Rokos Capital achieves impressive results during an outstanding year for macro hedge funds

Rokos Capital Delivers Impressive Gains in 2025

• Chris Rokos' namesake hedge fund achieved a 21% return in 2025, according to a source familiar with the fund.
• Rokos is among several prominent macro hedge fund managers who saw significant success last year.
• This performance continues a strong streak, following a nearly 31% gain in 2024.

Rokos Capital has joined the ranks of macro hedge funds that outperformed the market in 2025. The London-based firm, led by Chris Rokos, a former cofounder of Brevan Howard, posted a 21% return last year, as reported by a person close to the company.

This result builds on the fund's impressive 2024, when it returned close to 31%. Rokos Capital, which oversees $22 billion in assets, declined to comment on the performance.

Macro hedge funds broadly benefited in 2025 from volatile global conditions, including President Donald Trump's tariff initiatives and ongoing conflicts in the Middle East and Ukraine.

Bridgewater Associates, for example, recorded its most profitable year ever, with its flagship Pure Alpha fund gaining 33%. Discovery Capital, managed by Rob Citrone, saw returns exceeding 35%.

However, Brevan Howard, Rokos's previous firm, trailed its peers. According to Business Insider, its two largest funds, Master and Alpha Strategies, returned just 0.8% and 8%, respectively.

Chris Rokos is considered a representative of an earlier era in the hedge fund industry, when star traders dominated the field, in contrast to today's prevalence of multistrategy managers. He reportedly takes on the majority of the fund's risk and implemented a fee increase last summer, allowing the firm to retain 25% of trading profits.

Looking ahead, macro funds are anticipated to continue performing well. Evanston Capital, a hedge fund investor, released a report suggesting that the "protectionist" stance of the Trump administration and other governments will create more diverse economic scenarios worldwide.

This evolving landscape is expected to provide more opportunities for skilled macro managers, particularly those adept at navigating directional, relative value, and volatility-based strategies.

2025 Macro Hedge Fund Performance