- Rokos Capital founder Chris Rokos withdrew £477m from a record £940m partner profit pool for the year to March 2025.
- Firm revenue jumped to £1.2bn from £445m and operating profit rose to £924.6m.
- The macro fund returned about 21% in 2025 (lowest-fee class) after roughly 31% in 2024, outperforming many peers such as Brevan Howard.
- Results highlight the payoff—and key-person risk—of a founder-led, centralized trading model amid volatile macro markets.
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The latest financial statements for Rokos Capital Management reveal not only outstanding performance but also strategic clarity: the firm is excelling in sharp macroeconomic conditions and positioning itself as a leading star-trader-centric hedge fund in contrast to many in its peer group.
1. Financial and Performance Metrics
For the fiscal year ending 31 March 2025, Rokos Capital achieved revenues of £1.2 billion—more than doubling the £445 million recorded the previous year. From this, operating profits rose 247% to £924.6 million. The profit pool available for distribution to partners reached a record £940 million, from which Chris Rokos, presumed the highest-paid partner, took £477 million.
2. Returns and Competitive Positioning
Rokos Capital returned approximately 21% in 2025 (in its lowest-fee class), following a near 31% return in 2024. These results are among the best in macro hedge funds globally, rivalling Bridgewater’s Pure Alpha and Discovery Capital, which reported even larger gains in some strategies. Meanwhile, Brevan Howard’s flagship funds trailed significantly, with returns in the low single digits or near zero.
3. Strategic Implications
Rokos’s model—where risk is centralized and trading decisions are dominated by the founder—is paying off right now. In volatile markets with inflation-rate shifts, commodity swings, and rate differentials, such an approach can outperform diversified, multi-manager models. The surge in revenue and profits suggests investor confidence remains strong, and that fee increases (reported to be 25% of trading profits) have not dampened capital flows.
4. Risks and Open Questions
The exceptional returns set a high baseline: maintaining these in less volatile or more stable macro environments will be challenging. The concentration of decision-making in Rokos himself creates single-person risk. Also, comparisons to 2009 and earlier jumps in macro strategy returns raise the question: is this performance a cyclical phenomenon tied to unique tailwinds (e.g. geopolitical volatility, policy divergence), or indicative of a sustainable regime change?
5. Wider Market Context
Macro hedge funds globally are having their strongest year since 2008, according to HFRI, with returns up ~16% by end-November 2025. Firms like Caxton, Discovery Capital, and Bridgewater benefited similarly. Rokos is riding the same wave but arguably rising above it. Meanwhile, Brevan Howard’s less spectacular performance underscores the dispersion risk inherent in macro exposures.
Supporting Notes
- Revenues leapt from £445 million to £1.2 billion for the year ending March 2025.
- Operating profit rose by ~247% to £924.6 million.
- Profit pool for partners hit £940 million, from which £477 million was paid to the top partner.
- Performance by share class: ~21% in 2025; ~31% in 2024.
- Rokos Capital manages ~$22 billion in assets.
- Other macro firms’ returns cited: Bridgewater Pure Alpha +33%, Discovery Capital +35.6%, Brevan Howard’s Master/Alpha funds ~0.8–8%.
- Macro hedge funds overall: HFRI Macro or composite indices gained ~16% by end November 2025.