Rokos Capital Management’s macro hedge fund delivered gains in March, standing out in a difficult month for many global macro managers as geopolitical tensions in the Middle East contributed to heightened market volatility, according to a report by Bloomberg.
The report cites an unnamed source familiar with the matter as revealing that the fund hedge fund generated a return of approximately 2.1% in March, bringing its year-to-date performance to around 4.7%. The London-based firm, which is understood to manage roughly $22bn in assets, reportedly declined to comment.
The positive month for Rokos contrasted sharply with a broadly challenging environment for other well-known macro traders. Several high-profile discretionary macro strategies, including those managed by Said Haidar, Diego Megia and Edouard de Langlade, posted negative results over the same period. The Brevan Howard Master Fund also experienced a significant monthly decline, reported to be its steepest since inception.
Market conditions were shaped by rising energy prices, which fed through into shifting inflation expectations and interest rate outlooks. Traders were left navigating rapidly changing assumptions around the economic fallout from the ongoing conflict and its implications for global growth.
While Rokos was among the few macro managers to finish the month in positive territory, losses were widespread across the sector. Some systematic and relative value strategies also faced pressure, with declines varying in magnitude across portfolios.
By contrast, performance across the hedge fund landscape was highly dispersed. Certain commodities-focused and quantitative strategies posted strong gains, while a number of equity and multi-strategy funds saw modest positive or negative returns depending on positioning and exposure.
