Brevan Howard Asset Management and BlueCrest Capital Management’s global macro funds posted losses last month, according to people with knowledge of the matter, a setback in their bids to rebound from a lackluster 2014.
Brevan Howard’s Master Fund, run by the Jersey-based firm’s billionaire co-founder Alan Howard, lost 1.1 percent last month, cutting the year’s gain to 1.6 percent, according to one person, who asked not to be identified because the returns are private. The $21.7 billion fund declined 0.8 percent in 2014, its first annual loss since starting in 2003.
BlueCrest Capital International, also based in Jersey and led by billionaire Mike Platt, dropped 0.4 percent last month, extending a decline to 2.8 percent at the year’s midway point, according to another person with knowledge of the returns. While the fund managed $4.9 billion, it faced redemptions of $2.7 billion earlier this year. It gained 0.1 percent in 2014.
The reversals present a stumbling block for Howard and Platt, who are aiming to profit from bets on macro-economic trends. Still, losses were less than the 2.4 percent that global macro funds lost on average last month, according to Chicago-based Hedge Fund Research. Losses for the funds this year averaged 0.4 percent.