Leading macro hedge funds, including Rokos Capital Management and Pharo Management, delivered strong gains in January as heightened volatility across global markets created fertile conditions for discretionary traders, according to a report by Bloomberg.
The report cites unnamed people familiar with the matter as revealing the Rokos Capital Management gained 4.8% during the month, while Pharo Management’s macro fund rose around 6.7%, marking one of its strongest January returns on record. Both firms declined to comment, according to a Bloomberg.
Macro strategies benefited from sharp and often disorderly price moves across asset classes. Gold suffered its largest drop in decades, Japan’s government bond market experienced a rapid sell-off, and major currency pairs including the dollar and yen saw pronounced swings.
Other macro managers also posted standout returns. Said Haidar’s fund surged 19%, while Rob Citrone’s Discovery Capital gained 7.5%, underlining the strength of the strategy at the start of the year.
Investor appetite for discretionary macro remains strong. A recent Bank of America survey showed a net 27% of allocators plan to increase exposure to the strategy in 2026, reflecting confidence in macro funds’ ability to navigate volatile conditions.
Across the broader hedge fund universe, long-short equity and multi-strategy managers delivered more moderate but steady gains, while some quantitative strategies struggled amid abrupt market reversals.
