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Caxton Associates (USA) LLC
Andrew Law · Hedge Fund · Macro
Caxton Associates (USA) LLC is a premier global macro trading and investment firm, serving as a primary U.S. entity for the broader Caxton Associates partnership. Founded in 1983 by Bruce Kovner, the firm is currently led by Chairman and CEO Andrew Law. Headquartered in London with a significant presence in New York, Caxton specializes in managing client and proprietary capital through a diverse range of liquid hedge fund disciplines. The firm is widely recognized for its expertise in discretionary global macro strategies, leveraging research into worldwide economic trends, geopolitical developments, and policy changes. Caxton maintains a multi-portfolio manager framework, investing across major asset classes including currencies, interest rates, equities, and commodities. With a multi-decade track record, the institution prioritizes analytical precision and disciplined risk management to deliver consistent absolute returns across various market cycles.
Simulated Performance
| Metric | Value |
|---|---|
| Total return | +35.4% |
| YTD return | +32.3% |
| Sharpe ratio | 3.29 |
| Win rate | 57% |
| AUM | $3.8B |
| Inception | Oct 1, 2025 |
| Updated | Oct 2, 2026 |
Institution Status
| Field | Value |
|---|---|
| AUM | $3.8B |
| Turnover | Low (<15%) |
| Avg holding | 18 Months |
| Inception | Oct 1, 2025 |
| Website | https://www.caxton.com |
Current Holdings
Updated on Oct 2, 2026.
| Ticker | Name | Portfolio % | Return |
|---|---|---|---|
| WBD | Warner Bros Discovery Inc | 15.9% | +13.7% |
| MSFT | Microsoft Corporation | 13.8% | +19.0% |
| AAPL | Apple Inc | 12.1% | +8.6% |
| AMZN | Amazon.com Inc | 9.0% | +6.2% |
| NSC | Norfolk Southern Corporation | 8.7% | -4.9% |
| AMD | Advanced Micro Devices Inc | 7.7% | +155.2% |
| BP | BP PLC ADR | 6.8% | +6.1% |
| NVDA | NVIDIA Corporation | 6.1% | +12.7% |
| GOOGL | Alphabet Inc Class A | 3.4% | -0.8% |
| BAC | Bank of America Corp | 3.0% | -13.6% |
| MP | MP Materials Corp | 2.6% | -15.7% |
| LRCX | Lam Research Corp | 2.0% | +16.1% |
| SNDK | Sandisk Corp | 1.8% | +15.3% |
| PEN | Penumbra Inc | 1.5% | -3.2% |
| KVUE | Kenvue Inc. | 1.5% | -2.8% |
| CIEN | Ciena Corp | 1.1% | +4.4% |
| TXN | Texas Instruments Incorporated | 0.9% | +13.5% |
| UEC | Uranium Energy Corp | 0.8% | -32.4% |
| ON | ON Semiconductor Corporation | 0.7% | +10.0% |
| CMG | Chipotle Mexican Grill Inc | 0.6% | -1.6% |
Recent activity
| Date | Action | Ticker | Weight |
|---|---|---|---|
| Sep 28, 2026 | SELL | NSC | 9.3% → 8.7% |
| Sep 28, 2026 | BUY | CMG | 0.7% → 0.6% |
| Sep 28, 2026 | SELL | BAC | 3.5% → 3.0% |
| Sep 28, 2026 | SELL | DINO | 0.7% → 0.0% |
| Sep 28, 2026 | SELL | LRCX | 2.0% → 2.0% |
Investment Style Analysis
Caxton Associates (USA) LLC is widely recognized for employing a Macro strategy. As of Oct 2, 2026, the firm oversees approximately $3.8B in assets under management (AUM). The portfolio demonstrates a clear preference for the Entertainment and Semiconductors sectors, reflecting a high-conviction approach to capital allocation.
Recent Market Moves
During the latest rebalancing period ending Sep 28, Caxton Associates (USA) LLC made a significant move by reducing the position in NSC. This adjustment aligns with the fund's dynamic approach to risk management and capital deployment in current market conditions.
Investment Philosophy
Caxton’s investment philosophy is centered on three core principles: listening to the markets, acknowledging that politics and policy matter, and maintaining strict risk control. The firm employs a top-down, research-driven approach that blends rigorous macroeconomic analysis with market technicals and fundamental business assessments. By identifying asymmetric return opportunities across all liquid asset classes, Caxton aims to generate alpha with minimal correlation to traditional capital markets. The firm’s strategy emphasizes adaptability, utilizing both discretionary and quantitative models to navigate changing market environments. Collaborative decision-making and intellectual flexibility are cornerstones of their process, ensuring that diverse viewpoints inform their global trading mandates.
Disclaimer
The content provided on this page, including the simulated portfolio performance, holdings analysis, and AI-generated insights, is for informational and educational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any securities. All data is derived from historical SEC 13F filings and other public disclosures, which have a reporting lag. The "Simulated Performance" is a hypothetical reconstruction based on past disclosures and does not represent the actual returns of the institution. Past performance is not indicative of future results. Tritonix.ai is not affiliated with Caxton Associates (USA) LLC.
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Frequently asked questions
How is the simulated portfolio for Caxton Associates (USA) LLC constructed?
This simulation is powered by Tritonix AI using official SEC filings. We focus on the "Best Ideas" by filtering for only the Top 20 largest holdings and rebalancing them to 100%. The simulation tracks performance starting from Oct 1, 2025. Our AI monitors for updates every Monday to capture major shifts. This concentrated approach highlights the manager's true stock-picking skill and mirrors their actual investment returns.
What is Caxton Associates (USA) LLC's largest holding?
As of the latest filing, Caxton Associates (USA) LLC's top position is Warner Bros Discovery Inc (WBD), representing 15.9% of the portfolio. This reflects a high-conviction bet by the institution.
What is Caxton Associates (USA) LLC's historical performance and risk profile?
Our simulation indicates a total return of +35.4% with a win rate of 57%. Notably, the portfolio maintains a Sharpe Ratio of 3.29, suggesting an exceptional level of risk-adjusted returns compared to the broader market.
What sectors does Caxton Associates (USA) LLC primarily invest in?
Caxton Associates (USA) LLC has a strong preference for the Entertainment sector, which makes up 15.9% of their disclosed assets. The portfolio also has exposure to Semiconductors, indicating a specific thematic focus.
Is Caxton Associates (USA) LLC's portfolio concentrated or diversified?
Caxton Associates (USA) LLC runs a moderately concentrated portfolio with 20 disclosed positions. The top 3 holdings alone account for 41.8% of the total portfolio weight, suggesting a strategy that favors broader market exposure.
How has Caxton Associates (USA) LLC performed in 2026?
Our AI-simulated model portfolio for Caxton Associates (USA) LLC tracks a Year-to-Date (YTD) return of +32.3%. This metric helps investors gauge the institution's effectiveness in the current market environment.
Does Andrew Law manage Caxton Associates (USA) LLC directly?
Yes, Andrew Law serves as the key portfolio manager for Caxton Associates (USA) LLC, overseeing the investment strategy and final capital allocation decisions.