(Bloomberg) -- Brevan Howard Asset Management’s flagship macro hedge fund is surging amid the ongoing market turmoil, on course for its best monthly gain since starting in 2003.

The Brevan Howard Master Fund returned 17% in the three weeks through March 20, boosting its gain for this year to 21.6%, according to a letter to investors seen by Bloomberg. The firm’s best month so far was a 9.9% gain in January 2008.

A spokesman for the Jersey-based investment firm declined to comment.

The returns mark a turnaround for the hedge fund that’s seen assets plunge to $3.3 billion from its 2013 peak of almost $28 billion as clients exited following underwhelming returns.

Macro hedge funds focusing on developed markets are rebounding from years of mediocre returns. They’ve gained this year through bets on fixed-income markets, the rising dollar and gold, as well as by shorting stocks during the virus-fueled market rout. Overall, these funds gained about 1.2% in the first two months of the year, according to Hedge Fund Research Inc.

Brevan Howard’s main money pool is managed by a group of traders including billionaire Alan Howard, who co-founded the firm, Alfredo Saitta, Fash Golchin and Minal Bathwal. Its returns in the first two months of the year were driven by separate funds that Golchin and Bathwal run for the firm.

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