(Bloomberg) -- Brevan Howard Asset Management's flagship hedge fund lost 2.85% in March, erasing all of its gains from the start of the year, according to an investor letter seen by Bloomberg News.

The decline means the Brevan Howard Master Fund, which managed $10.8 billion as of February, ended the first quarter down about 2.4%. By comparison, the HFRX Macro/CTA Index has lost almost 1% in 2017. A spokesman for the investment firm run by billionaire Alan Howard declined to comment.

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