BH Macro Limited Acquires 10,212 US Dollar Shares in Strategic Capital Management Move

Details of BH Macro's Share Repurchase and Treasury Share Holdings

As part of its capital management framework, BH Macro Limited executed a targeted repurchase of 10,212 US Dollar ordinary shares on 27 July 2026 through J.P. Morgan Securities plc, a leading investment bank on the London Stock Exchange. The shares were acquired at a weighted average price of 4.2596 US Dollars each, reflecting a strategic allocation of company resources to optimize its share capital.

The company’s choice to hold these shares in treasury rather than cancelling them offers enhanced flexibility in managing its capital structure. Following this transaction, BH Macro’s treasury holdings include 959,878 US Dollar shares, representing a significant portion of that share class. Additionally, the company holds 77,709,183 Sterling shares in treasury. This multi-currency treasury structure aligns with BH Macro’s international investor base and its balanced approach to shareholder returns across different currencies.

Share Class Breakdown and Voting Rights Post-Transaction

BH Macro Limited operates two main share classes: Sterling and US Dollar shares, providing investors with currency choice. After the 27 July 2026 purchase, the company has 300,046,529 Sterling shares and 23,547,900 US Dollar shares in issue, excluding treasury shares. These figures represent the actively traded shares available to the market, with treasury shares disclosed separately to ensure transparency in capital structure.

Total voting rights stand at 459,278,977 following the acquisition of the additional US Dollar shares. This total includes all share classes and treasury holdings, offering shareholders and market participants clear insight into the company’s equity structure. Disclosure of voting rights is a regulatory requirement that helps investors understand potential dilution and voting power implications. BH Macro’s transparent reporting of share class data and treasury holdings reflects strong corporate governance practices.

Trading Execution on the London Stock Exchange via J.P. Morgan Securities

The share purchase was conducted on the London Stock Exchange through J.P. Morgan Securities plc, underscoring BH Macro’s reliance on established market intermediaries for capital management activities. Utilizing a major investment bank ensures competitive pricing and efficient execution. The weighted average price of 4.2596 US Dollars per share reflects market conditions on 27 July 2026 for the US Dollar share class.

Trading on the London Stock Exchange provides BH Macro access to a broad investor base under the regulatory oversight of the Financial Conduct Authority. Selecting J.P. Morgan Securities plc as the executing broker highlights the company’s preference for counterparties with significant liquidity and trading volume in closed-ended fund shares. Regular share repurchases through such channels offer a transparent and disciplined capital management mechanism.

Guernsey Registration and Closed-Ended Fund Structure

BH Macro Limited is registered in Guernsey as a closed-ended collective investment scheme under registration number 46235. Guernsey offers a robust regulatory environment well-suited for investment fund administration, making it a preferred domicile for closed-ended funds seeking regulatory stability and favorable tax treatment. The company’s structure as a limited liability entity under Guernsey law provides shareholders with defined legal protections.

As a closed-ended fund, BH Macro cannot issue or redeem shares on demand like open-ended funds. Instead, shares trade on the secondary market via the London Stock Exchange, providing liquidity through market transactions. The share repurchase program aligns with typical closed-ended fund capital management, as direct investor redemptions are not possible. The multi-currency share class structure caters to an international investor base with varying currency preferences and hedging needs.

Capital Management Strategy and Use of Treasury Shares

Holding purchased shares in treasury rather than cancelling them reflects BH Macro’s flexible capital management philosophy. Treasury shares may be cancelled, reissued, or held indefinitely based on strategic needs, preserving the board’s ability to adapt to market changes and shareholder value considerations. Maintaining treasury shares enables the company to address future capital requirements without needing shareholder approval for new issuances.

The significant treasury holdings—77,709,183 Sterling shares and 959,878 US Dollar shares—indicate prior share buybacks and a substantial reserve of treasury stock. This latest purchase continues the capital management approach, suggesting management views current valuations as attractive for shareholders.

Investor Demographics and Multi-Currency Share Class Benefits

Offering both Sterling and US Dollar share classes demonstrates BH Macro’s service to a geographically diverse investor base across the UK, North America, and other international markets. Multi-currency share classes reduce currency hedging costs and accommodate investor preferences. The US Dollar share class, with 23,547,900 shares issued, shows strong demand for dollar-denominated exposure.

The balance between Sterling and US Dollar shares reflects the fund’s underlying currency exposure and natural hedging benefits. US Dollar shareholders gain direct exposure to US Dollar-denominated investments without currency conversion. Providing both classes simplifies tax and accounting treatment for institutional and international investors. BH Macro’s targeted share purchases across both classes highlight an equitable capital management approach.

Macro Investment Focus and Market Positioning

BH Macro Limited operates as a macro investment vehicle, pursuing discretionary global macro strategies across multiple asset classes, regions, and currencies. Its Guernsey registration aligns with the regulatory framework suited for such strategies. Investors can find more information on the company’s investment approach and performance at www.bhmacro.com.

The company’s ongoing share repurchases signal management’s confidence in the fund’s long-term value and return potential. Macro funds are influenced by macroeconomic trends, central bank policies, and market volatility. The recent buyback indicates the board believes shares are undervalued relative to the fund’s assets and future prospects. Northern Trust International Fund Administration Services (Guernsey) Limited administers the Company Secretary function, providing governance and administrative support.

Commitment to Regulatory Transparency and Shareholder Communication

This share transaction disclosure underscores BH Macro’s dedication to regulatory compliance and transparent communication with shareholders and the investment community. The announcement details the number of shares purchased, execution date, weighted average price, and treasury share treatment, ensuring all stakeholders have access to material capital structure information.

The total voting rights figure of 459,278,977 post-transaction complies with transparency standards and informs investors about voting dynamics and shareholder influence. Differentiating shares in issue from treasury shares allows investors to understand circulating equity versus company-held stock. This practice aligns with industry norms and meets institutional and retail investor information needs.

Contact Information and Company Administration

For inquiries about this transaction, investors can contact William Simmonds at JPMorgan Cazenove by phone at 020 7588 2828. He acts as the company’s market liaison, facilitating communication with investors, analysts, and market participants regarding corporate developments.

Administrative and share registry questions are managed by Northern Trust International Fund Administration Services (Guernsey) Limited, reachable at 01481 745001. Northern Trust provides corporate governance, regulatory compliance, and shareholder administration services. Additional resources, including fund documents and performance updates, are available at www.bhmacro.com.