Key Facts
- ✓ Brevan Howard's Alpha Strategies fund returned 8% in 2025
- ✓ The Master fund returned 0.8% in 2025
- ✓ The Emerging Markets strategy returned more than 15%
- ✓ Brevan Howard manages $33 billion in assets
- ✓ Bridgewater's Pure Alpha fund was up 33% in 2025
Quick Summary
Macro investment manager Brevan Howard finished 2025 looking up at many of its peers. The firm, which currently holds $33 billion in assets, is led by CEO Aron Landry, who succeeded billionaire founder Alan Howard.
The firm's two largest funds, Alpha Strategies and Master, posted significantly different returns compared to the broader market. While the firm's Emerging Markets strategy performed well, the flagship funds lagged behind competitors who enjoyed a strong year.
Fund Performance Breakdown
The firm's two largest funds finished 2025 with gains of 8% and 0.8%, respectively. These funds, Alpha Strategies and Master, each manage roughly $11 billion in assets. These figures represent a lag behind many macro rivals who experienced banner years.
However, the firm's Emerging Markets strategy served as a bright spot. This smaller strategy, which manages roughly $1 billion in assets, returned more than 15% over the year. The firm declined to comment on the specific returns.
Performance of Rivals
2025 was a highly profitable year for many macro-oriented firms. Bridgewater generated the most profits in its decades of trading, with its flagship Pure Alpha fund up 33%. Additionally, the manager's All Weather fund was up more than 20% for the year.
Other major players also posted strong numbers:
- Discovery Capital, run by former Tiger Management investor Rob Citrone, returned 35.6%
- D.E. Shaw's Oculus fund was up more than 28%
The managers of these firms declined to comment on their performance.
Market Context and Outlook
Macro investors found plenty of geopolitical turmoil to trade off of in 2025. Market movements were driven by ripple effects from President Donald Trump's tariff policies, conflicts in the Middle East and Ukraine, and central bank decisions. These events provided both stress and opportunities for funds.
This year is expected to be more of the same. Market conditions remain volatile following President Trump's decision to invade Venezuela and extradite the country's president, Nicolás Maduro, at the start of the year.
