Brevan Howard, one of the world’s most prominent macro hedge funds, is placing a $200 million bet that someone else can pick stocks better than it can. At least in healthcare.
The London-based firm has allocated the capital to Catalio Capital Management’s healthcare-focused public equities fund, using a separately managed account structure that lets Brevan keep its hands on the risk controls while Catalio handles the actual trading.
Why a macro fund is buying into healthcare stocks
The choice of Catalio isn’t random. The firm, co-founded by George Petrocheilos and Jacob Vogelstein, has posted a 49% net return since its 2023 launch. Its year-to-date performance through October 31, 2025, sits at 12% net.
Catalio manages $2.3 billion in assets and runs both public and private investments across the healthcare sector, covering pharmaceuticals, medical devices, diagnostics, and data companies. The fund’s leadership includes Ben Snedeker, a former D.E. Shaw portfolio manager. KKR is also a major backer of the firm.
