Spencer Hakimian

When most middle school students were thinking about homework or weekend plans, Spencer Hakimian was tracking markets. Armed with a mock $100,000 portfolio and an eagerness to learn, he dove into the challenge—and turned that virtual capital into $220,000.

It was more than a classroom exercise. For Hakimian, it was the spark that revealed an unusual combination of instincts: an eye for patterns, a fascination with cause and effect, and a willingness to question conventional wisdom. That spark would eventually grow into a career leading one of New York’s rising hedge funds.

The Early Mindset: Patterns Over Predictions

Hakimian’s interest in investing developed not just from an appetite for numbers, but from an understanding of history and psychology. He noticed that markets often echo themselves—cycles of optimism and fear playing out in new contexts.

Rather than chasing the latest headline, he looked for enduring rhythms: how past events shape the present, and how today’s trends might set the stage for tomorrow. This perspective would later define the analytical backbone of his investment philosophy.

Tolou Capital: Built for All Seasons

In 2019, Hakimian founded Tolou Capital Management in New York with a mission to deliver positive returns in any market environment. He structured the fund around global macro, market-neutral, and risk-optimized strategies, investing across equities, sovereign debt, gold, industrial commodities, fiat currencies, and cryptocurrencies.

The approach is as much about protecting capital as it is about generating growth. By balancing risk and diversification, Tolou has achieved equity growth exceeding 150% since inception, with cumulative returns approaching 300%. Today, the firm oversees about $65 million in assets.

Breaking from hedge fund tradition, Tolou operates without investor lockups—a choice designed to give clients both flexibility and transparency. For Hakimian, performance and accessibility go hand in hand.

Turning Insight Into Influence

Hakimian is as comfortable explaining market mechanics on air as he is managing capital behind the scenes. Over the years, he has built a reputation for making the complex comprehensible, connecting global policy shifts, economic data, and investor behavior in ways that resonate with diverse audiences.

One example: his analysis of how specific proposed trade measures could unexpectedly tilt competitive advantages between global corporations. Another concern is his warnings about policy changes that, without careful planning, could threaten economic stability.

His insights have appeared in Bloomberg, CNN, Reuters, Fox News, and The New York Times. As host of Forbes’ “What’s Moving Your Money with Spencer Hakimian” podcast, he explores the intersection of global events, market psychology, and investment decisions.

Recognition Earned Through Results

While media presence amplifies his voice, it’s Tolou’s performance that sustains his reputation. The fund’s returns have been achieved with lower volatility than many comparable strategies, proving the resilience of its approach.

In 2025, Hakimian was named to the Forbes 30 Under 30 in Finance, joining an elite group of industry leaders recognized for innovation, impact, and results. The honor underscored both his achievements in portfolio management and his influence as a thought leader.

Philosophy: Where Numbers Meet Human Nature

Hakimian’s investment philosophy blends quantitative rigor with qualitative insight. He believes markets are shaped as much by recurring human behaviors as by raw economic data or technology.

He studies long-term structural themes: currency valuations relative to gold, debt supercycles, commodity flows, and the growing financial implications of climate-related insurance risks. Many of these forces unfold over decades, demanding patience, perspective, and historical awareness.

The name Tolou, meaning “sunrise” in Farsi, reflects this belief in gradual, transformative change.

A Global Lens on Local Decisions

Whether evaluating commodity shifts in Asia, monetary policy in Europe, or tech sector disruptions in the U.S., Hakimian approaches investing with a truly global perspective. He understands that a policy change in one part of the world can cascade through currencies, supply chains, and markets far beyond its origin.

This international outlook drives Tolou’s diversification—not just across asset classes, but across geographies—reducing dependence on any single market or economic cycle.

Continuing the Journey

Today, Hakimian continues to lead Tolou Capital with the same balance of discipline and curiosity that defined his earliest investing experiments. Years after its founding, the firm remains focused on delivering consistent performance, adapting to shifting market conditions, and keeping investors informed.

From a teenager discovering market cycles in a simulated portfolio to a hedge fund leader shaping global investment conversations, Spencer Hakimian’s path is a reminder that successful investing is about more than numbers—it’s about seeing the patterns that others miss, and having the conviction to act on them.