A number of leading hedge funds including Rokos Capital Management and Melqart Asset Management, delivered solid gains in May, as geopolitical tensions in the Middle East continued to drive sharp swings across rates, FX and commodity markets, according to a report by Bloomberg.
Chris Rokos’ macro fund returned 3.7% over the month, bringing its year-to-date performance to 14.2%, according to people familiar with the matter. Brevan Howard’s flagship Master fund advanced 2.3%, lifting its 2026 gains to 4.3%, while ARP Global Capital’s public opportunities strategy rose 8.8%, taking its year-to-date return to around 18%.
Event-driven manager Melqart recorded one of the strongest performances in the peer group, with a 12.3% monthly gain that pushed its 2026 return to nearly 26%. Dymon Asia Capital also delivered positive results, gaining 2% in May and 11% year-to-date.
The gains came during a month characterised by persistent geopolitical uncertainty, including ongoing conflict in the Middle East. Markets were influenced by shifting expectations around a potential peace deal, intermittent escalation in regional flashpoints, and renewed concerns over disruption in key energy shipping routes.
Several large multi-strategy firms also reported positive results for the month. DE Shaw’s Composite fund gained 2.2%, bringing its year-to-date return to 10.4%, while Citadel’s Global Fixed Income strategy rose 2.8%, although it remains slightly negative for the year.
Other large platforms, including Millennium, Schonfeld, Balyasny, ExodusPoint and Citadel Tactical Trading, also posted mid-single-digit gains, reflecting a broadly constructive environment for diversified hedge fund strategies.
Performance across the industry remains uneven but generally positive year-to-date, with managers benefiting from dispersion across macroeconomic and geopolitical drivers.
