The 2026 hedge fund league table was rearranged in a matter of weeks, and the catalyst is no mystery. On 28 February the United States and Israel launched joint air strikes on Iran. Within days the Strait of Hormuz traffic ground to a near-standstill. Brent crude jumped from roughly $71 a barrel on 27 February to almost $120 at the peak – a 51% gain in March alone, one of the largest one-month moves on record. Gold pushed above $5,400 an ounce. The ECB postponed planned rate cuts on 19 March, equities sold off, and bonds sold off with them. Anything trying to ride a calm trend in long equity got run over. Anything built to profit...
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