Chris Rokos Takes Home £477M as Macro Volatility Fuels Hedge Fund Rebound

Chris Rokos, founder of Rokos Capital Management, paid himself £477 million for the year ending March 2025 — one of the largest compensation figures in the firm’s history and close to its 2021 peak.

The massive payout follows a strong performance rebound driven by heightened global macro volatility. Rokos Capital delivered a 21% return in its lowest-fee share class, capitalizing on sharp moves across interest rates, currencies, and sovereign debt markets.

A Turnaround Fueled by Turbulence

Revenues more than doubled to £1.2 billion, while the partner profit pool surged to a record £940 million. The results underscore a decisive recovery after periods of losses earlier in the decade, when unpredictable rate shifts and market positioning challenges weighed on returns.

For global macro hedge funds, volatility is often opportunity. Rapid shifts in central bank policy, inflation expectations, and geopolitical tensions can create outsized trading setups — provided risk management is tight.

Bigger Picture

The rebound highlights a broader theme across the hedge fund industry: environments marked by uncertainty and market dislocations tend to favor skilled macro traders. While calm markets compress opportunities, turbulence can unlock substantial alpha.

Rokos Capital’s latest results demonstrate how quickly fortunes can reverse in macro investing — and how volatility, when navigated correctly, can translate into record-setting paydays.