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

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)