Brevan Star Trader’s Macro Fund Gains Nearly 10% in First Half

Brevan Howard's star portfolio manager Minal Bathwal successfully steered his $5.6 billion MB Macro Master Fund to a 9.8% gain in the first half of 2025, including a 1.3% rise in June. This robust performance, achieved despite significant market volatility stemming from US President Donald Trump’s tariff policies and geopolitical strife, saw the fund profitable in all but one month.

Analysis

The Brevan Howard MB Macro Master Fund, managed by Minal Bathwal, demonstrated notable performance by delivering a 9.8% return in the first half of 2025. This gain, which includes a 1.3% rise in June, is particularly significant as it was achieved during a period of heightened market volatility explicitly linked to US tariff policies and geopolitical tensions. The fund's consistency, generating positive returns in all but one month (March), signals a robust strategy capable of navigating and potentially capitalizing on a challenging macroeconomic environment. With assets under management at $5.6 billion, this performance underscores the manager's skill in a market where directional bets have been complicated by unpredictable political factors, suggesting an effective approach to managing risk and identifying opportunities within the identified themes of trade policy, geopolitics, and volatility.

Key Decisions for Investors

• Investors with an appetite for macro strategies should consider Minal Bathwal's fund for due diligence, given its demonstrated ability to generate alpha amidst significant geopolitical and trade-related volatility.
• Existing limited partners in the fund could interpret the 9.8% H1 return as strong validation of the manager's skill, justifying a decision to maintain or increase their capital allocation.
• The fund's successful navigation of tariff-induced market swings highlights the value of strategies that can capitalize on or hedge against macro volatility, prompting a review of one's own portfolio positioning for such events.