Key Takeaways
- • Rokos Capital Management, the $22bn firm founded by Chris Rokos, gained 4.2% in September, lifting its 2026 year-to-date return to 13.5%, according to Bloomberg.
- • Macro and quantitative managers led performance during a difficult month, with Haidar Jupiter up 17.7% in September (20% YTD) and Quantedge Global up 4.3% (49.3% YTD).
- • Large multi-strategy firms were largely flat: Millennium (about $97bn AUM) was unchanged in September and up 8.1% YTD, while Point72 gained 0.2%.
- • Several major funds posted losses, including Brevan Howard's Alpha Strategies and Master funds (both down 2.2%) and credit-focused Arini (down 5.6%, 13.5% YTD).
- • September's bond-market selloff was driven by rising oil prices, the Iran conflict, and shifting central bank expectations, creating volatility that favored macro and systematic strategies.
Summary
Rokos Capital Management gained 4.2% in September as its macro strategy capitalized on volatile global bond markets, lifting the hedge fund's 2026 return to 13.5%, according to a Bloomberg report. The $22bn firm, founded by Chris Rokos, was among a group of macro and quantitative managers that posted strong gains during a difficult month for many hedge funds, according to people familiar with the returns.
September's performance was shaped by rising oil prices and continued conflict linked to the Iran war, which intensified concerns about inflation. Shifting expectations for central bank policy contributed to a sharp selloff across global bond markets, and this volatility benefited a number of macro-focused managers. Haidar Jupiter gained 17.7% during the month, bringing its year-to-date return to 20%. Graham Quant Macro rose 5.36% to reach 21.9% for the year, and 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, BlackRock STA gained 4.4%, and Graham Tactical Trend added 3.3%.
By contrast, several of the industry's largest multi-strategy firms were broadly flat. 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 2026 returns to 13.4% and 24.5%, respectively.
Several major funds struggled during the month. Brevan Howard's Alpha Strategies and Master funds both fell 2.2%, 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.
September's performance was shaped by rising oil prices and continued conflict linked to the Iran war, which intensified concerns about inflation. Shifting expectations for central bank policy contributed to a sharp selloff across global bond markets, and this volatility benefited a number of macro-focused managers. Haidar Jupiter gained 17.7% during the month, bringing its year-to-date return to 20%. Graham Quant Macro rose 5.36% to reach 21.9% for the year, and 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, BlackRock STA gained 4.4%, and Graham Tactical Trend added 3.3%.
By contrast, several of the industry's largest multi-strategy firms were broadly flat. 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 2026 returns to 13.4% and 24.5%, respectively.
Several major funds struggled during the month. Brevan Howard's Alpha Strategies and Master funds both fell 2.2%, 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.
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