The Brevan Howard Absolute Return Government Bond Fund holds 87.8% of its assets in its ten largest positions, while the Algebris Financial Credit Fund holds 52%. Both are active bond funds, yet the figures describe different products. The first is filed by FE fundinfo under the Bond Government FD sector, the second under Flexible Bond AUD. Returns, charges and sizes are as at 31 October 2026, and returns are in sterling and cumulative. Where a window is missing for a class, it is left blank rather than estimated.
What the figures show against peers
The data here does not include peer medians, so the comparison is between the two funds and between the share classes of each. That is a narrower exercise than a ranking within a peer group, and it is read as such.
For Brevan Howard, the class ending LU2428338482 returned -2.5% over one year and 8.6% over three years. A second class, ending LU2663014210, returned 4.9% over one year. Both classes belong to one fund, and the one-year figures differ by class.
For Algebris, the class ending IE00BKPSPP81 returned -0.6% over one year, while the class ending IE00BD71WD31 returned -5.1% over one year and 1.8% over three years. Again, two classes of one fund carry different one-year figures.
A three-year figure is available for only one class of each fund, so a three-year comparison across all four classes is not possible. The three-year comparison therefore rests on one class per fund, and the choice of class changes the result. These figures cannot show what produced the differences.
Reading the share class figures
A share class is a version of the same fund with its own charge, currency and distribution policy. The four classes in this note carry different currencies in their names, including euro, dollar, Singapore dollar and yen, while the figures here are converted to sterling. That conversion adds currency movement to the return of any class not priced in sterling, so two classes of one fund can differ by more than the portfolio alone.
A headline return therefore needs the class attached to it. A reader who sees a one-year figure on a platform may be looking at a different class from the one quoted here, and the numbers will differ. The ISIN, the twelve-character code printed on each fund page, is the reliable way to match a figure to a class.
Size, age and what they measure
Fund size is a whole-fund figure. The Brevan Howard fund is £2bn, and the Algebris fund is £14.4bn. Size states how much money is invested. It does not describe how that money is positioned, how liquid the holdings are, or how the fund has performed.
The Brevan Howard fund launched in July 2019, and the Algebris fund launched in September 2012. A longer record gives more history to examine. The three-year figures above cover the same window for both funds, so launch date adds little to that particular comparison.
Share classes and costs
The ongoing charge (OCF) is the annual cost of running a share class, shown as a percentage of the amount invested. It differs by class.
For Brevan Howard, the class ending LU2428338482 has an OCF of 1.2%, and the class ending LU2663014210 has an OCF of 0.9%. Across all share classes of the fund, the OCF runs from 0.5% to 1.8%.
For Algebris, the class ending IE00BKPSPP81 has an OCF of 1.08%, and the class ending IE00BD71WD31 has an OCF of 1.28%. Across all its share classes, the OCF runs from 0.58% to 1.58%.
Each fund therefore carries a range of charges across its classes, as the figures above show. The charge is taken from the return every year, so the class is part of the comparison alongside the fund. The one-year figures in this note are already net of the charge for the class shown.
Concentration
The share of a fund in its ten largest positions is a simple measure of concentration. For Brevan Howard it is 87.8%. For Algebris it is 52%. A fund with a high share in a few positions depends more heavily on how those positions behave. A lower share spreads the same assets across more positions. Neither figure says whether the positions are well chosen, only how concentrated the portfolio is.
The Algebris fund also reports a country weight: 16% in the United Kingdom as at 17 October 2026. That is one weight from a longer country split, so it is not the fund’s whole geographic profile. No equivalent country figure is available here for Brevan Howard, so no geographic comparison between the two is possible.
Risk ratings
The regulatory risk rating (SRRI) runs from 1 to 7. Brevan Howard is rated 4 and Algebris is rated 5. The rating is calculated from past price variability and does not describe every risk a fund carries. It is a regulatory classification, and two funds with similar ratings can behave quite differently. The difference of one point between these two funds is a difference in measured past variability.
What kind of fund this is and what it cannot tell
The Brevan Howard fund is an actively managed bond fund, filed under Bond Government FD, with a risk rating of 4 on the scale of 1 to 7. It holds 87.8% of assets in its ten largest positions. Its OCF is 1.2% for the class ending LU2428338482 and 0.9% for the class ending LU2663014210. This note covers those two classes only; other classes differ in currency, charges and distributions.
The Algebris fund is an actively managed bond fund, filed under Flexible Bond AUD, with a risk rating of 5 on the same scale. It holds 52% of assets in its ten largest positions and 16% in the United Kingdom as at 17 October 2026. Its OCF is 1.08% for the class ending IE00BKPSPP81 and 1.28% for the class ending IE00BD71WD31. A fund that holds one segment of the bond market depends on the markets and currencies that segment is tied to, and an active fund can move away from its index in either direction.
These figures cannot show why either fund’s returns differ between share classes, how the positions are built, or how either fund would behave in a different market. The label on a fund and the label on its sector describe a category, not a pattern of returns. To check the remaining figures, the fund pages list every share class, and the Fund Finder lets a reader filter by asset class, charge and risk rating. The Brevan Howard and Algebris Investments manager pages list their other funds, and the fixed income page places both within the wider bond universe.
Past performance is not a reliable guide to future returns. Capital is at risk.
This note describes how the fund is built and how it has performed; it is general information, not a recommendation or personal advice, and does not take account of any reader’s circumstances.
Source: FE fundinfo. Returns and charges as at 31 October 2026; other figures dated where shown.
Past performance is not a reliable guide to future returns. Capital is at risk.
Funds Benchmark provides research and tooling for institutional and private investors. Nothing in this note is investment advice or a recommendation to buy or sell any specific fund.
