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Macro hedge funds are enjoying their best year since at least 2008, as huge swings in the price of currencies, commodities and bonds have provided fertile conditions for traders.

An index from data provider HFR tracking the returns of such funds — which aim to profit from economic trends by trading equities, bonds and commodities — was up 16 per cent at the end of November, putting the sector on course for its most profitable year in data stretching back to 2008.

Hedge funds such as Andrew Law’s Caxton and Chris Rokos’s RCM have enjoyed returns which were well into the double digits this year, according to figures seen by the FT.

Macro managers say sharp market moves, such as the drop in the dollar triggered by Donald Trump’s trade war, a sell-off in long-term bonds, and a relentless gold rally, have offered the most favourable backdrop for the sector in many years.

“There’s plenty to work with, which doesn’t make it easy to get right,” said Ken Tropin, the founder and chair of macro fund Graham Capital, who said the firm’s discretionary portfolio managers had made most of their returns trading the dollar, gold and the US government bond market. “But at least there’s opportunity.”

Tropin said these portfolio managers relied on so-called “tactical”, or short-term, trading strategies this year, so that they could move quickly in asset classes such as currencies which were volatile in 2025.

While that approach started before the Trump administration unveiled broad tariffs in April, Tropin added, “that was really the wake-up call for everybody”.

Macro funds made money both by shorting the dollar, but also by piling into emerging market currencies and bonds, which rallied as a weaker dollar allowed countries to lower interest rates and refinance their debt more cheaply.

“Every underlying asset class like commodities, FX and bonds had great opportunities this past year,” said an executive at a large European family office that invests in hedge funds. “There was the exuberance in gold and precious metals, the bear market in US dollar, and the divergence between the actions of central banks including the Bank of England and Federal Reserve.”

The strong returns extend a renaissance for the sector which struggled during the decade of very low interest rates and muted volatility that followed the global financial crisis of 2008-9.

“If you didn’t make money this year as a macro fund it will be difficult to explain,” said one hedge fund executive in the sector.

Some funds also profited from a sell-off in long-term bonds driven by worries over excessive government borrowing in big economies, by betting on a growing gap between short-term and long-term borrowing costs.

Caxton and Graham both made money from such “steepener” trades, while Caxton also profited from rallies in gold and copper, according to people familiar with the funds’ performances. Caxton’s Global, the firm’s main fund which manages $10bn, was up 14 per cent to December 5, according to an investor, while Caxton Macro, the $9bn fund run personally by Law, was up 18 per cent.

The Absolute Return and Multi-Alpha Opportunity funds at Graham were up 8 and 13 per cent respectively at the end of November, according to people familiar with the figures. Rokos made 17.5 per cent up to the end of November, according to another person who had seen the numbers.

Greg Coffey, the Australian hedge fund star once nicknamed the “Wizard of Oz”, has emerged as one of the biggest winners this year. The flagship fund at his firm Kirkoswald Capital has made 21 per cent by mid-December, according to people familiar with the figures.

Both Graham and Rokos snapped up UK government debt when long-term borrowing costs soared to their highest levels this century, profiting as gilts rallied and yields fell back, according to people familiar with the trades.

Brevan Howard had a more mixed performance. Its Master Fund was up just 0.4 per cent as of the end of November, while its multi-manager fund Alpha Strategies, which uses a variety of investment approaches, was up 7.2 per cent over the same period, according to people familiar with the returns.

Brevan, Rokos, Caxton and Kirkoswald all declined to comment.

Thousands of glittering holiday lights illuminate Gordon Faber Recreation Complex at Hillsboro’s Lightopia for the last time this year. The drive-thru holiday light display, one of the largest free displays in the Portland metro region, will be reimagined next year.

But until Dec. 28, residents can still enjoy the holiday magic in its current format.

Lightopia — located at the complex home to Hillsboro Stadium, Ron Tonkin Field and the under-construction future Hillsboro Hops stadium — is open to cars 5:30-8 p.m. Monday through Thursday and 5:30-9 p.m. Friday through Sunday. The display will be closed Christmas Eve and Christmas Day.

With no tickets or reservations required this year, visitors can simply show up and motor through the dazzling display of holiday lights.

To enter Lightopia, the city recommends traveling north onto Century Boulevard from Cornell Road. While the display layout has changed from previous years due to the stadium construction, the city emphasized it contains the same number of lights.

The display got its start in 2020 during the COVID-19 pandemic when the city of Hillsboro was looking for ways to spread holiday cheer without spreading the virus.

According Hillsboro public information officer Cindy Dauer, an average of 20,000 people have gone through Lightopia each of the past five years.

While no plans have been announced for what the display will look like in coming years, the city says it will focus on “spreading the light across the City of Hillsboro, making it more accessible and enjoyable by all.”

