NEW YORK- Some hedge funds that bet on macroeconomic trends boasted eye-popping double and even triple digit gains for 2022, investors said, while other prominent firms that were long on technology stocks got clobbered with deep losses in volatile markets.
Rokos Capital, run by Chris Rokos and one of a handful of so-called global macro firms, gained 51 percent last year. Brevan Howard Asset Management, the firm Rokos once worked for, posted a gain of 20.14 percent and Caxton Associates returned 16.73 percent, investors in the funds said this week, asking not to be identified.
Haidar Capital Management’s Haidar Jupiter Fund surged 193 percent, an investor said.
Many macro managers sidestepped tumbling equity markets rocked by fast-paced interest rate hikes and geopolitical turmoil including the war in Ukraine to rank among the hedge fund industry’s best performers, data from Hedge Fund Research show. The firm’s macro index gained 14.2 percent while the overall hedge fund index dropped 4.25 percent, its first loss since 2018.
Equity hedge funds, where the bulk of the industry’s roughly $3.7 trillion in assets are invested, however fared worse with a 10.4 percent loss, according to HFR data. While that beat the broader stock market S&P 500 index’ 19.4 percent loss, some prominent funds posted even bigger losses.
Tiger Global Management lost 56 percent while Whale Rock Capital Management ended the year with a 43 percent loss and Maverick Capital lost 23 percent. Coatue Management ended 2022 with a 19 percent loss.
But not all firms that bet on technology stocks suffered. John Thaler’s JAT Capital ended the year with a 3.7 percent gain after fees following a 33 percent gain in 2021 and a 46 percent gain in 2020. – Reuters
