The first ten weeks of 2026 have produced sharp divergence across hedge fund strategies. HSBC’s Hedge Weekly No.11 covers a universe of more than 400 funds, and the early picture points to a consistent theme: directional macro, systematic trend-following, and Asia equity are thriving, while carbon plays, digital assets, and certain concentrated equity strategies struggle.
Equitile M3 Extends a Historic Run
The undisputed headline of early 2026 is George Cooper’s Equitile M3 Fund, up a remarkable +40.71% year-to-date through February 28. That follows the fund’s extraordinary +108.79% return in 2025 and a solid +13.92% in 2024. The cumulative run has transformed M3 from a niche macro offering into arguably the most closely watched fund in Europe.
Cooper, a former Goldman Sachs and Deutsche Bank economist who has written extensively on asset price cycles and monetary theory, manages the fund around a set of macro themes that have been publicly and repeatedly articulated: long gold, long commodities, and long the fiscal unwind trade. That thesis has found clear expression in gold mining equities, a sector that roared in 2025.
The FTSE Global All Cap Precious Metals and Mining Index rose 86% that year, with Newmont (NEM) surging over 167% and Barrick Mining (GOLD) up more than 182% as gold broke above $4,000 per ounce. With leverage and a willingness to run concentrated positions, volatility in M3 is high. For those who held on, so is the payoff.
The sister vehicle, the publicly available
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