BH Macro Ltd on Friday reported a higher net asset value per share for 2024 but said the discount to its share price remains unsatisfactory.

The Guernsey-based close-ended investment company said its net asset value per share rose 5.9% to 435 pence on December 31 from 411p at the end of 2023.

Shares in BH Macro rose 0.3% to 372.53p each in London on Friday morning, leaving a 14% discount to NAV.

BH Macro said despite some success in closing the discount, the ‘modest’ gap remains ‘unsatisfactory’ for the company over a long-term horizon.

BH Macro said the election of Donald Trump as US president creates both ‘opportunities and risks’, as was seen by the strong return in November, while financial stability in the UK ‘remains, for the present at least, elusive.’

‘Looking forward, all the ingredients for an interesting and dynamic macro environment are in the mix: rapid technological change, geopolitical unrest, US political realignment, and widely divergent growth and inflation outlooks across countries,’ the company said.

‘With this macro landscape of high uncertainty in geopolitics, fiscal and monetary policy across all regions, markets are likely to be extremely interesting.’

In the current environment of ‘increased political and economic tensions’, BH Macro said the company ‘remains more than ever committed to its investment strategy, aiming to deliver consistent returns to shareholders.’

No dividends were paid for 2024, unchanged from 2023.

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