BH Macro Limited is a Guernsey-based closed-ended investment company. The Company invests all of its assets directly in Brevan Howard Master Fund Limited (the Master Fund), which is a hedge fund in the form of a Cayman Islands open-ended investment company, which has its investment objective as the generation of consistent long-term appreciation through active leveraged trading and investment on a global basis. The Master Fund is managed by Brevan Howard Capital Management LP, the Company’s Manager (the Manager). The Master Fund can invest in a range of instruments, such as debt securities and obligations (which may be below investment grade), bank loans, listed and unlisted equities, other collective investment schemes, currencies, commodities, futures, options, warrants, swaps and other derivative instruments.
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