Brevan Howard Asset Management’s main hedge fund lost 2 percent in March, erasing earlier gains this year, according to two people with knowledge of the matter.

The Brevan Howard Master Fund, which bets on economic trends, ended the first quarter of the year down 0.97 percent, said the people who asked not to be named because the information is private. A spokesman for the investment firm in London declined to comment.

Billionaire investor Alan Howard predicted there will be “exceptional opportunities” to make money this year in a letter sent to investors in January. The $18 billion fund had gained 1 percent during the first two months of the year, according to a website for the firm’s listed fund.

Global macro hedge funds gained 0.6 percent last month through March 29 and were down 1.7 percent for the year, according to initial estimates from Lyxor Asset Management.

Brevan Howard suffered second successive annual declines in its main hedge fund last year, having lost almost 2 percent in 2015 and 0.8 percent in 2014, people familiar with the matter said in January.

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