“We believe the future remains bright for Lightopia,” Dauer said, “While we are working behind the scenes to determine what the next iteration will be, we can assure the community the lights are not going out.”

For years, oil tanker traffic has been prohibited off the waters of northern British Columbia in order to protect environmentally sensitive coastlines from disaster. 

But the federal government is now open to the idea of changing its moratorium.

The debate over the future of the tanker ban arose from Prime Minister Mark Carney and Alberta Premier Danielle Smith signing a memorandum of understanding (MOU) in November that lays out the steps for a potential pipeline to carry oil from the Alberta to the Pacific coast. 

Here’s what you need to know about the oil tanker moratorium and the area it’s meant to protect. 

What is the ban on oil tanker traffic? 

The federal government first imposed an oil tanker moratorium back in 1972 but it wasn’t legislated, as the Oil Tanker Moratorium Act, until 2019.

The ban covers an area that stretches from the northern tip off Vancouver Island to the B.C.-Alaska border.

The act prohibits oil tankers from stopping, loading or unloading in any port in the designated area.

It applies to vessels carrying a cargo of more than 12,500 metric tons of crude oil or persistent oil products, such as bitumen and Bunker C fuel, which dissipate slowly and can linger in the environment.

The moratorium does not apply to refined oil products, like gasoline, diesel and jet fuel, as well as liquefied natural gas (LNG).

Penalties for violating the Tanker Moratorium Act can include fines up to $5 million for each instance of non-compliance.

What’s the voluntary tanker exclusion zone? 

The federal government established the voluntary tanker exclusion zone in the late 1980s. It offers a larger buffer zone between tankers and much of B.C.’s coast.

That boundary extends further off shore, about 100 km west of Haida Gwaii and roughly 40 km off Vancouver Island.

It’s aimed at U.S. tankers transporting oil between the Trans-Alaska Pipeline System marine terminal in Valdez, Alaska and refineries in Washington state.

“The size of the area was based on calculating the worst possible drift of a disabled tanker with a cargo, versus the time required for help to arrive,” Transport Canada explains on its website.

How dangerous are the waters in moratorium area? 

The Hecate Strait, famed for being treacherous, is often the focus of concerns about oil tanker traffic.

It separates Haida Gwaii from mainland B.C. and all types of boats, including fishing vessels, ferries and container ships, have run into problems in this stretch of water.

There is a “cocktail of risks” when it comes to navigating vessels in any area of open water, says Mariah McCooey, director of hydrography for the Pacific region of the Canadian Hydrographic Service (CHS) — a division of the science branch of the Department of Fisheries and Oceans that is tasked with supporting safe navigation.

But she explains that what makes the Hecate strait unique is that it’s particularly shallow, which contributes to big Pacific waves stacking up even higher.

How do ships navigate the area?

Mariners are what McCooey calls “risk-assessing machines,” who use all available data to steer ships.

Navigation charts for areas off Haida Gwaii and the north coast of B.C. have greatly improved in the past 10 years thanks to new technology and data collection, she said.

Prior to that, McCooey explains, charts relied on survey data that dated back to 1912 and measured manually.

She says CHS now has 50 updated charts, covering hundreds of kilometres of coastline, using high quality sensors capable of collecting thousands of data points at one time and giving a clearer picture of what lies beneath the surface of the waters off northern B.C.

Any vessel travelling in the Hecate Strait would also rely on the knowledge of a specialized pilot who is mandated to be on board and guide ships from ports out to sea.

Who’s for and against the moratorium? 

Those who want the tanker ban lifted or changed — including Alberta’s oil sector, Premier Smith and federal Conservative leader Pierre Poilievre — argue it hinders Alberta’s ability to export its oil to key markets in Asia.

Supporters of the moratorium, including First Nations and environmental groups, say the ban is vital to protecting environmentally sensitive coastal areas and critical marine ecosystem that are key to both the provincial economy and Indigenous ways of life.

“There is no technology that can clean up an oil spill at sea or in a salmon river,” Coastal First Nations said in a statement emailed to CBC News last month, calling the moratorium a “matter of national responsibility.”

B.C.’s NDP-led government also supports the moratorium, and in November, Premier David Eby signed a declaration, along with Coastal First Nations, urging Ottawa to keep the oil tanker ban in place.

Bryan Avery says the Propair Airline, which will start offering flights from Jack Garland Airport in North Bay to Toronto, is welcome addition, and some good business news for the airport in 2026.  

“It’s an exciting opportunity for the region, with service to Billy Bishop Toronto City Airport again, as well as an all-new connection with Rouyn-Noranda Airport,” said Avery, the Airport Manager at North Bay’s airport. 

The new service is operated by Propair, a regional air carrier based in Northern Quebec with over 70 years of aviation experience.

These flights, offered five days a week, will begin in February 2026, and reservations are now available online at www.propair.ca.

