LYNX Bermuda 1.5 Up 30.20% Through April as Trend Models Reclaim 2026’s Top Spot

The latest HSBC Hedge Weekly report covers performance through early May and shows a widening spread between the year’s leaders and laggards. The top  hedge fund is up more than 30 percent, while the bottom is down nearly 16 percent. The gap between them, just over 45 percentage points, is unusually wide for a four-month stretch and points to a market where trends become apparent.

LYNX Bermuda 1.5 leads the field at 30.20 percent through April, with sister vehicle LYNX (Bermuda) up 20.03 percent. The Swedish firm is one of the largest CTAs in Europe and runs trend models with shorter average holding periods than most peers its size. That structure has worked well in a year where commodity and rates moves have rewarded reactive rather than slow trend systems. Roy G. Niederhoffer Diversified comes in third at 27.56 percent. The New York firm, founded in 1993, runs a short-horizon contrarian quantitative book grounded in behavioral finance. Niederhoffer has historically performed when volatility expands, and 2026 has provided that volatile atmosphere.

Equitile M3 sits at number two on 28.93 percent. The London-based macro fund managed by George Cooper, a former Goldman and BlueCrest portfolio manager, returned 108.79 percent in 2025 and is the only fund to hold a top-three slot in both years. Cooper has publicly described the current macro environment as a debasement trade, with banks and precious metals miners as primary beneficiaries of accommodative fiscal and monetary policy. The fund remains small at under 100 million AUM and (unlike UCITs) is restricted to professional investors, but has drawn attention well beyond that base.

CastleKnight Management, Aaron Weitman’s event-driven fund, sits at 26.87 percent through April, with the month of April alone contributing 21.20 percent and standing as the strongest month since the fund’s 2020 launch. Public reporting attributes the move to AI and semiconductor positioning during the technology rebound. The hedge fund confirms this in their Q1 investor letter noting that their AI bets (while avoiding software stocks) have been a big driver of growth in Q1. CastleKnight is one of two funds in the top five, alongside Equitile, that also delivered a strong 2024.

See more on CatleKnight’s Q1 and April returns.

Proxy P Renewable, the Luxembourg vehicle run by Jonas Dahlqvist, is up 26.56 percent after a rough 2024 in which it lost 19.29 percent. The fund focuses on the energy transition and counts long positions in grid, power generation and data center infrastructure names. The thesis