(Bloomberg) -- Brevan Howard Asset Management returned 5.1% in September, its best monthly return since 2022, as the Federal Reserve cut interest rates more than some traders expected.
That helped the firm, co-founded by Alan Howard, reverse an earlier decline for the year, with its $11.9 billion Master fund gaining 3.3% through the first nine months, according to a person familiar with the results.
The Fed’s half-point cut helped boost Brevan and other macro funds that had previously lost money on wrong-way bets, including wagers on the Japanese yen. PivotalPath’s Discretionary Macro Index was up 2% through August, lagging behind all other major strategies.
Macro funds that wager on emerging markets have posted much stronger returns this year than those that focus on developed markets. Rob Citrone’s Discovery Capital Management jumped 27% through September, a person familiar with the firm said.
Amia Capital, run by Antoine Estier, climbed 15% through the third quarter. The London-based firm, which oversees $1.2 billion, made money in part on interest rate wagers in South Africa and Central Europe, another person said.
Spokespeople for the all of firms declined to comment on their performance.