Billionaire hedge fund manager Chris Rokos has once again demonstrated his knack for navigating turbulent financial waters, as his flagship firm, Rokos Capital Management, delivered a standout 21% return for investors in 2025. The London-based hedge fund, which oversees a hefty $22 billion in assets, continued its remarkable run after posting a nearly 31% gain in 2024, according to sources familiar with the fund’s performance. This latest success places Rokos Capital among an elite group of macro hedge funds that capitalized on a year marked by global volatility, shifting policy landscapes, and unpredictable market swings.
Rokos Capital’s performance in 2025 is particularly impressive given the challenging backdrop. According to Business Insider, the firm improved on gains of about 12% during the first half of the year, ultimately finishing with a robust double-digit return by year’s end. The fund’s ability to adapt and thrive amid uncertainty has cemented its reputation as one of the industry’s best-performing macro hedge funds in recent years.
The numbers behind the headlines tell an even richer story. Rokos Capital Management’s main UK entity reported revenue of £1.2 billion for the year ended March 31, 2025, a dramatic jump from £445.5 million the previous year, as revealed in a Companies House filing. Even more striking, operating profit soared 247% to £924.6 million, up from £266.2 million a year earlier. Despite this remarkable growth, the average number of members in the partnership remained steady at 23, unchanged from the previous year.
Founded in 2015 by Chris Rokos, a former star trader at Brevan Howard, Rokos Capital has steadily built a reputation for consistent outperformance. The firm’s continued success has propelled Rokos himself into the upper echelons of Britain’s financial elite, with Forbes estimating his net worth at $2.3 billion. Today, Rokos Capital employs more than 350 people across offices in London, New York, and Singapore—a testament to its growing global footprint.
Rokos is often cited as a representative of an earlier era in the hedge fund world, where star traders—and not sprawling teams of quants—called the shots. According to Business Insider, he reportedly takes on the majority of the fund’s risk himself, a somewhat old-school approach in an industry increasingly dominated by multistrategy managers who spread bets across myriad teams and asset classes. Last summer, in a move that raised some eyebrows, Rokos implemented a fee increase that allows his firm to retain 25% of trading profits—a bold step in a competitive industry where fee compression has been the norm in recent years.
The broader context of 2025’s hedge fund landscape only underscores Rokos Capital’s achievement. Macro hedge funds as a whole enjoyed a banner year, thanks in large part to volatile global conditions. President Donald Trump’s renewed tariff initiatives, coupled with ongoing conflicts in the Middle East and Ukraine, created an environment where nimble, risk-savvy managers could thrive. Bridgewater Associates, for instance, notched its most profitable year ever, with its flagship Pure Alpha fund gaining a staggering 33%. Discovery Capital, led by Rob Citrone, ended the year up 35.6%, while D.E. Shaw’s Oculus fund posted a 28.2% return. In contrast, Brevan Howard—Rokos’s former employer—saw its two largest funds return just 0.8% and 8%, respectively, trailing many of its peers.
The numbers speak for themselves. In 2025, Bridgewater Asia Total Return returned 36.9%, Discovery Capital posted 35.6%, Bridgewater China gained 34.2%, and Bridgewater Pure Alpha rose 33%. D.E. Shaw Oculus came in at 28.2%, EDL at 27.1%, and Rokos Capital at 21%. Other notable performances included Bridgewater All Weather at 20.4%, Brevan Howard Emerging Markets at 15.4%, Taula at 11%, Brevan Howard Alpha Strategies at 8%, and Brevan Howard Master at a mere 0.8%.
Industry analysts point to several factors fueling this wave of macro hedge fund success. Evanston Capital, a hedge fund investor, released a report suggesting that the “protectionist” stance of the Trump administration and similar moves by other governments are likely to create more diverse and complex economic scenarios worldwide. According to the report, this evolving landscape should provide fertile ground for skilled macro managers, especially those adept at navigating directional, relative value, and volatility-based strategies. In other words, the more unpredictable the world becomes, the more opportunity there is for funds like Rokos Capital to shine.
Of course, not every macro fund manager is riding high. Brevan Howard, once a leader in the space, struggled to keep pace with the likes of Rokos, Bridgewater, and Discovery Capital. Some industry observers attribute this divergence to differences in risk appetite, trading style, and organizational structure. While multistrategy shops have grown in prominence, there’s still room for the archetype of the star trader—someone like Chris Rokos—who’s willing to take big swings when the moment is right.
Rokos Capital’s strong showing in 2025 is also a testament to its stability and operational discipline. Despite explosive growth in revenue and profits, the firm kept its partnership size steady, suggesting a focus on maintaining its culture and decision-making processes. With more than 350 employees spread across three continents, the firm has managed to scale without losing the edge that made it famous in the first place.
Looking ahead, many in the hedge fund industry believe that macro funds are poised for continued success. The world’s economic and political order remains in flux, with new risks and opportunities emerging almost daily. As Evanston Capital’s report notes, the coming years are likely to reward those managers who can adapt quickly and who possess the experience to navigate uncharted territory. For Chris Rokos and his team, the challenge will be to keep delivering for investors in a world that’s anything but predictable.
For now, though, Rokos Capital’s 21% return in 2025 stands as a clear marker of excellence in a year when only the most agile—and, perhaps, the most audacious—could hope to win big. Investors and industry watchers alike will be keeping a close eye on what Chris Rokos does next.