See related: New airline coming to Jack Garland Airport

The new airline fills a void left by Air Canada, which announced in September 2025 that it would be leaving North Bay at the end of January 2026.

The Beechcraft 1900D aircraft, which accommodates up to 18 passengers, will operate regular flights from North Bay to Billy Bishop Toronto City Airport to better meet the needs of a wide range of travellers and facilitate connections to international flights.

Propair will also offer a shuttle service between Billy Bishop Airport and Toronto Pearson International Airport.

“We’re glad to welcome and support Propair, a regional airline that, with its long operational history, understands those needs and values the opportunity to provide air service to the North Bay region,” added Avery. 

“With the information and comments we received during our traveller analysis in summer 2025, as well as in recent months, we knew that options to travel with greater flexibility were what was needed.” 

Avery notes that Propair is not new to North Bay. 

“In the past, they’ve operated charters to many airports such as ours to connect businesses,” said Avery.  

“After a lot of work by all stakeholders, Propair is now introducing this regularly scheduled air service that everyone can book for business or liesure – today.

“Every ticket purchased with the airlines operating from North Bay Jack Garland Airport contributes to maintaining convenient air access for our region—an investment in our community’s future.”

TikTok has signed a deal to sell its U.S. operations to a group of investors led by Larry Ellison, the billionaire ally of Trump whose family media and entertainment empire just got bigger.

AYESHA RASCOE, HOST:

TikTok’s CEO says a deal has been signed to sell TikTok’s U.S. business to a group of mostly American investors. One of the lead billionaires behind the new entity is Larry Ellison, the chief executive of tech company Oracle. Ellison is a longtime ally of President Trump. NPR’s Bobby Allyn joins us to discuss what this new ownership means for the Ellison family’s growing business empire and the future of social media. Hi, Bobby.

BOBBY ALLYN, BYLINE: Hey, Ayesha.

RASCOE: So the American version of TikTok is about to get new owners. Tell us more about this deal.

ALLYN: Sure. I obtained an internal memo sent by TikTok’s CEO, Shou Chew, and he lays out exactly what’s going on here. And he says a new U.S. company will be established to monitor TikTok’s data flows and how the algorithm is working. So, you know, what’s being amplified and what’s not. And the group overseeing all of this will be a private equity firm called Silver Lake, the United Arab Emirates-backed fund MGX and Oracle, the software and data center company run by Larry Ellison. Now, TikTok’s parent company, ByteDance, in Beijing will still have a minority stake, and existing TikTok investors are also going to get some equity in this deal. But Larry Ellison, you know, is going to be a really pivotal figure in all of this.

RASCOE: So how did Ellison become a key player in the future of TikTok?

ALLYN: Yeah. You know, when lawmakers in Washington really started putting the heat on TikTok over its ties to China years ago, Ellison saw an opportunity. He really stepped up, and he offered to migrate all of Americans’ TikTok data over to Oracle servers. Oracle moved its headquarters to Austin, and TikTok started calling its plan to cordon off China from American TikTok users Project Texas as a nod to just how important Oracle would be. So that’s on the technical side. But on the political side, he’s, for years, been a huge supporter of President Trump. And in his second term, Ellison has become one of the most visible leaders in Trump’s orbit. And, you know, Ayesha, it’s worth mentioning here that this is a late career move for Ellison. He’s 81 years old, but TikTok is now in the stable of the Ellison family’s media and entertainment empire.

RASCOE: What do the Ellisons now have control over?

ALLYN: Yeah. Larry Ellison’s son, David, is the CEO and chairman of Paramount Skydance, which controls CBS News, Paramount Pictures, Paramount+ and more. And now the Ellisons are making a hostile bid to try to acquire Warner Brothers Discovery. And to get a hint of where they lean politically, I mean, look no further than to Paramount’s acquisition this year of The Free Press, which is a right-wing online website run by Bari Weiss that has positioned itself as the leading anti-woke voice on the internet.

RASCOE: Well, I mean, back to TikTok, could there be any changes in store for American users with the app now under the Ellison family’s control?

ALLYN: Yeah, and that’s the big question here. The internal memo that I got about the deal, you know, says that this new Ellison-led entity means that Ellison and these other investors are going to control content moderation on TikTok. So what’s allowed, what’s not, what you and I can post. And free-speech experts I talked to said that is no small thing. I mean, I started covering TikTok, Ayesha, like, six years ago, when its troubles began. And back then, everyone was super worried about this notion that China could censor what is allowed on the app. But now TikTok watchers are wondering if the Ellisons’ new content rules will make some other people feel like – that their voices are being censored. So that’s definitely something we’ll be watching going into the future.

RASCOE: That’s NPR’s Bobby Allyn. Thank you so much.

ALLYN: Thanks, Ayesha.

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