(Bloomberg) --
Brevan Howard Asset Management’s flagship hedge fund returned 3.9% in June, capping off its best first half since 2009.
The Master Fund is up 9.3% in the first six months, building on a 12.4% gain in 2018, according to an investor document seen by Bloomberg. That kind of performance is helping fuel a turnaround for billionaire Alan Howard’s fund, which in May saw its first net inflows in five years.
Brevan Howard is also bucking the trend for macro funds, which invest based on economic events and seek to produce returns that are uncorrelated with the broader stock and bond markets. Macro funds globally saw outflows of $6.2 billion in May, the worst of any hedge fund strategy, according to data from eVestment.
Still, Brevan Howard has a long way to go. The firm’s assets were $6.8 billion at the end of May, down from more than $40 billion in 2013. As firm-wide assets shrank, Howard worked to overhaul the business by reducing fees and staff and shifting away from focusing mainly on the Master Fund.
A spokesman for Jersey-based Brevan Howard declined to comment.
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