Ray Dalio’s Bridgewater Associates saw its flagship hedgefund post a 32% return for the first half of 2022, as it exploited market volatility. The investment firm said the Pure Alpha II fund rose 4.8% in June. That makes its overall annualized return, since it was formed in 1991, 11.4%.

As with many macro funds, current performance is a rebound after many years of nominal annualized gains. After about a decade of limping along, it posted a return of about 8% in 2021. That was after losing 12.6% in 2020. Several institutional clients had withdrawn after the performance in 2020.

Macro funds are thriving as inflation is causing Central Banks to raise interest rates. According to an anonymous source, Bridgewater was winning its bets in 65% of the markets it trades in. So far it has been winning bets on interest rates, stocks, commodities, sovereign and corporate credit, and developed-market currencies, and others.

With $150 billion in assets under management, the firm recently reorganized its leadership team. Nir Bar Dea and Mark Bertolini were named  as co-chief executive officers, as it brought on co-Chief Investment Officers Greg Jensen and Bob Prince as part of a new investment committee.