Stifel downgrades Brevan Howard's BH Macro trust on 'whipsaw' concerns

Limited upside optionality

Valeria Martinez
clock • 2 min read

Stifel has downgraded Brewan Howard’s BH Macro (BHM) investment trust to ‘Neutral’ due to a lack of conviction for discretionary macro traders in the current market environment.

In a research note published today (1 March), analyst Sachin Saggar said the broker's base case is that 2024 will be a "tough year" with no "obvious trades" providing upside optionality for the strategy. "We believe BH Macro is a high quality fund but today's environment does not seem conducive to the strategy," he said.  The trust, which holds £1.6bn in assets and is a feeder into the $13bn Brevan Howard Master fund, one of Brevan Howard's flagship funds, fell 2% in 2023. Pershing Square Holdings manager slashes performance fee as Ackman eyes US launch BHM has remained in negat...

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