Key Takeaways
- • Rokos Capital, Kepos Capital, and Two Seas Capital delivered positive returns in March 2026 while the broader hedge fund industry suffered significant losses, demonstrating the value of disciplined risk management during market volatility.
- • Rokos Capital posted a 2.1% gain in March despite industry-wide drawdowns, managing $22 billion in assets through winning positions across foreign exchange, commodities, and fixed income.
- • Macro and multi-strategy hedge funds that successfully navigated March's downturn distinguished themselves by capitalizing on volatility rather than being caught offside, highlighting the competitive advantage of superior risk controls.
Summary
While the broader hedge fund industry experienced substantial losses during March 2026, a select group of macro and multi-strategy managers demonstrated the resilience that comes from disciplined risk management and tactical positioning. Rokos Capital, Kepos Capital, and Two Seas Capital emerged as notable outperformers during what proved to be a challenging month for most peers.
Rokos Capital, which manages $22 billion in assets, posted a 2.1% performance gain in March, according to sources familiar with the matter. The firm's success was anchored in well-executed positions spanning foreign exchange, commodities, and fixed income markets. This positive return stood in stark contrast to the billions of dollars in losses sustained across the broader hedge fund industry during the same period.
The outperformance of these three firms underscores a critical distinction in hedge fund management: the ability to convert market dislocations into opportunities rather than suffer losses from adverse positioning. Managers that maintained disciplined risk protocols and avoided being caught offside when volatility spiked were rewarded with positive absolute returns. For institutional investors and family offices evaluating hedge fund allocations, the March results highlight the significant performance dispersion between well-managed macro strategies and those lacking sufficient risk guardrails. In periods of industry-wide drawdowns, the funds that can navigate turbulence with positive returns demonstrate the competitive edge that active risk management and diversified market exposure can provide.
Rokos Capital, which manages $22 billion in assets, posted a 2.1% performance gain in March, according to sources familiar with the matter. The firm's success was anchored in well-executed positions spanning foreign exchange, commodities, and fixed income markets. This positive return stood in stark contrast to the billions of dollars in losses sustained across the broader hedge fund industry during the same period.
The outperformance of these three firms underscores a critical distinction in hedge fund management: the ability to convert market dislocations into opportunities rather than suffer losses from adverse positioning. Managers that maintained disciplined risk protocols and avoided being caught offside when volatility spiked were rewarded with positive absolute returns. For institutional investors and family offices evaluating hedge fund allocations, the March results highlight the significant performance dispersion between well-managed macro strategies and those lacking sufficient risk guardrails. In periods of industry-wide drawdowns, the funds that can navigate turbulence with positive returns demonstrate the competitive edge that active risk management and diversified market exposure can provide.
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