Macro funds Caxton Associates and Graham Capital Management posted healthy gains in 2025, but still landed roughly in the middle of the pack.Caxton’s flagship fund was up 16 percent, while Caxton Macro, the fund managed by CEO Andrew Law, surged 21 percent, according to an investor. The London-based funds’ performance was driven by bets on copper, gold, U.K. banks, European defense stocks, and Japanese rates, according to the investor.Graham’s discretionary macro fund — Graham Absolute Return —...
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