Macro hedge fund EDL Capital delivered its strongest-ever monthly return in March, fuelled by bearish positions against US equities and the dollar, with the EDL Global Opportunities Master Fund gaining 14% over the month, according to a report by Bloomberg.
The report cites an unnamed source as highlighting that last month’s return was the fund’s best since inception in 2015 and brings its total first-quarter gains to 21.9%, making it one of the standout performers among macro hedge funds in 2025.
A representative for EDL declined to comment.
“Being bearish on the United States has been a losing proposition for the past 15 years, but we may finally be at a turning point,” de Langlade wrote in a recent investor newsletter. He argued that Europe, buoyed by increased fiscal spending, could emerge as a more attractive investment destination.
According to fund disclosures, EDL has been shorting US equities and the US and Canadian dollars while taking long positions in European currencies. De Langlade contends that political uncertainty and strained relations between the US and its allies could accelerate capital flight from American assets, further pressuring the dollar and equity markets.
The strategy contrasts sharply with the performance of some of the world’s largest hedge funds. Multi-strategy giants like Millennium Management and Citadel experienced losses in Q1 amid heightened volatility and trade-related disruptions. As macroeconomic uncertainty persists, EDL’s success underscores the advantage of tactical positioning in global markets.
A former Moore Capital Management money manager, de Langlade has expanded EDL Capital’s assets from $87m at launch to approximately $1.3bn today.
