Minal Bathwal has emerged as one of the most consistent and profitable global macro managers in the hedge fund industry, delivering uninterrupted annual gains since he began managing capital in 2008, according to report by Bloomberg citing unnamed people familiar with the matter.
Now overseeing approximately $5.5bn at Brevan Howard Asset Management, the Singapore-based portfolio manager ranks among the firm’s top five profit generators in its more than 20-year history. His performance places him alongside industry heavyweights including co-founder Alan Howard and former partner Chris Rokos.
The report cites data from PivotalPath as showing that Bathwal’s strategy, which trades global rates, currencies and macro themes with a strong Asia focus, has generated an annualised return of 12.7% between 2008 and the end of 2025, with a Sharpe ratio of 1.7, outperforming the broader discretionary macro universe.
Despite his standing within Brevan Howard, Bathwal maintains a notably low public profile, rarely appearing at industry events or in the media. His capital base is largely internal, comprising allocations from Brevan Howard funds and retained profits, with limited external access offered only intermittently since the strategy formally launched as a standalone fund in 2018.
While returns of around 6.8% in 2025 lagged some macro peers during a particularly strong year for the strategy, Bathwal’s reputation has been built on durability rather than headline-grabbing gains. His track record includes standout years such as 29.5% in 2013, 20.9% in 2015, and positive performance during periods of market stress including the 2020 Covid-19 sell-off.
Market participants attribute Bathwal’s success to a disciplined approach combining relative-value trades, directional macro positions and option-like structures designed to deliver asymmetric payoffs. He leads a 14-person investment team and is known for tightly managing risk and position sizing, even during volatile periods.
