Bridgewater Associates' Pure Alpha II fund has surged 11.3% year-to-date, capitalising on market turbulence triggered by President Donald Trump’s trade policies, according to a report by Bloomberg citing a source familiar with the fund's performance.

The fund, which trades across stocks, bonds, currencies, and commodities, saw its gains accelerate in early March, a period when the S&P 500 dropped 5.3% and all G7 currencies appreciated against the US dollar.

Bridgewater’s performance comes as some of its macro hedge fund rivals have struggled. Brevan Howard’s $11.7bn Master Fund slid 1% in early March, extending its year-to-date loss to 5.4%, while DE Shaw’s Oculus fund, which specialises in macro trading, declined 4.4% as of 7 March.

The fund’s 2024 performance mirrors its 11.3% return last year, the best since 2018. However, Bridgewater still trailed some of the largest macro-focused hedge funds in 2023, highlighting the competitive nature of the sector.