Graham Capital Management, a prominent macro hedge fund, turned February’s market turbulence into a winning streak, according to data tracked by Hedgeco.net. The Connecticut-based firm, led by founder Kenneth Tropin, saw its High Ground Fund climb 5.9% for the month, riding a wave of volatility that left many peers struggling.

The fund’s success hinged on savvy bets in fixed income and commodities, capitalizing on sharp price movements as central banks signaled tighter policies. With inflation pressures mounting and interest rates ticking up, Graham’s quantitative and discretionary strategies clicked into gear, delivering gains while others faltered. The High Ground Fund, now up 8.2% year-to-date through February, has tapped into trends like rising energy prices and shifting bond yields—moves that echo its standout 18% return in 2022.

February proved brutal for some competitors, with trend-following funds dropping an average of 4.5%, per Hedgeco.net’s industry benchmarks. Yet Graham’s ability to pivot across asset classes, from currencies to equities, showcased its edge in navigating choppy waters. Tropin’s team, managing $19 billion firm-wide, leaned on a mix of data-driven models and human insight to stay ahead.

Industry watchers note this performance underscores macro funds’ potential in uncertain times. As markets brace for more volatility, Graham Capital’s High Ground Fund is proving it can not just weather the storm but profit from it.