Graticule's Unlikely Comeback: From SVB Blowup to $3 Billion Rebuild

Adam Levinson's Singapore-based macro firm Graticule Asset Management Asia is back to $3 billion in assets under management — the same level it held before Silicon Valley Bank's collapse in March 2023 nearly destroyed it. The firm's flagship macro hedge fund lost more than 25% in the days immediately following SVB's failure, the result of wrong-way bets on short-term interest rates. Graticule shut down the strategy in Q1 2023 and returned capital to investors.

The comeback looks structurally different from what came before. Rather than running a traditional hedge fund, Graticule now manages capital through separately managed accounts (SMAs), which offer investors greater transparency into underlying positions. Its macro strategy is up 28% through the end of August this year — a stark contrast to the average macro fund's sub-6% gain over the same period, according to research firm PivotalPath.

The firm has also dramatically shrunk its workforce, cutting from 55 staffers at the start of 2023 to just 18 today. Levinson's team has leaned into AI agents to assist investment staff, explicitly crediting the technology with helping streamline headcount and reduce operating costs. Investment talent is now spread across Singapore, New York, and Los Angeles.

Levinson, a former Goldman Sachs prop trader who later worked at Fortress before spinning out to found Graticule in 2015, is a well-known figure in Asia's investment community. His firm's rebuilding arc reflects two broader industry trends: the growing appeal of SMAs as a fund structure for both managers and allocators, and the accelerating use of AI tools to run leaner investment operations.