Core Insights - Stuart Brown, the head of trading at Viking Global, is stepping down to take a career break after 18 years with the firm [1][2] - Viking Global, which manages $55 billion in assets, has experienced a notable turnover in senior personnel recently [3][4] - The firm's performance has lagged behind the S&P 500, returning less than 9% in its flagship fund last year, which is lower than many of its peers [5][6] Group 1: Personnel Changes - Stuart Brown's departure marks another significant change in Viking's leadership, with his official departure date yet to be determined [2] - Other recent departures include Ning Jin, the former chief investment officer, and Andrew Genser, the former general counsel, indicating a trend of senior staff leaving the firm [3][4] Group 2: Firm Performance - Viking Global's investment strategy is less focused on technology compared to some of its peers, which has affected its performance during tech-driven market rallies [5] - The firm returned only 8.6% last year, trailing the S&P 500 and many other hedge funds in the Tiger Cub category [6]

Company Overview - Point72's chief strategy officer, James Malick, has departed from the $41.5 billion hedge fund after joining in 2023 [1][6] - Malick previously worked at Izzy Englander's Millennium and was part of the senior leadership team responsible for reviewing new business opportunities and leading strategic initiatives [2][6] Recent Developments - Point72 has been expanding into new areas, launching a private credit business and a fund focused on artificial intelligence called Turion [4] - The firm also introduced an equities vertical named Valist to enhance access to corporate C-suites, with potential future expansion into commodities as indicated by Steve Cohen [4] Industry Context - Corporate strategy roles are still relatively uncommon in the $5 trillion hedge fund industry, but there is a trend of firms, particularly multistrategy managers, hiring talent from consultancies and banks for management and non-investing roles [5]

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 Viewpoint - Economists are expressing concerns about potential downshifts in returns as asset valuations have increased significantly due to prolonged easy monetary policies and strong investor demand, with Federal Reserve Chair Jerome Powell noting that stock prices are "fairly highly valued" [1][2] Group 1: Economic Conditions and Gold - The U.S. is currently experiencing heightened economic uncertainty, prompting investors to seek traditional safe havens like gold [2] - Jamie Dimon highlighted a weakening job market, indicating a slowing economy, which could further drive investors towards gold [2] - Gold prices have surged over 70% in the past year, recently exceeding $4,500 per ounce, with predictions of potential increases to $5,000 or even $10,000 in the current economic environment [1][3] Group 2: Investment Perspectives on Gold - Dimon emphasized that owning physical gold can incur additional costs such as storage and insurance, which may affect its perceived value during slow growth periods [3] - Prominent investors, including Ray Dalio, advocate for including gold in investment portfolios as a hedge against economic downturns, with Goldman Sachs forecasting a 14% increase in gold prices to $4,900 per ounce by December 2026 [8] Group 3: Alternative Investment Options - Beyond gold, art is identified as another alternative asset that appreciates over time and can provide diversification during economic uncertainty [12] - Real estate is also highlighted as a strong hedge against inflation, with rental income expected to rise, contrasting with previous declines [17][18] - Investment platforms are emerging that allow fractional ownership in real estate and art, making these assets more accessible to a broader range of investors [20][15]

Core Insights - Hedge funds achieved significant gains in 2025, benefiting from broader stock indexes that ended the year near record highs [1] - The market demonstrated resilience despite volatility caused by uncertainties surrounding U.S. trade policy, as reported by Goldman Sachs [1] Summary by Category Hedge Fund Performance - Hedge funds recorded robust gains in 2025, indicating strong performance in a favorable market environment [1] Market Conditions - Broader stock indexes reached near record highs by the end of 2025, contributing to the positive performance of hedge funds [1] - The market faced volatility due to uncertainties related to U.S. trade policy, yet managed to maintain overall strength [1]

Core Insights - Karatage, a London-based hedge fund focused on digital assets and emerging technology, has appointed Shane O'Callaghan as a senior partner and head of institutional strategy, transitioning from IMC Trading [1] - O'Callaghan's previous roles include global head of business development at Portofino Technologies and head of EMEA at BlockFi, indicating a strong background in the crypto sector [2] - The CEO of Karatage, Marius Barnett, emphasized that O'Callaghan's appointment is aimed at building a bold and disruptive strategy, moving away from traditional roles to enhance the firm's execution and standards [3] Company Strategy - Karatage aims to create a dominant force in the market, focusing on aggressive growth rather than incremental improvements, with O'Callaghan's role seen as pivotal in achieving this vision [4] - The hedge fund employs a thematic investment approach, targeting technologies and businesses that could significantly impact finance and the economy, including blockchain networks and decentralized finance (DeFi) [4] - The firm combines liquid token investments with long-term investments in companies and managers within the crypto space, reflecting a unique investment strategy [5] Leadership Vision - O'Callaghan expressed enthusiasm about joining Karatage, highlighting the firm's blend of proprietary capital, technical expertise, and strategic vision as essential for the current market [5]

