Core Insights - Brevan Howard's BH Digital Asset Fund reported a loss of 29.5% in 2025, marking its worst annual performance since its inception in 2021, underperforming Bitcoin's decline of 6% during the same period [1] Fund Performance - The fund primarily invests in cryptocurrencies and companies related to digital assets, with projected profits of 43% and 52% for 2023 and 2024, respectively [1] - The poor performance in 2025 is attributed to a significant downturn in the overall cryptocurrency market [1] Investment Composition - Investors have noted that the fund holds a substantial amount of private equity and venture capital tools, which contributed to its underperformance in a challenging market environment [1]