Brevan Howard Asset Management's flagship hedge fund has jumped more than 6% this month, even as many of its peers nurse huge August losses.
The London-based firm's US$25 billion Master Fund is up 6.1% this year, doubling its year-to-Aug. 19 return to almost 12%, Bloomberg News reports. Brevan Howard has employed "tactical trading" to great effect this year, it told investors in a letter to clients yesterday.
"While the rapid changes in risk appetite and existence of extreme tail risks makes longer-term investment and positioning difficult, these conditions provide very fertile trading opportunities," the firm's BH Global feeder fund wrote.
Brevan's gains on the month amount to US$1.5 billion in profits.