Hedge fund giant Brevan Howard had another poor year in 2025, a year when virtually all multi-strategy and macro funds produced great returns.

The 20yr old flagship macro fund was up only 0.8% in 2025.

The newer multi-strategy Alpha Strategies fund was up 8% for 2025.Each fund runs $11bn, the majority of the firm's AUM.

The smaller Emerging Markets fund was up 15%.

I wrote about the issues at the firm a few months ago….