Caxton and Graham Post Solid Gains in a Strong Year for Macro Funds

Double-digit returns for Caxton and steady gains for Graham underscore a year when many macro managers capitalized on big market moves.

Stephen Taub January 13, 2026

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

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