Brevan Howard Asset Management reported a 20% decline in profits available to partners for the year to March 2025, as one of the world’s largest macro hedge funds missed out on a strong year for macro trading, according top a report by the Financial Times.

The report cites Companies House Filings as showing that partner distributions fell to £61m, while overall revenues declined 20.7% to £294.3m.

The firm’s flagship Brevan Howard Master fund, which trades interest rates, currencies and commodities, returned an estimated 0.75% in 2025, following a 5.14% gain in 2024. Its Alpha Strategies fund, which trades across multiple asset classes, returned around 8% for the year. Each fund manages roughly $11bn in investor capital.

A notable exception was Brevan Howard’s $1bn emerging markets fund, which delivered an estimated 15.4% return.

The results contrast with broader macro hedge fund performance last year, as rivals benefited from volatility in currencies, commodities and interest rate divergences.

Founded in 2001 by former Credit Suisse traders Alan Howard and Chris Rokos, Brevan Howard’s last standout year was 2022, when its Master and Alpha Strategies funds returned 20.1% and 28.4% respectively.