan Howard faces a continuation vote for both its euro and U.S. dollar share classes. The firm successfully fended off a similar vote on pound Sterling shares, the result of its trading at a discount of greater than 10% for more than a year.


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