Core Insights - Rokos Capital achieved a 21% return in 2025, following a nearly 31% gain in 2024, indicating strong performance in the macro hedge fund sector [1][5] - The macro hedge fund industry had a robust year in 2025, driven by geopolitical factors such as tariff policies and conflicts in the Middle East and Ukraine [2] - Bridgewater Associates reported its most profitable year ever, with a 33% gain in its flagship Pure Alpha fund, while Discovery Capital saw an increase of over 35% [2] Performance Summary - Rokos Capital: 21% return in 2025, following 31% in 2024 [1][5] - Bridgewater Asia Total Return: 36.9% [4] - Discovery Capital: 35.6% [4] - Bridgewater China: 34.2% [4] - Bridgewater Pure Alpha: 33% [4] - D.E. Shaw Oculus: 28.2% [4] - EDL: 27.1% [4] - Bridgewater All Weather: 20.4% [4] - Brevan Howard Emerging Markets: 15.4% [4] - Taula: 11% [4] - Brevan Howard Alpha Strategies: 8% [4] - Brevan Howard Master: 0.8% [4] Industry Trends - The macro hedge fund sector is expected to continue performing well, with reports indicating that protectionist policies will create varied economic conditions, leading to more trading opportunities for skilled managers [4] - Chris Rokos is noted for taking on most of the risk within his firm and has raised fees to capture a quarter of trading profits, reflecting a shift back to a model dominated by star traders [3][4]

Core Insights - Modular Asset Management, a macro hedge fund based in Singapore, will end its fund management relationship with Millennium Management by year-end, following over eight years of collaboration [1][2] - The termination allows Modular to diversify its investor base, reducing reliance on a single investor that previously constituted one-third of its assets [2] - Modular has grown its assets under management to nearly $1.6 billion, with a consistent performance record since its inception in January 2020, achieving positive returns in 81% of months [3] Financial Performance - Modular's hedge fund has returned almost 6% year-to-date through August [4] - Millennium Management's assets have doubled since the end of 2019, reaching $79 billion [4] Market Context - Geopolitical tensions have complicated the search for seasoned investors in Asia's macro trades [5] - Millennium has made significant investments in new ventures, including $1.5 billion to Aeonea and $1.2 billion to Optimas Capital Management [4][5]