Core Insights - Sir Chris Hohn, founder of The Children's Investment Fund Management (TCI), paid himself £60 million in dividends following a strong performance of the fund [1] - TCI's turnover increased to $1 billion (£740 million) for the year ending March 2025, up from $844 million in 2024 [2] - Hohn is recognized for his activism in climate change, having previously donated £50,000 to Extinction Rebellion and criticized banks for their "greenwashing" practices [2][3] Company Overview - TCI was founded in 2003 by Sir Chris Hohn, who is known for his aggressive activist investing style [4] - The hedge fund has a history of engaging in contentious battles, such as opposing a takeover of the London Stock Exchange and attempting to oust its chairman in 2017 [5][6] - Since its inception, TCI has allocated a significant portion of its profits to charitable causes through the Children's Investment Fund Foundation, which supports disadvantaged children and net zero initiatives [6] Financial Contributions - Due to the rise in turnover, TCI increased its donations to the foundation to $797 million last year, a substantial increase from $427 million in 2024 [7] - Sir Chris Hohn is estimated to have a net worth of £8 billion and is recognized as one of the most charitable individuals in Britain, contributing millions annually to various foundations [7]

Core Insights - Michael Platt achieved a remarkable 73% return at BlueCrest Capital Management, significantly outperforming major indices like the FTSE 100 and S&P 500 [1][2][4] Company Performance - BlueCrest Capital Management, now functioning as a family office, manages Michael Platt's personal fortune of $12.8 billion (£9.4 billion) and has the flexibility to invest without outside investor constraints [5] - The firm has seen substantial profits from bearish bets on the US dollar, particularly during a period of significant market volatility caused by Donald Trump's tariffs [4][5] Investment Strategy - The firm employs a unique hiring strategy, favoring traders with practical experience over traditional financial analysts, which reflects a focus on understanding market edges [6][7] - BlueCrest has expanded its operations aggressively, including gaining full regulatory approval to operate in Dubai, while maintaining a presence in London, New York, and Singapore [6]

Group 1 - Light Street Capital Management achieved a return rate of over 37% last year, outperforming other stock-picking hedge funds and allowing investors to recover all losses incurred in 2021 and 2022 [1][3][4] - Other notable stock-picking hedge funds also reported significant returns, with Maverick Capital rising approximately 29%, Whale Rock Capital Management increasing by 27%, and Lone Pine Capital up by 23% [1][3] - Light Street has now recorded double-digit returns for three consecutive years, recovering from substantial losses of 26% and 54% in 2021 and 2022, respectively, which had led to a 70% reduction in assets due to losses and redemptions [4][6] Group 2 - The year was particularly fruitful for stock-picking hedge funds like Light Street, driven by geopolitical uncertainties, the Trump trade war, and the AI boom, which created numerous trading opportunities [3][6] - According to Jon Caplis, founder of hedge fund research firm PivotalPath, these hedge funds experienced their best performance since 2020, attributed to increased exposure to the S&P 500 index [6] - The S&P 500 index rose by approximately 18% last year, while the PivotalPath Equity Sector Index, which tracks the performance of stock-picking hedge funds, increased by about 22% as of November 30 [6]

Core Insights - The article highlights the extensive experience of Donald A. Steinbrugge in the investment management industry, particularly in hedge funds [1] - Steinbrugge is the Chairman of Agecroft Partners, a consulting and marketing firm for hedge funds, which engages with over a thousand hedge fund investors monthly [1] - His background includes leadership roles in major hedge fund organizations and institutional investment management firms, showcasing his influence in the industry [1] Company Overview - Agecroft Partners specializes in consulting and third-party marketing for hedge funds, indicating a focus on connecting hedge fund managers with potential investors [1] - The firm conducts significant due diligence on hedge fund managers, emphasizing the importance of thorough research in investment decisions [1] Industry Context - Steinbrugge's experience includes being the head of sales for one of the largest hedge fund organizations and institutional investment management firms, reflecting the competitive landscape of the hedge fund industry [1] - His previous roles at Andor Capital Management and Merrill Lynch Investment Managers highlight the evolution and growth of hedge fund firms in the global market [1]