Key Takeaways
- • Adam Levinson's Graticule Asset Management has rebuilt assets under management to $3 billion, three years after Silicon Valley Bank's collapse forced closure of its flagship macro hedge fund in early 2023.
- • The firm's macro strategy, now structured as separately managed accounts (SMAs) rather than a traditional hedge fund, returned 28% year-to-date through August 2026, significantly outperforming the industry average of less than 6% for macro funds.
- • Graticule reduced headcount from 55 staff at the start of 2023 to 18 employees by 2026, utilizing AI agents to streamline investment operations while maintaining offices in Singapore, New York, and Los Angeles.
- • The 2023 collapse saw Graticule's flagship fund lose more than 25% immediately following SVB's failure due to wrong-way bets on short-term interest rates; the firm subsequently returned all capital to investors and restructured.
- • The shift to SMAs reflects broader industry trends toward separately managed accounts, which offer allocators greater transparency into underlying strategies compared to traditional hedge fund structures.
Summary
Three years after Silicon Valley Bank's collapse triggered the implosion of his Singapore-based macro hedge fund, Adam Levinson has successfully rebuilt Graticule Asset Management to manage $3 billion in assets—matching the firm's size at the start of 2023 before the crisis. The reconstruction demonstrates both Levinson's recovery from a high-profile loss and the capacity for distressed asset managers to rehabilitate their operations following catastrophic market events.
Graticule entered 2023 with approximately $3 billion under management, but the firm became emblematic of collateral damage from SVB's failure. The flagship macro hedge fund suffered losses exceeding 25% in the days immediately following the bank's collapse, driven primarily by incorrect positioning in short-term interest rates. Unable to recover from the drawdown, the firm shut down the strategy in the first quarter of 2023 and returned capital to investors.
The resurrected Graticule operates under a materially different structure. Rather than managing capital through a traditional hedge fund vehicle, the firm now deploys capital via separately managed accounts (SMAs) for its backers. This structural shift reflects an industry-wide migration toward SMAs, which provide institutional allocators with enhanced transparency into underlying portfolio positions and strategy mechanics—advantages that conventional hedge fund structures do not offer. For emerging or reconstituted asset managers, SMAs present a lower-friction pathway to capital deployment. Within this framework, Graticule's macro strategy has delivered 28% returns through August 2026, substantially exceeding the broader macro fund average of less than 6% for the same period, according to hedge fund research firm PivotalPath.
The firm has also implemented operational restructuring to improve efficiency. Regulatory filings show headcount declined from 55 staff members at the beginning of 2023 to 18 employees as of the current period. The firm has integrated AI agents into its investment operations to reduce costs and streamline analytical functions. Graticule maintains investment talent across three geographic hubs: its Singapore headquarters, plus offices in New York and Los Angeles.
Levinson, who previously traded for Goldman Sachs and Fortress Investment Group, remains a recognized figure in the Asia investing community. His experience managing through the SVB collapse and the subsequent successful capital reconstruction positions him within the cohort of macro managers who have navigated the post-2023 volatility environment.
Graticule entered 2023 with approximately $3 billion under management, but the firm became emblematic of collateral damage from SVB's failure. The flagship macro hedge fund suffered losses exceeding 25% in the days immediately following the bank's collapse, driven primarily by incorrect positioning in short-term interest rates. Unable to recover from the drawdown, the firm shut down the strategy in the first quarter of 2023 and returned capital to investors.
The resurrected Graticule operates under a materially different structure. Rather than managing capital through a traditional hedge fund vehicle, the firm now deploys capital via separately managed accounts (SMAs) for its backers. This structural shift reflects an industry-wide migration toward SMAs, which provide institutional allocators with enhanced transparency into underlying portfolio positions and strategy mechanics—advantages that conventional hedge fund structures do not offer. For emerging or reconstituted asset managers, SMAs present a lower-friction pathway to capital deployment. Within this framework, Graticule's macro strategy has delivered 28% returns through August 2026, substantially exceeding the broader macro fund average of less than 6% for the same period, according to hedge fund research firm PivotalPath.
The firm has also implemented operational restructuring to improve efficiency. Regulatory filings show headcount declined from 55 staff members at the beginning of 2023 to 18 employees as of the current period. The firm has integrated AI agents into its investment operations to reduce costs and streamline analytical functions. Graticule maintains investment talent across three geographic hubs: its Singapore headquarters, plus offices in New York and Los Angeles.
Levinson, who previously traded for Goldman Sachs and Fortress Investment Group, remains a recognized figure in the Asia investing community. His experience managing through the SVB collapse and the subsequent successful capital reconstruction positions him within the cohort of macro managers who have navigated the post-2023 volatility environment.
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