- Rokos Capital Management posted record results for the year to 31 March 2025, with about £1.2bn revenue and roughly £940m operating profit.
- Founder Chris Rokos, the largest partner, is estimated to have taken about £477m of the profit pool.
- Performance was strong, returning about 31% in 2024 and 21% in 2025 as assets rose to around $22bn.
- The payout was huge but below Rokos’s prior peak single-partner take of about £509m in 2021.
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This recent financial disclosure underscores Rokos Capital Management’s strong rebound after weaker years, reflecting both excellent timing in macroeconomic positioning and an ability to capitalize on market volatility. Revenues more than doubled, and profit pools surged, aligned with very strong returns in 2024 (31%) and solid outperformance in 2025 (21%) for investors in its lowest-fee share class.
Chris Rokos’s ~£477 million payout as the top partner demonstrates how compensation in partnership-structured hedge funds scales with performance, particularly when risk-taking is centralized. In this case, Rokos is believed to be the recipient, given his majority ownership and role as primary risk-taker.
Yet, while impressive, the payout is not without precedent: Rokos himself took home £509.4 million in 2021, within a larger partner payout total of £914 million. This shows the firm’s episodic nature of earnings—big gains follow big risks.
Strategically, Rokos Capital seems to have leveraged its exclusively macro approach and concentrated decision-making structure to produce outsized returns during periods of market dislocation. However, the sustainability of such performance depends on consistent macro drivers, risk control, and whether fees and compensation remain aligned as markets normalize. Open questions include: how the firm manages downside risk, how its investor-fee structure adjusts across performance cycles, and how capital inflows (if any) affect return potential.
Supporting Notes
- Revenue for the year ending March 2025 rose to approximately £1.2 billion, more than twice the previous year’s £445.5 million.
- Operating profit or the profit pool available for partners amounted to around £940 million.
- The firm delivered returns: ~31% in 2024, and ~21% in 2025 in its lowest-fee share class.
- Chris Rokos’s payout (as highest-paid partner) was ~£477 million, for the 12-month period ending March 2025.
- The prior highest single partner payout was ~£509.4 million in 2021.
- Assets under management stood near $22 billion.