Rokos Capital Delivers 21% Return in Banner Year

Rokos Capital delivered a strong performance in 2025, securing a 21% return for its investors. The hedge fund, founded by former Brevan Howard co-founder Chris Rokos, continues a trend of high performance following a nearly 31% gain in the previous year.

The firm operates out of London and currently manages roughly $22 billion. The fund declined to comment on the specific results. The success of Rokos Capital is part of a wider resurgence for macro hedge funds, which benefited significantly from a turbulent geopolitical landscape.

Key drivers of the sector's success included:

• President Donald Trump's tariff policies
• Conflicts in the Middle East
• The ongoing war in Ukraine

Rokos Capital secured a 21% return in 2025, marking another successful year for the hedge fund. This result follows a banner year in 2024, where the fund generated returns of nearly 31%. The firm is managed by Chris Rokos, a well-known figure in the finance industry who previously co-founded Brevan Howard.

The fund's assets under management have grown to approximately $22 billion. Despite the strong numbers, the firm declined to provide an official comment on the 2025 performance. The consistent high returns have solidified the fund's position as a major player in the macro trading space.

2025 proved to be a banner year for macro hedge funds, a strategy that profits from large-scale economic and political events. The sector thrived due to a "choppy geopolitical environment." Specifically, the implementation of new tariff policies by President Donald Trump created significant market movements. Additionally, ongoing conflicts in the Middle East and Ukraine provided ample trading opportunities for funds betting on currency and commodity fluctuations.

Several major firms capitalized on these conditions:

• Bridgewater Associates achieved its most profitable year ever, with its flagship Pure Alpha fund gaining 33%.
• Discovery Capital, led by Rob Citrone, saw returns exceeding 35%.
• Brevan Howard, however, lagged behind the top performers.

Rokos Capital's success places it firmly among the top performers in this competitive environment.

While the macro sector flourished, Brevan Howard struggled to keep pace with its rivals. The firm, where Chris Rokos previously served as a co-founder, posted significantly lower returns compared to the industry leaders. According to reports, Brevan Howard's two largest funds delivered mixed results.

The Master Strategy fund returned just 0.8%, while the Alpha Strategy fund fared better with an 8% return. These figures stand in stark contrast to the double-digit gains reported by Bridgewater, Discovery Capital, and Rokos Capital. This underperformance highlights the divergence in fortunes among major macro managers during a period of high volatility.

Rokos Capital represents a specific style of hedge fund management that is becoming increasingly rare. The firm is described as a throwback to a previous era of the industry, where star traders dominated the landscape. This contrasts with the modern trend of multi-strategy managers that diversify their risk across various approaches.

Chris Rokos accounts for the majority of the risk-taking within the firm. This high-stakes approach appears to be paying off for the fund's investors. Furthermore, the firm adjusted its compensation structure recently. During the past summer, Rokos Capital raised its fees, securing the firm a quarter of the trading profits generated. This aligns the firm's incentives closely with its performance.