Brevan Howard’s Flagship Hedge Fund Said to Slip Again in May

Brevan Howard Asset Management LLP’s main hedge fund lost money in May, its third straight monthly decline this year, according to two people with knowledge of the matter.

The Brevan Howard Master Fund fell 0.3 percent last month, deepening its losses for the year to 2.1 percent, said the people, who asked not to be identified because the information is private. A spokesman for the investment firm, run by billionaire Alan Howard, declined to comment.

The fund, which managed $16.9 billion at the end of April, lost 0.9 percent in April and almost 2 percent in March, according to a company website. The HFRX Macro/CTA Index of fund performance lost 1.7 percent in May and was down 1.3 percent for the year, according to data from Hedge Fund Research Inc.

Brevan Howard focuses on macro-economic trends to bet on bonds, currencies, equities and commodities. The main hedge fund fell almost 2 percent in 2015, extending the previous year’s 0.8 percent drop, a person familiar with the matter said in January.

The firm is raising cash for two new money pools that offer daily liquidity and don’t charge a performance fee as it diversifies its $20 billion hedge-fund business, a person said in May.

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