- Rokos Capital Management’s revenue surged to about £1.2bn in the year to 31 March 2025, up from £445.5m, as its macro fund returned roughly 31% in 2024 and 21% in 2025.
- Operating profit jumped about 247% to roughly £924.6m, lifting the partnership profit pool to a record ~£940m.
- Chris Rokos, seen as the top partner, took about £476.8m from the pool, his biggest payout since 2021.
- The firm manages around $22bn and materially outperformed macro rivals including Brevan Howard over the period.
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The latest accounts for Rokos Capital Management reveal an outstanding financial year ending 31 March 2025. Revenues jumped from ~£445.5 million to ~£1.2 billion—a rise of nearly 170%. This was accompanied by a dramatic increase in operating profit to ~£924.6 million, up 247% from ~£266.2 million the year before. As a result, the pool of profits available to the partnership reached a record of ~£940 million.
From this pool, the firm’s highest-paid partner—which is assumed to be Chris Rokos—was paid ~£476.8 million, making it the largest individual payout since ~£509 million in 2021. The divergence between his share and those of other partners (of which there are 23) suggests a sharply skewed compensation structure in which the founder and chief decision-maker captures a disproportionately large portion of profit.
Performance metrics also underpin these financials. The fund’s return was ~31% in 2024, followed by ~21% in 2025 in its lowest-fee share class. These returns place Rokos Capital among the top performers of macro hedge funds globally, especially in volatile market conditions. By comparison, its former firm, Brevan Howard, saw far lower or mixed returns in the same period.
Strategically, this kind of return profile and payout raises multiple implications. First, it demonstrates that macro hedge funds remain capable of delivering extremely high risk-adjusted returns in turbulent years, vindicating directionally macroeconomic strategies. Second, Rokos’s dominant share of the profits reinforces the “star trader” model—his personal directional risk-taking is central to the success of the firm. Third, the magnitude of the payout underscores the fiscal and political visibility of hedge fund compensation in the UK, potentially inviting regulatory or tax attention. Finally, managing ~$22 billion in assets may bring scaling pressures—as fund size increases, opportunities for outsized returns may decline unless the strategy is able to grow commensurately and adapt to global economic regimes.
Open questions include:
- To what extent is this level of performance sustainable, especially if macroeconomic volatility eases or becomes more predictable?
- How resilient is Rokos Capital’s model to larger regulatory or tax burdens, especially given the size and visibility of payouts?
- What are the implications for investor alignment given the skewed share of profits to the top partner—will this affect retention or investment terms?
- How will Rokos Capital manage growth pressure—will it accept lower margins, return capital to keep assets under management (AUM) within optimal scale, or diversify strategy?
Supporting Notes
- Rokos Capital Management’s revenue rose to ~£1.2 billion for the year ending 31 March 2025, from ~£445.5 million the previous year.
- Operating profit jumped ~247% to ~£924.6 million versus ~£266.2 million a year earlier.
- Total profit available to 23 partners was ~£940 million, a record pool.
- The highest-paid individual partner received ~£476.8 million, believed to be Chris Rokos; previous record was ~£509.4 million in 2021.
- Returns: ~31% for 2024, ~21% for 2025 (lowest-fee share class); 2023 return was ~8.8%.
- Assets under management are approximately US$22 billion.
- Rokos Capital’s performance surpassed that of competitors like Brevan Howard, whose Master and Alpha strategies returned ~0.8% and ~8% respectively in the same period.