Brevan Howard's Main Fund Suffers Sixth Monthly Decline in 2017

(Bloomberg) -- Brevan Howard Asset Management LLP's flagship hedge fund lost 0.9 percent in September, the macro money pool's sixth monthly decline this year, according to an investor letter seen by Bloomberg News.

The Master Fund, which managed $6.8 billion at the end of August, was down 4.6 percent through September, the letter showed. By comparison, hedge funds betting on macro-economic trends gained 0.7 percent in September and were up 3.2 percent during the first nine months of the year, according to preliminary estimates from Eurekahedge. A spokesman for the investment firm run by billionaire Alan Howard declined to comment.

Brevan Howard is struggling to rebound from years of poor performance and stem capital outflows from its main fund, which has seen assets decline from almost $28 billion in 2013. The fund has lost more than 1 percent in a month three times this year.

Investors are returning to bet on macro hedge funds on hopes interest-rate normalization will boost opportunities to profit and reverse recent losses. Such money pools raised $17.9 billion through August this year, the most by any hedge-fund strategy, according to data compiled by eVestment.

Business Insider reported on Brevan Howard returns earlier.

To contact the reporter on this story: Nishant Kumar in London at nkumar173@bloomberg.net.

To contact the editors responsible for this story: Neil Callanan at ncallanan@bloomberg.net, Jon Menon, Andrew Blackman