Key Takeaways
- • Minal Bathwal, a Singapore-based portfolio manager at Brevan Howard Asset Management, has delivered uninterrupted annual gains for 18 consecutive years since 2008, establishing himself as one of the industry's most durable global macro managers.
- • Bathwal's strategy has generated an annualized return of 12.7% between 2008 and end-2025 with a Sharpe ratio of 1.7, outperforming the broader discretionary macro universe, according to PivotalPath data cited by Bloomberg.
- • Now overseeing approximately $5.5 billion in capital, Bathwal ranks among Brevan Howard's top five profit generators in the firm's 20+ year history, alongside co-founder Alan Howard and former partner Chris Rokos.
- • His portfolio strategy combines relative-value trades, directional macro positions, and option-like structures with a strong Asia focus across global rates and currencies, demonstrating particular resilience during market stress periods including the 2020 Covid-19 sell-off.
- • Despite his institutional prominence, Bathwal maintains an exceptionally low public profile with limited external capital access; his capital base comprises primarily internal Brevan Howard fund allocations and retained profits, with the standalone strategy formally launching in 2018.
Summary
Minal Bathwal has established himself as one of the hedge fund industry's most consistent macro managers, delivering positive annual returns without interruption across an 18-year track record beginning in 2008. Now overseeing $5.5 billion at Brevan Howard Asset Management, the Singapore-based portfolio manager has achieved an annualized return of 12.7% between 2008 and end-2025, with a Sharpe ratio of 1.7 that exceeds the broader discretionary macro universe, according to Bloomberg reporting citing PivotalPath data. His performance places him among Brevan Howard's elite profit generators, positioning him alongside the firm's co-founder Alan Howard and former partner Chris Rokos within the organization's two-decade operating history.
Bathwal's strategy employs a disciplined framework combining relative-value trades, directional macro positions, and option-like structures designed to generate asymmetric payoffs, with emphasis on global rates, currencies, and macro themes concentrated in Asia. His track record includes notable outperformance in specific years—29.5% in 2013 and 20.9% in 2015—while maintaining positive returns during periods of acute market volatility, including the 2020 pandemic-driven equity sell-off. In 2025, his returns of approximately 6.8% lagged some macro peers during a particularly strong year for the broader discretionary macro strategy, underscoring his reputation built on durability and consistency rather than headline-generating annual performance.
A defining characteristic of Bathwal's career is his notably low public profile despite his institutional standing. He rarely participates in industry events or media appearances, and his capital base remains predominantly internal, consisting of allocations from Brevan Howard funds and reinvested profits. External access to his strategy is offered only intermittently, with the fund formally launching as a standalone vehicle in 2018. His $5.5 billion asset base reflects both the firm's confidence in his management capabilities and the institutional nature of his investor base, distinguishing his career trajectory from more publicly prominent macro managers within the alternative investment industry.
Bathwal's strategy employs a disciplined framework combining relative-value trades, directional macro positions, and option-like structures designed to generate asymmetric payoffs, with emphasis on global rates, currencies, and macro themes concentrated in Asia. His track record includes notable outperformance in specific years—29.5% in 2013 and 20.9% in 2015—while maintaining positive returns during periods of acute market volatility, including the 2020 pandemic-driven equity sell-off. In 2025, his returns of approximately 6.8% lagged some macro peers during a particularly strong year for the broader discretionary macro strategy, underscoring his reputation built on durability and consistency rather than headline-generating annual performance.
A defining characteristic of Bathwal's career is his notably low public profile despite his institutional standing. He rarely participates in industry events or media appearances, and his capital base remains predominantly internal, consisting of allocations from Brevan Howard funds and reinvested profits. External access to his strategy is offered only intermittently, with the fund formally launching as a standalone vehicle in 2018. His $5.5 billion asset base reflects both the firm's confidence in his management capabilities and the institutional nature of his investor base, distinguishing his career trajectory from more publicly prominent macro managers within the alternative investment industry.
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