- Brevan Howard returned 8% and 0.8% in its two largest funds for 2025, a person close to the firm said.
- The manager lagged behind its macro rivals, including Bridgewater and Discovery, which had banner years.
- The firm’s smaller Emerging Markets strategy returned more than 15% however.
Brevan Howard, the long-running macro investment manager with $33 billion in assets, finished 2025 looking up at many of its macro peers and multistrategy rivals.
The firm’s two largest funds — Alpha Strategies and Master, each of which runs roughly $11 billion — finished 2025 with gains of 8% and 0.8%, respectively, a person close to the firm told Business Insider. The funds returned 0.7% and 0.3%, respectively, in December.
The firm’s smaller Emerging Markets strategy was a bright spot, returning more than 15% over the year after a 1.6% gain in December, the person added. That strategy manages roughly $1 billion in assets. Brevan declined to comment.
Last year was a banner year for many macro-oriented firms. Bridgewater generated the most profits in its decades of trading, a person close to the Connecticut-based fund told Business Insider, as its flagship Pure Alpha fund was up 33% in 2025. Additionally, the manager’s All Weather fund was up more than 20% for the year.
Discovery Capital, the macro fund run by former Tiger Management investor Rob Citrone, returned 35.6% in 2025, a person close to the manager said. D.E. Shaw’s macro-oriented fund Oculus was up more than 28% in 2025, an individual familiar with the New York-based giant said.
The managers declined to comment.
Macro investors had plenty of geopolitical turmoil to trade off of in 2025. Ripple effects from President Donald Trump’s tariff policies, conflicts in the Middle East and Ukraine, and central bank decisions provided both stress and opportunities for funds.
This year is expected to be more of the same following Trump’s decision to invade Venezuela and extradite the country’s president, Nicolás Maduro, at the start of the year.
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