Rubicon Said to Recoup Hedge-Fund Loss on 20% Gain in Novemberby
Paul Brewer’s Rubicon Fund Management gained almost 20 percent in its main hedge fund in the first 18 days of November to reverse losses earlier in the year, according to a person with knowledge of the matter.
The Rubicon Global Fund, which bets on macro economic trends, was down about 15 percent in the first 10 months of the year and managed about $600 million at the end of October, the person said, asking not to be identified because the information was private. November’s gains lifted the flagship fund’s return this year to 1.3 percent, the person said. A spokesman for the London-based money manager declined to comment.
Brewer joins the likes of billionaire Alan Howard in making money as Donald Trump’s surprise victory in the U.S. presidential election earlier this month triggered volatility in currencies, equities and bond yields. The $12.7 billion Brevan Howard Master Fund gained 5.6 percent in the first 18 days of November, turning profitable for the year, according to an investor letter.
Macro hedge funds are recovering after years of poor performance as low interest rates and central bank interventions crimped their ability to make money. Investors have pulled $7.3 billion from macro funds this year, according to data provider eVestment.