Rokos loses 4.9% as October setbacks hit major hedge funds

Rokos lost 4.9% in October, leaving its 2026 gain near 8% and placing the macro fund among the month's hedge fund losers, informed people said.

The loss exceeded those estimated for several large multistrategy competitors, including Point72 and Millennium. But the preliminary figures also showed gains elsewhere, including among macro funds, making October an uneven setback rather than a uniform industry decline.

People familiar with the performance provided the Rokos figures anonymously because the information was private. A spokesperson for Rokos Capital Management declined to comment; the firm oversees approximately $22 billion, with the asset figure measured before October's decline.

Rokos trails several large rivals

Preliminary performance estimates put October losses at 2.3% for both Point72 and Millennium, compared with Rokos' 4.9% decline. Their respective gains for the year through October stood at 8.4% and 5.7%, leaving Rokos between the two on that longer measure.

Other multistrategy managers also lost ground. ExodusPoint's estimated October decline was 2.4%, leaving a 1.6% annual gain, while Balyasny fell 3.4% for the month and was down 2.7% for the year.

Walleye's estimated 5.9% monthly loss exceeded Rokos' decline and left it down 6.8% for the year. That distinction matters for investors assessing the damage: Rokos surrendered part of an accumulated gain, while some competitors ended October below their starting point for 2026.

Macro peers show contrasting results

The preliminary estimates showed Winton Diversified Macro gaining 0.7% in October, bringing its annual return to 17.9%. Brevan Howard Master added 0.4% during the month but remained down 0.2% for the year, demonstrating that a positive October did not necessarily erase earlier losses.

At the other end of the macro group, Haidar's estimated monthly decline was approximately 11.5%, leaving an annual gain of about 6.3%. These contrasting outcomes limit what strategy labels alone reveal: the reported figures establish differences in performance, not which positions or investment decisions produced them.

Gains were also visible beyond macro trading. Citadel Wellington posted an estimated 1.7% October return and a 15.3% annual gain, while Quantedge rose 7.2% for the month and stood 60% higher for the year.

Return estimates leave exposures unresolved

The available figures do not identify the trades behind Rokos' loss or establish its exposure to technology shares, Brazil or France. They therefore cannot determine whether a common market exposure explains the setbacks across managers, or whether separate positions produced similar monthly results.

The asset and performance figures also require care when making comparisons. Some managers' asset totals cover their entire firms rather than the listed fund, while the estimates include a fee-basis and reporting-period exception for Aspex Global+, making a simple ranking less reliable than it appears.

If October's losses prompt managers to reduce positions, those adjustments could add selling pressure in the markets involved; the figures do not establish that such reductions occurred. For Rokos and the wider sector, subsequent returns, investor flows and any disclosures about positioning would help distinguish a temporary drawdown from a more persistent change in performance.