February 5, 2015 / 3:28 PM / 3 years ago

Brevan Howard's flagship $24 bln fund up 3.3 pct in Jan - letter

LONDON, Feb 5 (Reuters) - The main macro fund run by hedge fund manager Brevan Howard gained 3.32 percent in January, a letter to investors seen by Reuters on Thursday showed, beating many peers caught out by a surprise rise in the value of the Swiss franc.

The broader strategy group, as measured by the Eurekahedge Macro Hedge Fund Index, gained about 2 percent over the same period.

Many of Brevan's rivals had bet the Swiss franc would weaken and were left with heavy losses when the Swiss central bank removed a three-year-old cap on the currency.

The gain for Brevan's flagship $24 billion hedge fund comes after it recorded a first annual loss last year, ending an 11-year winning run that had made the firm one of the biggest players in the $3 trillion hedge fund industry.

A spokesman for Brevan Howard declined to comment when contacted by Reuters.

Macro hedge funds focus on major economic trends and bet anywhere they see value, including stocks, currencies, bonds, commodities and derivatives markets.

Brevan Howard manages $27 billion in assets. (Reporting by Nishant Kumar; editing by Simon Jessop)

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