When Brevan Howard Asset Management launched a hedge fund designed to profit from the U.S. recovery, it gave itself two-and-a-half years to do it. As it happens, the firm didn’t even need that much time.
Brevan Howard plans to liquidate the US$385 million after just two years. The Brevan Howard CMBS Fund, which debuted in 2012, has earned more than 20% investing in commercial mortgage-backed securities.
The larger tranche made 21.57%, and the smaller 20%, the Financial Times reports. Taking the staggered returns of capital into account, the returns were an even more impressive 44.3% and 35.5%.
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