(Bloomberg) — Billionaire Chris Rokos’s hedge fund soared during the first quarter, profiting from market moves that wrong-footed some of his macro trading peers.
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His $16.5 billion money pool gained 3.8% in March, boosting returns for the first three months to 12.5%, according to a person with knowledge of the matter who asked not to be identified because the details are private.
A spokesman for London-based Rokos Capital Management declined to comment.
This year has proved challenging for macro traders as they recalibrate their expectations on when the Federal Reserve will start lowering interest rates. Many came into the year expecting aggressive cuts that would benefit Treasuries. Instead, US debt lost about 1% over the past three months.
The selloff helped Rokos, who is known for putting on high-conviction leveraged bets. While interest-rate bets led gains, the fund also made money on its wagers in the equities and currency markets, the person added.
The Bloomberg Macro Hedge Fund Index, meanwhile, was up 2.3% during the first two months.
Rokos, whose net worth is estimated at $1.8 billion by the Bloomberg Billionaires Index, runs one of the biggest hedge funds still being led primarily by an individual. Many of the world’s giant funds have moved to a broader, multi-manager setup where teams of traders invest across asset classes.
He co-founded hedge fund Brevan Howard Asset Management in 2002 before starting his own operation in 2015 with capital from investors including Blackstone Inc.
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