BlueCrest's Macro Hedge Fund Said to Gain During Volatile August

  • 0.6% rise beats most peers as market dive hurts returns
  • Brevan Howard fund said to lose 1% in month to Aug. 28

BlueCrest Capital Management’s global macro hedge fund rose 0.6 percent in August, according to a person familiar with the situation, as concerns of a slowdown in China roiled global stock markets.

Michael Platt’s BlueCrest Capital International beat other hedge funds trading on macro-economic themes, which lost an average 1.2 percent last month, according to Hedge Fund Research, a Chicago-based data provider. The $2.5 billion fund is still down 1 percent for the year through Aug. 31, the person said, asking not to be named because the information is private.

The Brevan Howard Master Fund, managed by Alan Howard, posted a 1 percent loss in the month to Aug. 28, halving its gain for the year, according to a second person familiar with the matter. The $21.7 billion macro hedge fund declined 0.8 percent last year in its first annual loss since starting in 2003, while BlueCrest Capital International rose 0.1 percent.

Officials at the firms, both based in Jersey, declined to comment.

Many hedge funds were wrong-footed by a stocks rout in the last week of August, which wiped more than $5.7 trillion from equities worldwide, as Chinese policy makers took steps to address concerns over an economic slowdown. The HFRX Global Hedge Fund Index, which tracks returns across all strategies, lost 2.2 percent, the biggest decline in almost four years.

Winton Capital Management lost an estimated 4.3 percent in its $11.8 billion Winton Futures Fund. Cantab Capital Partners, another U.K.-based computer-driven fund, erased gains for the year in its $2.6 billion CCP Quantitative strategy after it slumped 10 percent.

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