BH Macro Limited Finalizes 31 May 2026 Share Conversion, Issuing 14,757 New USD Shares

Overview of BH Macro's Monthly Share Conversion Process

BH Macro Limited maintains a dual share class structure, providing investors access to the same underlying Brevan Howard macro hedge fund strategies via either US Dollar Ordinary Shares or Sterling Ordinary Shares. To facilitate shareholders wishing to convert between these currency denominations, the company’s articles of incorporation authorize scheduled share conversion dates. These conversions are executed at precisely calculated ratios based on independently verified net asset values (NAV), rather than open-market trades.

The conversion ratios for the 31 May 2026 cycle were established after the final month-end NAVs for 31 May 2026 were published on 22 June 2026. This sequence ensures conversions occur on a fair and independently verified basis, reflecting NAV rather than market prices, which may differ in a closed-ended fund structure.

Conversion Ratios for 31 May 2026

The announced conversion ratios for the 31 May 2026 cycle are 0.759998 Sterling shares per US Dollar share and 1.315793 US Dollar shares per Sterling share. These reciprocal ratios (within rounding limits) correspond to the relative NAV per share of each class at the valuation date and comply strictly with the company’s articles of incorporation.

At the 31 May 2026 valuation, each US Dollar share had a higher NAV than each Sterling share. Consequently, shareholders converting from US Dollar to Sterling received slightly fewer shares, while those converting from Sterling to US Dollar received more. This outcome aligns with the fund’s structural mechanics and does not imply any outperformance or underperformance between share classes.

Share Issuance and Cancellation Following Conversion Applications

Based on aggregate shareholder conversion requests, 14,757 US Dollar Shares of no par value were issued and 11,217 Sterling Shares of no par value were cancelled effective 2 July 2026. This net movement reflects a modest shift from Sterling shares into US Dollar shares during this cycle.

This conversion process is separate from any secondary market buyback or issuance programs. No new capital is raised; existing shareholders are simply changing the currency denomination of their holdings in the same underlying portfolio. The scale of this conversion—14,757 new USD shares issued and 11,217 Sterling shares cancelled—is small relative to the fund’s total share count, indicating minimal impact on the capital structure.

Updated Share Capital Structure Post-July 2026 Conversion

Following the conversion, BH Macro Limited’s share capital consists of 23,600,174 US Dollar Ordinary Shares in issue (excluding treasury shares) alongside 907,604 US Dollar Treasury Shares. The Sterling class comprises 300,253,595 Ordinary Shares in issue (excluding treasury shares) and 77,502,117 Sterling Treasury Shares.

The Sterling Ordinary Shares outnumber the US Dollar shares by approximately 12.7 to 1, reflecting the historical predominance of Sterling investors since the fund’s London Stock Exchange listing. The sizeable Sterling treasury share holding—about 20.5% of the total Sterling share pool including treasury shares—indicates prior share repurchase activity.

London Stock Exchange Admission of New US Dollar Shares

The 14,757 newly issued US Dollar Ordinary Shares will be formally admitted to trading on the London Stock Exchange’s main market. The company expects admission to occur on or about 9 July 2026, following standard administrative procedures for post-conversion share issuance in a listed closed-ended fund.

Shareholders receiving new US Dollar shares in exchange for Sterling shares should see their CREST accounts updated by approximately 5:00pm on 9 July 2026. CREST, operated by Euroclear UK & International, is the UK’s electronic settlement system. Investors using nominee accounts or wealth managers should confirm timing with their intermediaries.

Total Voting Rights as of 2 July 2026

From 2 July 2026, BH Macro Limited’s total voting rights amount to 459,623,331, rounded to the nearest whole number. This figure is relevant for shareholders and advisers monitoring notification thresholds under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules (DTR 5), which require disclosure when voting rights cross specified levels.

Voting rights per share differ between classes: each US Dollar Share carries 0.7606 votes, while each Sterling Share carries 1.4710 votes, as originally disclosed on 9 March 2007. These entitlements remain unchanged by the current conversion and reflect the relative NAV characteristics at the time the voting structure was established.

Regulatory Status and Guernsey Incorporation

BH Macro Limited is a closed-ended collective investment scheme incorporated in Guernsey (No. 46235) with LEI 549300ZOFF0Z2CM87C29. This announcement qualifies as Regulated Information under DTR 6.1.12, concerning disclosure of major shareholdings and capital structure changes for UK-regulated market issuers.

The fund’s Guernsey domicile and London Stock Exchange listing subject it to Guernsey regulatory oversight and UK disclosure obligations. Northern Trust International Fund Administration Services (Guernsey) Limited provides fund administration and serves as the primary contact for investor inquiries. Regulatory announcements and NAV disclosures are available on the company’s website at www.bhmacro.com.

Implications of Sterling-to-USD Conversion Flow

The net flow from Sterling shares into US Dollar shares in this cycle is a data point monitored by some analysts to assess investor currency preferences over time. Persistent directional trends could indicate shifting currency exposure appetites or hedging strategies among institutional investors.

However, caution is advised when interpreting a single conversion cycle. The volumes involved—11,217 Sterling shares cancelled versus 14,757 USD shares issued—are minor relative to the fund’s total share count exceeding 323 million. A single large shareholder’s currency allocation adjustment could explain this movement, so broader conclusions require analysis of multiple conversion periods.

Fund Strategy and Market Context

BH Macro Limited offers investors access to Brevan Howard Master Fund Limited, a macro hedge fund managed by Brevan Howard Asset Management. The fund employs a global macro strategy across interest rates, currencies, equities, and commodities aiming for absolute returns uncorrelated with traditional asset classes. Renewed institutional interest has emerged amid recent heightened interest rate volatility and geopolitical uncertainty, which may favor macro strategies.

The immediate share price impact of this conversion announcement was not evident from public data. Such conversion notices are routine administrative disclosures and typically do not trigger significant secondary market price movements. Investors tracking BH Macro’s discount or premium to NAV should note the updated share count and voting rights when conducting valuations. The next relevant data point will be the 30 June 2026 month-end NAV publication, which will inform any subsequent conversion ratios.

Contact Information and Additional Resources

Questions regarding this announcement or BH Macro Limited’s share conversion process should be directed to Northern Trust International Fund Administration Services (Guernsey) Limited at +44 (0)1481 745001. Northern Trust acts as fund administrator and the designated contact for shareholder queries about conversion mechanics, CREST updates, and related matters.

For further details on voting rights, conversion ratio methodology, or the company’s articles of incorporation, shareholders should visit www.bhmacro.com. Regulatory filings, including prior conversion announcements and NAV disclosures, are accessible via the London Stock Exchange Regulatory News Service and the Investegate portal. Investors seeking advice on the financial impact of their conversions should consult their financial advisers.