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Brevan Howard March Letter: Inflation Remains Stuck In US

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BH Macro Limited NAV per Share % Monthly Change

USD

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

YTD

2007

0.10

0.90

0.15

2.29

2.56

3.11

5.92

0.03

2.96

0.75

20.27

2008

9.89

6.70

-2.79

-2.48

0.77

2.75

1.13

0.75

-3.13

2.76

3.75

-0.68

20.32

2009

5.06

2.78

1.17

0.13

3.14

-0.86

1.36

0.71

1.55

1.07

0.37

0.37

18.04

2010

-0.27

-1.50

0.04

1.45

0.32

1.38

-2.01

1.21

1.50

-0.33

-0.33

-0.49

0.91

2011

0.65

0.53

0.75

0.49

0.55

-0.58

2.19

6.18

0.40

-0.76

1.68

-0.47

12.04

2012

0.90

0.25

-0.40

-0.43

-1.77

-2.23

2.36

1.02

1.99

-0.36

0.92

1.66

3.86

2013

1.01

2.32

0.34

3.45

-0.10

-3.05

-0.83

-1.55

0.03

-0.55

1.35

0.40

2.70

2014

-1.36

-1.10

-0.46*

-2.89*

EUR

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

YTD

2007

0.05

0.70

0.02

2.26

2.43

3.07

5.65

-0.08

2.85

0.69

18.95

2008

9.92

6.68

-2.62

-2.34

0.86

2.84

1.28

0.98

-3.30

2.79

3.91

-0.45

21.65

2009

5.38

2.67

1.32

0.14

3.12

-0.82

1.33

0.

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