Wednesday, 2 September 2015
Last updated 30 min ago
Jan 14 2010 | 6:47pm 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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…