Brevan Howard shrugged off a tough start to 2016 and ended the year solidly in positive territory, the company said in an end-of-year e-mail to clients.

The European hedge fund’s $13 billion flagship fund gained 3 percent last year after spending much of the year in the red.

The fund’s late-in-the-year recovery helped it shake off two consecutive down years — it lost 1.96 percent in 2015 and 0.79 percent in 2014, according to HSBC.

With 2016’s gains locked in, Brevan Howard can now collect a performance fee, according to Bloomberg, which first reported on the fund’s performance.

Representatives from Brevan Howard declined to comment.