Investment company BH Macro, which has its shares listed on the Bermuda Stock Exchange, as well as in London and Dubai, has reported a gain in its net asset value (NAV) of 3.94 percent during 2012.The gain relates to the company’s sterling shares.BH Macro invest all its assets, other than working capital, in the Brevan Howard Master Fund, one of the world’s top hedge funds.Total funds managed by British-based hedge fund manager Brevan Howard at the end of 2012 were in excess of $39 billion.BH Macro released its financial results for 2012 on Tuesday and, in a statement to shareholders, chairman Ian Plenderleith said: “Financial markets in 2012 saw some relief from the looming threats that have generated uncertainty and unpredictable movements for the past several years.“Policy actions in the Eurozone brought some alleviation of tensions in the monetary union. The immediate threat of the US fiscal cliff was at least deferred.“Slowdown in China and some other emerging market economies have so far proved more moderate than was feared. Many of these threats were essentially driven by political fears, producing at times abrupt shifts in market sentiment.”Mr Plenderleith concluded: “As the threats have receded somewhat, underlying macroeconomic trends have begun to re-emerge as a more forceful influence on markets, offering a better environment in the second half of the year for funds focused on macro trading.”BH Macro’s fortunes improved in the second half of 2012, where it achieved a gain in NAV of 7.8 percent.Since it was launched in 2007, the company has achieved an annualised rate of return of 12.78 percent.In its statement this week, the company said it remained a substantial fund, with NAV totalling $2.19 billion at the end of last year, making it the largest single-manager hedge fund listed on the London Stock Exchange.