Brevan Howard, based in England, is Europe's largest hedge fund with nearly $27 billion AUM. During the financial crisis, Brevan Howard's master fund returned almost 20%. In 2008, the fund returned 20.32% . In 2009, the return was 18.04%. Unfortunately, in 2010 the fund's 11-month return was only 1.40%. Using the monthly percentage change in BH Macro Limited's (BHMU) NAV, Insider Monkey calculated Brevan Howard's monthly returns. BH Macro Limited is a closed-end feeder fund investing in Brevan Howard.

Month	Brevan Howard's Return
Jan-10	-0.27
Feb-10	-1.5
Mar-10	0.04
Apr-10	1.45
May-10	0.32
Jun-10	1.38
Jul-10	-2.01
Aug-10	1.21
Sep-10	1.5
Oct-10	-0.37
Nov-10	-0.3

Brevan Howard's 13F filing shows investments in gold through Market Vectors Gold Miners ETF (GDX), Barrick Gold (ABX), SPDR Gold Trust (GLD), and Newmont Mining (NEM). Brevan Howard's other large holdings are Oracle (ORCL), Intel Corp (INTC), Microsoft (MSFT), Citigroup (C), and Mead Johnson Nutrition (MJN). David Einhorn and Curtis Schenker have long positions in Gold Miners ETF. Daniel Loeb's portfolio has MJN, and Lee Ainslie's Maverick Capital has Oracle.