BH Macro Limited Executes Share Buyback of 18,972 Shares Across Sterling and US Dollar Classes

Dual Currency Share Buyback Completed on London Stock Exchange

BH Macro Limited carried out share purchases on the London Stock Exchange via J.P. Morgan Securities plc on 22 July 2026. The company repurchased shares in both its Sterling and US Dollar denominated classes, reflecting active capital management within its dual currency framework. Specifically, 6,972 Sterling shares were acquired at a weighted average price of 4.1700, and 12,000 US Dollar shares at 4.2567. This dual-class buyback showcases the management of two separate investment share structures tailored to different currency investors.

All 18,972 shares bought are to be held in treasury rather than cancelled immediately. Treasury shares remain issued but are not publicly traded, offering the company flexibility for future capital management initiatives. This practice is common among closed-ended investment companies and collective investment schemes, enabling efficient shareholder capital management while preserving options for future distributions or corporate actions. The weighted average prices indicate these transactions were executed at market rates during regular trading hours on the London Stock Exchange.

Revised Share Capital Composition and Voting Rights After Buyback

Following the repurchase, BH Macro Limited's share capital reflects distinct figures for its Sterling and US Dollar classes. The Sterling share class now comprises 300,066,803 ordinary shares in issue (excluding treasury) and 77,688,909 shares held in treasury. The US Dollar class includes 23,560,477 ordinary shares in issue (excluding treasury) and 947,301 shares held in treasury. These numbers highlight the larger scale of the Sterling share class within the company's issued capital.

The transaction updated the company's total voting rights, which now amount to 459,318,366 as of 22 July 2026. This total covers all shares in issue across both classes, excluding treasury shares, and forms the basis for shareholder voting power calculations at general meetings. Accurate disclosure of voting rights complies with regulatory requirements for listed investment companies, ensuring transparency for shareholders and the market.

Overview of BH Macro Limited’s Guernsey-Domiciled Investment Structure

BH Macro Limited is a closed-ended collective investment scheme incorporated under Guernsey law (registered number 46235). As a Guernsey-domiciled entity, it operates under the Guernsey Financial Services Commission's regulatory framework and benefits from Guernsey's reputation as a regulated offshore financial center. Unlike open-ended funds, closed-ended schemes issue a fixed number of shares traded on secondary markets such as the London Stock Exchange, providing capital stability and enabling active capital management strategies like share buybacks.

The company offers dual currency share classes denominated in Sterling and US Dollars to cater to investor preferences and minimize currency exchange costs. This structure is increasingly prevalent among London-listed investment companies targeting international investors. The larger Sterling share class size suggests it is the primary listing currency or appeals to a broader investor base.

Capital Management and Treasury Share Strategy

Choosing to hold all 18,972 repurchased shares in treasury rather than cancelling them outright reflects BH Macro Limited's deliberate capital management approach. Treasury shares can be reissued via future share schemes, used to fulfill share awards or options, or retained as a flexible capital reserve. Maintaining treasury shares provides management with agility in responding to corporate actions and shareholder demands without immediate shareholder approval for new issuances. The significant existing treasury holdings—77,688,909 Sterling shares and 947,301 US Dollar shares—demonstrate this strategy’s established role in the company's capital structure.

This treasury share approach also supports capital efficiency. By buying shares on the market and holding them in treasury, the company can dynamically manage its share count without permanently reducing issued capital. This flexibility is valuable for investment companies adapting to market conditions, shareholder redemption pressures, or strategy shifts. The weighted average prices paid (4.1700 for Sterling and 4.2567 for US Dollar shares) indicate management’s view of fair value relative to net asset value, though NAV details were not disclosed.

Regulatory Compliance and London Stock Exchange Disclosure

BH Macro Limited’s announcement complies with London Stock Exchange rules and regulatory obligations for listed closed-ended investment companies. The disclosure includes detailed information on the number of shares purchased per class, weighted average prices, transaction date, and broker identity (J.P. Morgan Securities plc), fulfilling transparency requirements for material share buybacks. This ensures shareholders and investors receive timely updates on changes to the company’s capital structure.

The announcement also provides a comprehensive breakdown of the post-transaction share capital, including issued and treasury shares for each class, alongside updated total voting rights. This enables investors to accurately assess earnings per share, voting power, and other key metrics. Contact details for investor inquiries are available via the company’s website (www.bhmacro.com), the company secretary at Northern Trust International Fund Administration Services (Guernsey) Limited, and broker JPMorgan Cazenove, facilitating shareholder communication.

Execution of Share Repurchases via J.P. Morgan Securities plc

The share purchases were executed through J.P. Morgan Securities plc, a leading global investment bank and London Stock Exchange member. Utilizing a tier-one broker ensures high-quality execution, regulatory compliance, and transparent pricing. The transactions occurred on 22 July 2026 during normal trading hours, confirming the weighted average prices reflect genuine market activity rather than negotiated or off-market deals.

J.P. Morgan Securities plc also ensured adherence to stock exchange rules governing share buybacks by listed companies and investment schemes. Such buyback programs are subject to governance and disclosure standards designed to protect minority shareholders and prevent misuse. The prompt announcement on 23 July 2026 fulfills disclosure obligations, keeping the market informed of material capital structure changes without delay.

Context within the Closed-Ended Investment Company Sector

BH Macro Limited operates within the closed-ended investment company sector, a distinct segment of global asset management. Listed closed-ended funds on the London Stock Exchange encompass diverse strategies, including equities, fixed income, and alternatives. These funds appeal to investors seeking long-term capital exposure with fixed capital bases and professional management. The closed-ended structure offers greater strategic flexibility compared to open-ended funds, as managers are not required to maintain liquidity for daily redemptions.

Share buybacks by closed-ended funds often indicate management’s view that shares trade below net asset value, efforts to reduce administrative costs by lowering share count, or strategies to maintain shareholder returns in low-yield environments. BH Macro Limited’s repurchase across both Sterling and US Dollar classes suggests perceived value in both markets. The modest purchase size (18,972 shares out of approximately 459 million voting shares) indicates a measured, ongoing capital management approach rather than a significant structural change.

Transparency in Shareholder Voting Rights

The detailed update of total voting rights is essential for informing shareholders about their voting power relative to the total share base. As of 22 July 2026, the total voting rights of 459,318,366 form the basis for calculating absolute and percentage ownership for shareholders. Significant shareholders must disclose holdings under market abuse regulations and listing rules, making accurate voting rights data critical.

Investors monitoring BH Macro Limited rely on voting rights data to understand governance and voting power concentration. The difference between total shares in issue (323,627,280 Sterling plus US Dollar shares) and total voting rights (459,318,366) likely reflects regulatory calculation methods or treasury share treatment under Guernsey law. Transparency in voting rights supports sound corporate governance and informed shareholder decision-making.

Outlook on Capital Management and Investor Considerations

This share buyback may be part of BH Macro Limited’s broader ongoing capital management program. Investors should watch for future announcements on share repurchases, as continued activity could signal management’s confidence in share valuations relative to net asset value. Any significant changes to buyback policies or authority would merit close attention as indicators of shifting capital allocation priorities.

The company has not provided specific guidance on future repurchases, buyback limits, or the proportion of capital targeted for buybacks versus distributions. Investors seeking such details should consult the company’s latest annual report, prospectus, or contact management via the company secretary. Contact information is available through Northern Trust International Fund Administration Services (Guernsey) Limited at Tel: 01481 745001 for shareholder inquiries on capital management strategy.