Rokos macro hedge fund loses 4.9% in October, YTD gain narrows to 8%

The October drawdown matters less for its size than for what it says about macro positioning in a month that punished a fund built on the year's dominant themes. A 4.9% hit against an 8% year-to-date gain shows how quickly a strong first nine months can be eroded when the regime that produced those returns shifts. The read-across is to other discretionary macro funds running similar exposures, not to crypto or RWA markets directly. Whether November restores the trend or confirms a turning point in macro conditions is the open question.