The LSE Directory / Hedge funds
Caxton Associates is a discretionary global macro hedge fund. It trades directional positions in currencies, interest rate and government bond markets, equity indices and commodities, built from a top down read of macroeconomic data, central bank policy and geopolitical events rather than from systematic or quantitative signals. Trading is run out of a network of offices led from London, with additional desks in New York, Singapore, Monaco, Dubai and Bengaluru, and the firm operates through two linked entities: Caxton Associates LP, the group's US registered investment adviser, and Caxton Associates LLP, an FCA authorised sub investment manager based in London that runs the funds under delegation from the US LP. What separates Caxton from many of its macro peers is that its risk taking is still centred on a single decision maker, chief executive and chief investment officer Andrew Law, rather than a multi manager pod structure or a suite of systematic models. The firm has also stayed almost entirely institutional, drawing capital from banking institutions, family offices, pension and endowment funds and funds of funds rather than retail or high net worth individuals, and it has repeatedly closed itself to new investors when it judged that further inflows would hurt returns. Bruce Kovner founded Caxton in New York in 1983 and closed it to new money as early as 1992; in 2003 the firm returned 20 percent of investor capital specifically to keep the fund small enough to trade well. Kovner stepped back from trading in 2008, handing the chief investment officer role to Andrew Law, who had joined Caxton's London office in 2003 from Goldman Sachs, where he had run FICC proprietary trading; Law became chairman, chief executive and controlling general partner in 2011, and the group's headquarters designation moved to London by 2019. Caxton's most recent FCA disclosure puts group client assets above 10 billion dollars, run by a staff of roughly 160 across its US, UK, Singapore, Monaco and Dubai offices. Kovner himself remains chairman of his family office, CAM Capital, and of the Kovner Foundation, and was placed 392nd on Forbes' 2026 Billionaires List. In March 2026 the firm's flagship macro fund, then running about 9 billion dollars, lost roughly 1.3 billion dollars, down about 15 percent month to date to March 20, as the outbreak of the Iran war sent oil above 100 dollars a barrel and reversed the bond and commodity positions Caxton had built around falling UK gilt yields and defensive metals trades. The episode was among the highest profile hedge fund drawdowns of the period and illustrates the concentrated, high conviction style of positioning that has defined the fund's results under Law.
