Brevan Howard’s flagship Master Fund was down 1.9 percent in the month of August, and returns for the year are up in the neighborhood of +1 percent for the year now. The flagship fund, which manages close to $27 billion, lost in equities and interest rates, according to a monthly shareholder report seen by ValueWalk.

Brevan Howard Emerging market

Winners among Brevan Howard’s funds

Brevan Howard’s Asian strategy and the commodity funds have continued to gain for three straight months now. The Brevan Howard Asia Master Fund Limited, managed by Kaspar Ernst, gained 1.14 percent in the last month and is now up by 10 percent for the year. Asian strategy’s strongest trade was in USD and Singaporean interest rates in August. Brevan Howard Commodities Strategies Master Fund Limited, the largest winner in July, gained the most once again with a +1.7 percent return. The commodity fund is up only 3 percent for the year, however. The fund was up in oil trades but lost in natural gas.

Brevan Howard Credit Catalysts Master Fund Limited gained 1.1 percent last month and is now up 7.13 percent for the year. After several months now, the Credit Catalysts was up in MBS/ABS strategies as well.

Losers: EM fund down for fourth month now

Brevan Howard’s luck in emerging markets has been down for quite some time now, and once again Brevan Howard Emerging Markets Strategies Master Fund Limited slipped by 2.3 percent in the last month. The EM fund is now down 15 percent for the year. In the monthly commentary, the managers seem optimistic about China’s 7.5 percent growth target.

Brevan Howard Credit Value Master Fund Limited was down 0.07 percent in the same period, with YTD returns are up 11.3 percent.

Brevan Howard Investment Fund II – Macro FX Fund, whose portfolio manager was dismissed by the firm a couple of months ago, lost 1.04 percent in August. The fund lost in its main position that was long USD against other developed market currencies. Investment Fund II – Macro FX is down 4.2 percent for the year.

Brevan Howard Investment Fund – Emerging Markets Local Fixed Income Fund also lost in August, and returns were down 0.19 percent. The fund is down 4 percent YTD. Brevan Howard Systematic Trading Master Fund was down 1.2 percent in the last month, losing in all trades except in energy futures.

BHG – Newsletter – August 2013 – ADV05036 by ValueWalk.com