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Billionaire Alan Howard's new fund soars amid political uncertainty

A new fund managed by one of Britain's wealthiest investors Alan Howard gained almost 36.7pc in May amid volatility and political uncertainty.
The $2.3bn (?1.7bn) Brevan Howard AH Fund, named after Mr Howard's initials, launched last year just as the Brevan Howard co-founder returned to the City.  
It has so far this year generated returns of just over 44pc, a person familiar with the matter said, as the hedge fund capitalised on the increasingly uncertain political environment and the return of higher levels of volatility. 
Little is known about the fund, including the date it was launched. 
Mr Howard said via email that he was "happy that the loyalty and confidence shown by my investors has been rewarded with a very positive result". 
He will be in for a major payout if the gains continue, with his fund charging a 0.75pc management fee on top of a 30pc performance fee.   
Billionaire Alan Howard's new fund soars amid political uncertainty

Uncertainty surrounding Brexit has increased volatility
The high returns follow a tough period for Brevan Howard as well as other macro hedge funds. Assets at Brevan Howard have fallen from their peak of $40bn in 2013 to around $8bn today.
"Italian politics, Eurozone politics, Brexit, Iran, North Korea - all of these things are stirring the pot up big time and that's when you'd expect macro trading to do well," said a person close to the firm. "Alan Howard is doing extremely well, as he did during the financial crisis." 
The company's BH Macro fund, which focuses on the main Brevan Howard hedge fund, has returned 9.1pc so far this year. Bloomberg first reported on the figures.
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