Recent market turbulence has propelled Brevan Howard Asset Management’s flagship hedge fund, the $12bn Brevan Howard Master Fund, into profit for the year, reversing earlier losses, according to a report by Bloomberg.

The report cites an investor letter seen by Bloomberg as revealing that the fund chalked up an estimated 2.3% gain in the first two trading days of August, erasing losses from the first seven months of the year. As of 2 August, the fund had advanced 1.1% for the year, according to the letter.

Brevan Howard’s other main hedge fund, Alpha Strategies, also saw gains this month, putting on 1.4% and reducing its year-to-date decline to 0.2%, another letter revealed. Both funds are managed by multiple traders and constitute the majority of Brevan Howard's approximately $34bn in total assets under management.