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.
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BHM has remained in negat…
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