Adam Levinson’s Graticule Rebounds to $3 Billion After SVB Collapse

Levinson achieved this turnaround by shifting away from the traditional hedge fund model toward separately managed accounts. This structure offers investors greater transparency into the firm’s macro strategy, which has posted a 28% gain through August. This performance starkly outperforms the broader industry, where the average macro fund managed a return of less than 6% during the same eight-month window.

The firm’s operational footprint has undergone a dramatic transformation alongside its investment strategy. Levinson has reduced headcount from 55 employees at the start of 2023 to 18 today. According to a person familiar with the firm's internal operations, this streamlined team now utilizes AI agents to support investment staff, effectively lowering costs while maintaining offices in Singapore, New York, and Los Angeles.

Levinson, a former Goldman Sachs prop trader and Fortress executive, launched Graticule in 2015. While the firm shuttered its original flagship hedge fund in early 2023 to return capital following the Silicon Valley Bank collapse, the shift to separately managed accounts appears to have regained the trust of its backers, returning the firm to its pre-crisis asset levels.