Brevan Howard March Letter: Inflation Remains Stuck In US

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BH Macro Limited

Monthly Shareholder Report – March 2014

March 2014
Your attention is drawn to the disclaimer at the beginning and end of this document

© Brevan Howard (2014). All Rights Reserved.

Important Legal Information and Disclaimer

BH Macro Limited (BHM”) is a feeder fund investing in Brevan Howard Master Fund Limited (the “Fund”). Brevan Howard Asset Management LLP (“BHAM”) and Brevan Howard Capital Management LP (together with BHAM,Brevan Howard) have supplied the information herein regarding BHMs and the Funds performance and outlook. BHAM is authorised and regulated by the Financial Conduct Authority (the FCA) in the United Kingdom.

This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 and the handbook of rules and guidance issued from time to time by the FCA (the “FCA Rules”).

The material relating to BHM and the Fund included in this report has been prepared by Brevan Howard and is provided for information purposes only and does not constitute an invitation or offer to subscribe for or purchase shares in BHM or the Fund. This material is not intended to provide a sufficient basis on which to make an investment decision. Information and opinions presented in this material relating to BHM and the Fund have been obtained or derived from sources believed by Brevan Howard to be reliable, but Brevan Howard makes no representation as to their accuracy or completeness. Any estimates may be subject to error and significant fluctuation, especially during periods of high market volatility or disruption. Any estimates should be taken as indicative values only and no reliance should be placed on them. Estimated results, performance or achievements may materially differ from any actual results, performance or achievements. Except as required by applicable law, BHM, the Fund and Brevan Howard expressly disclaim any obligations to update or revise such estimates to reflect any change in expectations, new information, subsequent events or otherwise. All investments are subject to risk. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decisions.

Tax treatment depends on the individual circumstances of each investor in BHM and may be subject to change in the future. Returns may increase or decrease as a result of currency fluctuations.

You should note that, if you invest in BHM, your capital will be at risk and you may therefore lose some or all of any amount that you choose to invest. This material is not intended to constitute, and should not be construed as, investment advice.  Potential investors in BHM should seek their own independent financial advice.  BHAM neither provides investment advice to, nor receives and transmits orders from, investors in the funds to which this material relates nor does it carry on any other activities with or for such investors that constitute “MiFID or equivalent third country business” for the purposes of the FCA Rules.



BH Macro Limited


Brevan Howard Capital Management LP (BHCM)


Northern Trust International Fund Administration Services (Guernsey) Limited (Northern Trust)

Corporate Broker:

J.P. Morgan Securities Ltd.


London StockExchange (Premium Listing)

NASDAQ Dubai – USD Class (Secondary listing)

Bermuda Stock Exchange (Secondary listing)


BH Macro Limited (BHM) is a closed-ended investment company, registered and incorporated in Guernsey on 17 January 2007 (Registration Number: 46235).

BHM invests all of its assets (net of short-term working capital) in the ordinary shares of Brevan Howard Master Fund Limited (the Fund).

BHM was admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange on 14 March 2007.

Total Assets

$2,170 mm1

1. Estimated as at 31 March 2014 by BHM’s administrator, Northern Trust.

Summary Information

BH Macro Limited NAV per Share (estimated as at 31 March 2014)

Share Class

NAV (USD mm)

NAV per Share

USD Shares



EUR Shares



GBP Shares



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