Brevan Howard's Major Funds Underperformed in 2025: A Look at the Returns

In 2025, Brevan Howard, a well-known player in the macro investment arena with $33 billion under management, found itself trailing behind numerous competitors.

The company's two primary funds, named Alpha Strategies and Master, both boasting assets of around $11 billion each, concluded the year with gains of 8% and 0.8%, respectively, according to a source familiar with the situation.

However, their smaller venture, focused on Emerging Markets, stood out positively by yielding returns exceeding 15% throughout the year, as noted by the same insider. This specific strategy oversees approximately $1 billion worth of assets. The firm chose not to provide any additional comments.

2025 was a highly successful period for many firms specializing in macro strategies. Bridgewater, for instance, saw its highest earnings in its extensive trading history, with its prominent fund, Pure Alpha, achieving a 33% rise. Moreover, the company's All Weather fund realized gains exceeding 20% within the same time frame.

Meanwhile, Discovery Capital, directed by former Tiger Management investor Rob Citrone, reported a notable return of 35.6%. Additionally, D.E. Shaw's fund with macro orientations, known as Oculus, achieved an increase of over 28% in 2025, as reported by an informed individual associated with the New York-based corporation.

No comments were made by the managers regarding their impressive performances.

The turbulent geopolitical landscape in 2025 furnished macro investors with an abundance of opportunities and challenges. Influence from President Donald Trump's tariff measures, ongoing conflicts in regions like the Middle East and Ukraine, and pivotal actions taken by central banks subjected funds to both strain and openings for profit.

Expectations for the current year suggest a continuation of similar dynamics, catalyzed by Trump's recent initiative to invade Venezuela and his contentious move to extradite its president, Nicolás Maduro, earlier this year.