- Rokos Capital Management posted ~£1.2bn revenue and a ~£939.8m partner profit pool for the year to 31 March 2025, shared among 23 partners.
- Chris Rokos took ~£476.8m, the largest payout since 2021 but below his ~£509m peak.
- The macro hedge fund returned ~21% in 2025 after ~31% in 2024 and now manages about $22bn.
- Rokos is raising management and performance fees to fund investment in staff, research, and technology, testing investor tolerance as the firm scales.
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The financial results at Rokos Capital Management underscore a pronounced resurgence and strong positioning in the macro hedge fund space.
Profitability & Payouts: The firm more than doubled its revenues year-on-year to £1.2 billion for the year ending 31 March 2025, with profit pool rising to nearly £940 million. The partnership remains composed of 23 members, with Chris Rokos taking the largest share of around £477 million. Though this payout is massive, it falls short of his £509 million take from 2021, which remains his biggest to date.
Performance & AUM: Through 2024 and 2025, Rokos delivered returns of ~31% and ~21%, respectively. Its assets under management have climbed to ~US$22 billion, affirming both strong client demand and validation of its macro-trading approach in volatile, policy-driven global markets.
Fee strategy & industry position: Amid this success, Rokos has raised both management fees and performance fees (from ~2.0% to ~2.75% fixed fee; performance fee from ~20% to ~25%) to invest in technology, research, and staff. This fee inflation reflects confidence in sustained performance and the ability to deter client pushback, especially given the firm’s standout returns.
Strategic implications & risks: The firm’s reliance on macroeconomic bets—particularly in geopolitically volatile environments—amplifies both upside and exposure. Rising fees may eventually stress investor expectations; maintaining future returns of similar magnitude will be challenging, especially if markets stabilize or volatility contracts. Also, as the firm grows, maintaining agility—especially since risk-taking appears concentrated with Rokos personally—could be increasingly complex.
Open questions: To what extent can Rokos sustain these elevated returns in less volatile environments? How will increased fees impact investor retention and fundraising? Will the firm’s partnership model (with 23 members) scale without dilution of accountability? And how diversified is the risk exposure across macro sectors and geographies?
Supporting Notes
- Revenues rose from £445.5 million in the year to March 2024 to ~£1.2 billion in the year to March 2025.
- Profit pool for partners totaled ~£939.8 million in the same period.
- One partner, believed to be Chris Rokos, received ~£476.8 million—the firm’s largest individual share that year.
- Returns achieved were ~31% in 2024 and ~21% in 2025.
- Assets under management grew to about US$22 billion.
- Fee increases underway: fixed fee to 2.75%, performance fee to 25%.
- Partnership size held steady at 23 members.