Brevan Howard's Main Hedge Fund Posts Gains of 4.45% in May

(Bloomberg) -- Brevan Howard Asset Management’s flagship hedge fund is on course for one of its best monthly returns, a reprieve for the money manager facing an investor exodus.

The Brevan Howard Master Fund gained 4.45 percent this month through May 25, boosting year-to-date returns to 5.69 percent, according to a letter to investors seen by Bloomberg News. That puts the fund on track for its best month since November 2016. A spokesman for the Jersey-based investment firm run by billionaire Alan Howard declined to comment.

Macro traders, who have wagered on the end of ultra-low interest rates and quantitative easing for some time, are starting to make money once again as market volatility creates trading opportunities. Investors poured nearly $12 billion into the money pools during the first four months of the year, the most in any strategy, according to data compiled by eVestment.

Brevan Howard, once one of the world’s largest hedge funds, has seen its assets decline to about $8 billion on April 1 from its $40 billion peak in 2013 as investors pulled money because of years of middling performance. The master fund managed $4.2 billion at the end of April, according to another investor letter.

To contact the reporters on this story: Nishant Kumar in London at nkumar173@bloomberg.net;Saijel Kishan in New York at skishan@bloomberg.net

To contact the editors responsible for this story: Margaret Collins at mcollins45@bloomberg.net, ;Neil Callanan at ncallanan@bloomberg.net, Melissa Karsh

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