Macro hedge funds weathered a volatile May with largely positive results, according to a report by Reuters citing industry sources familiar with fund performance, underscoring the sector’s resilience in navigating unpredictable macroeconomic conditions.
Rokos Capital Management led the pack with a +1.28% return for May, bringing its year-to-date performance to +9.46%, according to one source. The fund, which has faced notable swings in recent years, continues its rebound with strong gains through the first five months of 2025.
EDL Capital, meanwhile, saw a setback in May, posting a -4.5% monthly loss. Despite this decline, the macro-focused firm remains up 24% year-to-date, reflecting significant earlier gains.
Brevan Howard’s Alpha Strategies fund delivered a modest +0.39% return in May, bringing its year-to-date performance to +4.32%, while its flagship Master Fund recorded a -0.74% loss for the month and is now down -2.12% for the year through the end of May.
Capula Investment Management reported a +0.5% gain in its main fund in May, pushing its year-to-date return to +3.5%, a solid result amid shifting rates expectations and geopolitical uncertainty.
The performance divergence among macro managers reflects the complex trading environment that has challenged traditional directional bets, particularly around central bank policy and inflation outlooks. While some funds capitalised on dislocations, others struggled to find consistent signals in a market dominated by mixed data and policy ambiguity.
