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Macro hedge funds end 2022 on high, many others lose big, investors say

Wednesday, January 11, 2023
Macro hedge funds end 2022 on high, many others lose big, investors say © Reuters. FILE PHOTO: Traders work on the trading floor at the New York Stock Exchange (NYSE) in New York City, U.S., January 5, 2023. REUTERS/Andrew Kelly
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By Svea Herbst-Bayliss

NEW YORK (Reuters) - 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% last year. Brevan Howard Asset Management, the firm Rokos once worked for, posted a gain of 20.14% and Caxton Associates returned 16.73%, investors in the funds said this week, asking not to be identified.

Haidar Capital Management's Haidar Jupiter Fund surged 193%, 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% while the overall hedge fund index dropped 4.25%, 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% loss, according to HFR data. While that beat the broader stock market S&P 500 index' 19.4% loss, some prominent funds posted even bigger losses.

Tiger Global Management lost 56% while Whale Rock Capital Management ended the year with a 43% loss and Maverick Capital lost 23%. Coatue Management ended 2022 with a 19% loss.

But not all firms that bet on technology stocks suffered. John Thaler's JAT Capital ended the year with a 3.7% gain after fees following a 33% gain in 2021 and a 46% gain in 2020.

Sculptor Capital Management (NYSE:SCU), where founder Dan Och is battling the firm's current chief executive in court over his rising pay, posted a 13% drop.

David Einhorn's Greenlight Capital, which bet that Elon Musk would end up being forced to buy Twitter, ended the year with a 37% gain while Rick Sandler's Eminence Capital was up 7%.

A number of so-called multi-manager firms where teams of portfolio managers make bets on a variety of sectors also boasted positive returns and were able to make good on promises that hedge funds can deliver better returns in tumbling markets.

Balyasny's Atlas (NYSE:ATCO) Enhanced fund gained 9.7% while Point72 Asset Management was up 10%. Millennium Management gained 12% while Carlson Capital ended the year with a 7% gain.

Representatives for the firms either did not respond to requests for comment or declined to comment.

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    EUR/USD 1.0874 ↑ Sell  
    GBP/USD 1.2379 Sell  
    USD/JPY 129.71 Neutral  
    AUD/USD 0.7116 Neutral  
    USD/CAD 1.3322 Neutral  
    EUR/JPY 141.07 ↑ Sell  
    EUR/CHF 1.0019 ↑ Sell  
    Gold 1,931.85 ↑ Sell  
    Silver 23.755 ↑ Sell  
    Copper 4.2530 ↑ Sell  
    Crude Oil WTI 82.23 ↑ Buy  
    Brent Oil 88.71 ↑ Buy  
    Natural Gas 2.834 ↑ Buy  
    US Coffee C 167.25 ↑ Buy  
    Euro Stoxx 50 4,159.85 ↑ Sell  
    S&P 500 4,060.43 ↑ Buy  
    DAX 15,094.45 ↑ Sell  
    FTSE 100 7,757.60 ↑ Sell  
    Hang Seng 22,688.90 Buy  
    Small Cap 2000 1,903.06 ↑ Buy  
    IBEX 35 9,030.23 ↑ Sell  
    BASF 52.585 ↑ Sell  
    Bayer 56.18 ↑ Sell  
    Allianz 221.47 ↑ Sell  
    Adidas 147.45 ↑ Sell  
    Lufthansa 9.732 ↑ Sell  
    Siemens AG 143.63 ↑ Sell  
    Deutsche Bank AG 12.295 ↑ Sell  
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