Brevan Howard capitalises on turmoil

Brevan Howard, the world’s largest macro hedge fund, has made close to $1.5bn over the past three weeks on the back of turmoil in the global markets.

In a month in which equity markets worldwide have seen declines of more than 10 per cent, the gain comes as a vindication for the $32bn London-based fund manager, which for more than a year – like many of its peers – has struggled to make headway in volatile conditions.

The fund has been “positioned for a global slowdown” since earlier this summer, said a senior employee of the firm – a strategy that has begun to reap serious rewards.

The recent gains mean Brevan’s flagship Master Fund, which for much of the year has been flat, is now up by just over 11 per cent, an investor told the Financial Times on condition of anonymity.

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