Rokos Capital Management, the macro trading hedge fund firm founded by Chris Rokos, overturned early-year losses to end 2023 with an 8.8% gain, despite suffering a loss in the final month of the year, according to a report by Bloomberg.

The reports sites an unnamed source familiar with the matter as revealing that, along with many of its peers, the $16bn firm was impacted by wild swings in interest rate markets in the early part of last year, and also gave up some of its subsequent gains in December when it lost around 1%.

At one point in March last year, the fund which chalked up a 51% gain in 2022, was down around 15% after a series of short-term interest rate bets backfired following the collapse of Silicon Valley Bank and other regional US lenders.