Key Takeaways
- • Brevan Howard Master Fund, the flagship macro hedge fund of Brevan Howard Asset Management, lost 5.4 percent in 2017, its worst annual performance since launching in 2003, according to an investor letter.
- • The loss reverses the fund's 3 percent gain in 2016.
- • The fund managed $5.5 billion at the end of November 2017 and was flat in December, per the letter.
- • Brevan Howard, the Jersey-based firm run by billionaire Alan Howard, declined to comment.
Summary
Brevan Howard Asset Management's flagship macro hedge fund lost 5.4 percent in 2017, recording its worst annual performance since it began trading in 2003, according to an investor letter reported by Bloomberg. The figure marks a sharp reversal from the 3 percent gain the Brevan Howard Master Fund posted in 2016.
The Master Fund managed $5.5 billion at the end of November 2017. According to the letter, the fund was flat in December, so the full-year loss was determined by performance earlier in the year. The letter did not provide a detailed breakdown of the drivers of the loss in the material available.
The Jersey-based firm, which is run by billionaire Alan Howard, declined to comment on the results. The performance is a notable data point for allocators to the strategy, given the fund's long track record and its prior positive year in 2016.
The Master Fund managed $5.5 billion at the end of November 2017. According to the letter, the fund was flat in December, so the full-year loss was determined by performance earlier in the year. The letter did not provide a detailed breakdown of the drivers of the loss in the material available.
The Jersey-based firm, which is run by billionaire Alan Howard, declined to comment on the results. The performance is a notable data point for allocators to the strategy, given the fund's long track record and its prior positive year in 2016.
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