Rokos Capital Management gained 4.2% in September as its macro strategy capitalised on volatile global bond markets, lifting the hedge fund’s return for the year to 13.5%, according to a report by Bloomberg.

The $22bn firm, founded by Chris Rokos, was among a group of macro and quantitative managers to post strong gains during a difficult month for many hedge funds, according to people familiar with the returns.

September’s performance came as rising oil prices and continued conflict linked to the Iran war intensified concerns about inflation, while shifting expectations for central bank policy contributed to a sharp selloff across global bond markets.

Other macro-focused firms also benefited from the volatility. Haidar Jupiter gained 17.7% during the month, taking its year-to-date return to 20%, while Graham Quant Macro rose 5.36% to reach 21.9% for the year. DE Shaw’s Oculus strategy gained 4.3% in September and was up 30.2% year-to-date.

Quantitative strategies also performed strongly. Quantedge Global rose 4.3% in September and was up 49.3% for the year, while BlackRock STA gained 4.4% and Graham Tactical Trend added 3.3%.

Rokos’ 4.2% monthly gain compares with a largely flat result for some of the industry’s biggest multi-strategy firms. Millennium, which manages about $97bn, was unchanged in September and remained up 8.1% for the year. Point72 gained 0.2% during the month and was up 10.9% year-to-date, while Citadel Wellington rose 1.1% and Citadel Equities gained 1%, taking their respective 2026 returns to 13.4% and 24.5%.

Several major hedge funds struggled during the month. Brevan Howard’s Alpha Strategies and Master funds both fell 2.2%, while Pharo Macro declined 1.6%. Verition lost 1.25%, ExodusPoint fell 0.7% and Wolverine dropped 1.1%.

Taula’s macro strategy fell 4.3% through September 18, leaving it down 9.4% for the year, while credit-focused Arini dropped 5.6% and was down 13.5% year-to-date.