US president Donald Trump’s ‘Liberation Day’ in April left macro hedge funds nursing losses, with the fallout from the steep tariffs he introduced catching many flat-footed. 

But amid the carnage for macro strategies last month, a handful of winners emerged — and it was grey-haired traders and portfolio managers who helped steer the gains. Hedge fund giants Brevan Howard, Rokos Capital Management and Discovery Capital Management came through a bruising April with positive numbers while their rivals slumped.