Brevan Howard’s Geneva-based emerging markets hedge fund has lost 5.22% in the first two weeks of this month and is down 11.63% for the year, its largest drawdown since it launched in 2007, according to an investor briefed on the fund’s performance.

The losses come amid a widespread sell-off in emerging markets currencies, stocks and bonds because of rising investor concerns over the prospect that the US Federal Reserve will rein in its programme of bond-buying to drive down long-term interest rates. The fund managed $2.765bn as of April, according to investors.