London-based macro hedge fund Rokos Capital Management saw a 12.5% gain in Q1 2024, with a 3.8% gain in March alone, benefiting from other macro traders’ wrong-way bets on the US Federal Reserve potentially lowering interest rates, according to a report by Bloomberg. 

US debt lost about 1% over the past three months, despite macro traders’ expectations of aggressive cuts, leaving Founder Chris Rokos, who is known for high conviction leveraged bets, to profit.

Rokos’ $16.5bn hedge fund also profited from its bets on equities and currency markets, according to a Bloomberg source.

Rokos — whose net worth is estimated at $1.8bn by the Bloomberg Billionaires Index — co-founded hedge fund Brevan Howard Asset Management in 2002 alongside its namesake, Alan Howard; Jean-Philippe Blochet; James Vernon; and Trifon Natsis.

Rokos started RCM in 2015, having raised capital from investors including Blackstone. RCM stands out as one of the world’s largest hedge funds still primarily led by an individual, with most other major hedge funds shifting to a multi-manager structure.