Rokos Capital Management and Brevan Howard Asset Management, two of London’s biggest macro hedge funds, lost money in July as a brutal selloff in AI-related stocks hit their portfolios. Rokos Capital Management oversees approximately $22 billion in assets and posted a 21% return in 2025 and a 31% gain in 2023. Both firms had incorporated tactical equity overlays and options positioning, giving them secondary exposure to stocks that turned into a liability when AI names cratered. Situational Awareness’s AI-focused fund dropped a staggering 67% in July, Whale Rock Capital Management’s tech fund fell 21.7%, and Altimeter Capital’s AI fund declined 11%.
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