Taula Capital Falls 9.4% YTD After Volatile Rates, Oil Spike

Taula Capital Management, a London-based hedge fund founded by former Millennium portfolio manager Diego Megia, posted a 9.4% decline year-to-date through Sept. 18 and a roughly 4.3% drop in September, according to people familiar with the firm’s results.

The September loss reversed part of a recovery the firm had posted after earlier declines this year. The setback followed a period of rapid repricing in global rates markets after the Federal Reserve raised interest rates for the first time since 2023, which pushed two-year U.S. Treasury yields higher. Brent crude trading above $100 a barrel in September also altered rate expectations and led traders to adjust positions across fixed income and commodities.

The firm’s performance figures are not publicly disclosed. Taula did not provide comment on the September figures when contacted. The firm runs macro-oriented strategies that are sensitive to moves in interest rates and energy prices.

Earlier in the year Taula experienced losses when military strikes involving the U.S. and Israel against targets in Iran disrupted markets and pushed energy prices up, complicating forecasts for central bank policy. The firm had begun recovering from those earlier losses before volatility returned in September.

Megia launched Taula in 2024 with an initial capital commitment of $3 billion from Millennium at the time of the firm’s start. Taula has expanded to more than $9 billion in assets under management and recruited senior traders as it broadened its trading capabilities. Performance reporting at the firm remains private, consistent with common hedge fund practice.

Macro hedge funds build positions around expected moves in interest rates, yield curves and commodity prices. Sudden changes in those drivers can force rapid position adjustments and trigger mark-to-market losses. In September, higher short-term yields combined with a jump in oil prices that prompted a fast reassessment of rate expectations and created difficult conditions for managers running rate- and commodity-sensitive trades.