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Brevan Howard suffered a 20 per cent fall in profits last year as one of the world’s largest macro hedge funds grappled with a three-year period of disappointing performance.
Profits available to be shared by Brevan’s partners fell to £61mn for the year to March 2025, according to accounts filed at the UK’s Companies House. The firm said it had an average of 16 partners during the financial year, several of which were corporate entities.
The accounts for Brevan Howard Asset Management show that profits excluding payments to another corporate vehicle through which the firm pays its employees fell 18.3 per cent to £291mn, the lowest figure since 2022, when the firm made £105mn. Revenues fell 20.7 per cent to £294.3mn.
The results come after a mixed 2025 for Brevan Howard, which was founded in 2001 by former Credit Suisse traders including Alan Howard and Chris Rokos. Macro traders enjoyed their best year since 2009 but the firm’s two key strategies failed to deliver bumper profits for investors.
The Brevan Howard Master fund, which makes money by betting on key economic indicators like interest rates, inflation and assets linked to them such as currencies and commodities, gained an estimated 0.75 per cent in 2025 and 5.14 per cent in 2024, according to a person familiar with the matter.
The Brevan Howard Alpha Strategies fund, whose traders make bets across asset classes, similar to multi-manager hedge funds Millennium and Citadel, was expected to be up 8 per cent in 2025 and 2.6 per cent in 2024, the person said. The funds each manage about $11bn for investors.
One bright spot for the firm was its $1bn emerging markets fund which was up by an estimated 15.4 per cent, the person added.
Meanwhile, some of Brevan’s rivals enjoyed the richest environment for macro trading since 2009, betting on a falling dollar, commodities such as gold and copper, and interest rate divergences between major economies.
Rokos’s hedge fund Rokos Capital Management was up 19 per cent in the first 11 months of 2025.
The last truly great year for Brevan Howard was 2022, when the master and alpha strategies funds made 20.1 and 28.4 per cent respectively.
Brevan manages $33bn of investor money and has been one of the world’s largest macro hedge funds for much of its history. The firm secured an equity investment from Lunate last year, in a deal which saw the Abu Dhabi-based investor commit $2bn for new funds to be set up in the United Arab Emirates.
