(Bloomberg) --

Billionaire Chris Rokos’s hedge fund is heading for its worst year of losses ever.

His macro money pool, which had $14.5 billion in assets at the start of the year, declined by about 11% this month, according to a person with knowledge of the matter. The hit extends losses for the year to 20%, said the person, who asked not to be identified because the information is private.

Rokos, one of the most famous macro traders in the world, has hit a rough patch after a record year for his hedge fund in 2020 when he made 44%. By comparison, his macro-trading peers were up 6.3% through September. As a group, they’re underperforming the broader hedge fund industry after being whipsawed by trades related to rising inflationary expectations earlier this year.       

Rokos concentrated all decision making in his own hands in 2019 after merging the portfolios previously run by individual traders into a single pool of money. His fund, which was closed to new money, has opened and taken some fresh cash, according to a separate person familiar with the matter. Firm-wide assets currently stand at about $12.5 billion, the person said.

A spokesman for the London-based investment firm declined to comment. 

The reversal comes after some of the best-known macro fund managers posted double-digit gains last year as market turbulence created trading opportunities. Brevan Howard Asset Management, Rokos’s former employer, Caxton Associates and EDL Capital posted some of the best results ever in a banner year for funds that bet across asset classes.

Interest in them is starting to fade, with investors pulling $3.3 billion from macro hedge funds this year. That compares with $30 billion of net inflows into the broader hedge fund industry, according to data compiled by eVestment.

Rokos, who co-founded Brevan Howard, made a name for himself after making $4 billion at that firm from 2004 to 2012. He struck out on his own with initial capital from investors including Blackstone Group Inc. in 2015. His fund hasn’t previously lost more than 4% in any year, according to an investor document seen by Bloomberg.

He has an estimated net worth of $1.8 billion, according to the Bloomberg Billionaires Index.

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