Brevan Howard, one of Europe’s biggest hedge funds, posted its second straight year of losses in its flagship fund, after being caught off guard by the European Central Bank’s monetary-policy moves in December.
The Brevan Howard Master Fund lost 2% in 2015, according to a note sent to investors and reviewed by The Wall Street Journal. Until 2014, the $21 billion macro fund had never lost money in a calendar year and was widely regarded as the European industry's gold standard. It lost 0.8% in 2014.
