Chris Rokos’ macro hedge fund delivered another year of double-digit returns in 2025, gaining around 21% as volatility across equities, rates and currencies created fertile trading conditions for global macro managers, according to a report by Bloomberg.

The London-based firm, which manages approximately $22bn, improved on gains of about 12% recorded in the first half of the year, according to a person familiar with the matter. Rokos Capital Management declined to comment.

The performance places Rokos among a cohort of macro hedge funds that capitalised on sharp market swings last year, driven by strong US equity markets, rising precious metals prices and heightened volatility in bond and foreign exchange markets amid renewed trade tensions under US President Donald Trump.

Macro strategies across the industry delivered robust results in 2025. Funds run by Bridgewater Associates and DE Shaw also posted double-digit gains, while Moore Capital Management’s flagship fund returned roughly 23%, according to Bloomberg.

Rokos, who co-founded Brevan Howard Asset Management before launching his own firm, has previously indicated plans to cap assets at around $20bn and return capital to investors. The firm is also expected to raise management and performance fees.