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

NEW YORK, Jan 10 (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, where founder Dan Och had

battled the firm's current chief executive in court over his

rising pay, posted a 13% drop. Sculptor announced in November

that its board had formed a special committee to explore

potential interest from third parties. David Einhorn's Greenlight Capital, which bet that Elon Musk

would be forced to buy Twitter, ended the year with a 37% gain

while Rick Sandler's Eminence Capital was up 7%. Axon Capital,

where founder Dinakar Singh bet service company stocks linked to

travel and leisure would gain in 2021 after the COVID lockdown,

gained 15% in 2022 after a 24% gain in 2021. 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 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.

(Reporting by Svea Herbst-Bayliss with additional reporting by

Carolina Mandl; Editing by David Gregorio)