Brevan Howard’s flagship Master Fund delivered a strong 4.5% return in April, marking its best monthly performance of 2025 to date and trimming year-to-date losses to -1.5%, according to a report by Financial News citing sources familiar with the matter.
The performance rebound follows a volatile month in global markets, with macro dislocations – including renewed US tariff announcements and shifting rate expectations – offering fertile ground for the firm’s global macro strategy.
The Master Fund, which manages close to $11.5bn in assets, has had a mixed start to the year amid choppy conditions for macro managers. However, April’s strong return reflects well-timed trades across interest rates, currencies, and commodities — key areas of focus for Brevan’s discretionary portfolio managers.
Brevan Howard has continued to expand its platform in recent years, diversifying across discretionary and systematic strategies while scaling its institutional client base. The firm now oversees more than $35bn in total assets across a range of funds.
