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Abstract
Anyone can rake in money when a bet ends up being wildly successful -- it's much harder to avoid losing money when fortunes turn. Brevan Howard Asset Management is one of very few global hedge funds to have achieved both in the last couple of years. The performance of the fund in 2010 caused some investors to worry it had become a victim of its own success -- that its size was making it difficult to manage. In response, Brevan decided to cap the size of the Master Fund at $25 billion, even though it did not believe the fund's growth was dampening returns. As a result, Brevan Howard announced in September last year that it would return almost $2 billion to investors as strong performance -- particularly during August -- saw the fund grow in size.