Rokos gains 4.2% in September as macro funds rise

Rokos Capital Management gained 4.2% in September, taking its return for 2026 to 13.5%. The $22 billion firm, founded by Chris Rokos, benefited from volatility in global bond markets, according to people familiar with the returns.

Rising oil prices and conflict linked to Iran increased inflation concerns during the month. Changing expectations for central-bank policy contributed to a selloff in government bonds.

Other macro-focused firms also posted gains. Haidar Jupiter rose 17.7% in September and was up 20% for the year. Graham Quant Macro gained 5.36% and reached a 21.9% return for 2026. D.E. Shaw’s Oculus strategy rose 4.3% and was up 30.2% year to date.

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

Some of the largest multi-strategy hedge funds reported smaller gains. Millennium, which manages about $97 billion, was unchanged in September and remained up 8.1% for the year. Point72 gained 0.2% during the month and was up 10.9% in 2026.

Citadel Wellington rose 1.1% in September, taking its return for the year to 13.4%. Citadel Equities gained 1% and was up 24.5% for 2026.

Several funds lost money during the month. Brevan Howard’s Alpha Strategies and Master funds each 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 Sept. 18, leaving it down 9.4% for the year. Credit-focused Arini dropped 5.6% and was down 13.5% in 2026.

Industry data from HFR showed gains for macro and trend-following strategies, while equity, event-driven and relative-value funds declined. The HFRI Macro Index gained 2.7% in September and was up 12.2% through the first three quarters of 2026.

The HFRI Systematic Diversified/CTA Index, which tracks trend-following strategies, rose 4.6% in September and 16.6% for the year. The HFRI Macro Multi-Strategy Index gained 2.5%, while the HFRI Macro Commodity Index rose 1% and reached an 11.5% return for 2026. The HFR Cryptocurrency Index increased 10.8%.

The broad HFRI Fund Weighted Composite Index fell an estimated 0.7% in September. The Relative Value Index declined 1.1%, including a 7.7% drop in its Yield Alternatives sub-index and a 3.75% fall in its Fixed Income-Sovereign sub-index.

The Equity Hedge Index fell 1.9%. Healthcare-focused managers declined 7%, while fundamental value strategies fell 2.8%. Technology-focused equity hedge funds gained 2.1%. The Event-Driven Index dropped 1.8%, including declines of 3.05% in special situations and 2.8% in activist strategies.