Macro Hedge Funds Surged in Volatile January as Haidar Rose 19%

Investors added a net $116 billion to hedge funds last year, with discretionary macro among strategies that saw the strongest inflows in 2025.

Macro hedge funds had a strong start to the year, while multistrategy giants produced steady returns last month amid soaring volatility, setting the industry up to capitalize on improving investor interest.

Said Haidar's macro hedge fund surged 19% last month, just shy of its biggest monthly gain in two-and-a-half years in December, according to an investor letter seen by Bloomberg News. Peer Rob Citrone made 7.5% at his Discovery Capital, while Brevan Howard Asset Management's flagship hedge fund posted 4.4% returns, according to people with knowledge of the matter.

Steve Cohen's Point72 Asset Management was among the best multistrategy gainers, with returns of 2.9% in January, the people said, asking not to be identified because the information is private.

Traders grappled with swings across commodities, currencies and equities last month. The S&P 500 hit record highs only to see the rally fizzle mid-month amid geopolitical tensions. By late January, a dramatic commodities rout sent shockwaves through global markets. Currency markets weren't spared either, with the dollar sliding on intervention speculation, while gold surged past $5,000 an ounce before tumbling at the end of the month.

Investors added a net $116 billion to hedge funds last year, the most since 2007, with various surveys signaling their intention to allocate more this year.

Discretionary macro was among strategies that saw the strongest inflows in 2025, and a net 27% of allocators surveyed planned to boost investments in such funds this year, according to a survey by Bank of America released last month. Allocators surveyed by BNP Paribas SA meanwhile, predict the strategy to be the top performer this year.

While many quants were whipsawed in early January amid a rally in risky and highly shorted companies, most of the industry recovered in the second half of the month as those trends reversed. A notable exception was the Renaissance Institutional Equities Fund, which dropped 6.2% last month. It already came under scrutiny last year for a sharp drawdown in October, when markets similarly saw a junk rally.

All of the firms declined to comment.