Add Rokos Capital to the list of macro hedge funds that outperformed in 2025.
The firm, run by former Brevan Howard cofounder Chris Rokos, made 21% last year, a person close to the London-based manager told Business Insider.
That follows gains of nearly 31% in 2024. The manager, which manages $22 billion, declined to comment.
Macro hedge funds had a strong 2025 thanks to a choppy geopolitical environment caused by, among other things, President Donald Trump’s tariff policies and conflicts in the Middle East and Ukraine.
Bridgewater Associates had its most profitable year ever, Business Insider previously reported, with gains of 33% in its flagship Pure Alpha fund. Rob Citrone’s Discovery Capital was up more than 35%.
Rokos’s former firm, Brevan Howard, lagged the macro pack, Business Insider reported. The firm’s two largest funds, Master and Alpha Strategies, returned 0.8% and 8%, respectively.
Rokos, in a way, is a throwback to a previous iteration of the hedge fund industry, which was dominated by big star traders instead of the multistrategy managers that have come to rule the space.
He accounts for most of the risk-taking, Business Insider previously reported, and raised fees this past summer that give the firm a quarter of the trading profits generated.
Macro funds are expected to have another strong year. Evanston Capital, an asset manager that invests in hedge funds, put out a report stating that the “protectionism” of the Trump administration and other nations “will lead to more varied economic conditions across countries.”
Because of this shift, there will be “a richer set of prospective trades for skilled macro managers, especially those that can optimize trade expressions across directional, relative value, and volatility dimensions.”
