Macro hedge fund EDL Global Opportunities is one of the standout performers of 2025, posting a 31% gain year-to-date –even as its founder admits his bearish stance on US equities has come at a cost, according to a report by Bloomberg.
Led by veteran macro trader Edouard de Langlade, the $1.6bn strategy returned 7.3% in April, adding to its record 14%-plus monthly gain in March, according to investor communications seen by Bloomberg. Despite the headline performance, de Langlade conceded in his latest letter that his short bets against US stocks have been a painful but persistent position.
“I must be a masochist to be short the S&P 500,” he wrote. “Even when the Fed is sidelined, the index bounces back. I’m starting to think only divine intervention can put it down for more than a month.”
The fund remains short the S&P 500, expecting a period of range-bound trading between 5,500 and 5,800 before a potential retest of the recent lows during the summer. The call comes after what de Langlade described as surprising market resilience in the face of escalating trade tensions and rising yields.
In a separate message, de Langlade noted that Moody’s recent US downgrade and the spike in 30-year Treasury yields above 5% could exert additional pressure on risk assets.
While many hedge funds struggled to navigate recent macro volatility – including well-known commodity-focused managers such as Said Haidar and Pierre Andurand, who both posted losses – EDL’s volatility trades tied to the S&P 500 were a key driver of April’s gains.
EDL’s performance marks a sharp turnaround from last year’s 5.7% decline. Founded in 2015 with $87m in assets, the strategy has since grown into a $1.6bn platform. Prior to launching his own firm, de Langlade was a prominent trader at Moore Capital, where he managed as much as $1.3bn for Louis Bacon between 2002 and 2009.
