Key Takeaways
- • Millennium, led by Izzy Englander and managing $79 billion, returned 1.5% in October, lifting its 2025 gains to 7.6%, according to a person familiar with the firm.
- • Citadel, under Ken Griffin with $69 billion, had one of its strongest months of 2025 with all five strategies profitable; its flagship Wellington fund gained 1.8% in October and is up 6.8% year-to-date.
- • Balyasny Asset Management, with $29.5 billion, gained 2.4% in October and is up 12.5% year-to-date, while ExodusPoint, led by Michael Gelband, is up 14.2% for 2025.
- • Few hedge funds matched the S&P 500, which rose 2.3% in October to new highs and is up more than 16% for the year.
- • Citco says 2025 is on pace to be the best year for hedge funds since 2020.
Summary
Most of the largest hedge funds posted gains in October, though few matched the S&P 500's returns for the month. Market volatility briefly reached its highest level since the spring rollout of President Donald Trump's tariffs, but concerns eased quickly after the United States and China reached a trade agreement. The approximately $5 trillion hedge fund industry finished the month mostly positive.
At Millennium, Izzy Englander's $79 billion firm returned 1.5% in October, according to a person familiar with the firm, bringing its 2025 gains to 7.6%. Citadel, Ken Griffin's $69 billion firm, had one of its strongest months of the year, with all five of its strategies making money, a person with knowledge of the matter said. Its flagship Wellington fund gained 1.8% and is up 6.8% year-to-date. The Tactical Trading fund, which blends quantitative and fundamental stock-picking teams, rose 2.7% and is up 13.4% year-to-date. The equities fund gained 2.3% and is up 10.4% for the year, and the fixed-income fund gained 1.1% and is up 7.3% year-to-date.
Dmitry Balyasny's $29.5 billion firm gained 2.4% last month and is up 12.5% on the year, according to a person close to the manager. Michael Gelband's ExodusPoint continued its strong 2025 with another positive month and is now up 14.2% year-to-date, per a person close to the manager.
The S&P 500 gained 2.3% in October and hit new highs, partly driven by strong earnings growth. A review by the London Stock Exchange Group found that roughly 83% of S&P 500 companies reporting fourth-quarter earnings so far have beaten estimates. The index is up more than 16% for the year.
Despite the underperformance relative to equities, Citco, a fund administrator with trillions of dollars in assets under administration, said in a recent report that 2025 is on pace to be the best year for hedge funds since 2020. The managers mentioned declined to comment.
At Millennium, Izzy Englander's $79 billion firm returned 1.5% in October, according to a person familiar with the firm, bringing its 2025 gains to 7.6%. Citadel, Ken Griffin's $69 billion firm, had one of its strongest months of the year, with all five of its strategies making money, a person with knowledge of the matter said. Its flagship Wellington fund gained 1.8% and is up 6.8% year-to-date. The Tactical Trading fund, which blends quantitative and fundamental stock-picking teams, rose 2.7% and is up 13.4% year-to-date. The equities fund gained 2.3% and is up 10.4% for the year, and the fixed-income fund gained 1.1% and is up 7.3% year-to-date.
Dmitry Balyasny's $29.5 billion firm gained 2.4% last month and is up 12.5% on the year, according to a person close to the manager. Michael Gelband's ExodusPoint continued its strong 2025 with another positive month and is now up 14.2% year-to-date, per a person close to the manager.
The S&P 500 gained 2.3% in October and hit new highs, partly driven by strong earnings growth. A review by the London Stock Exchange Group found that roughly 83% of S&P 500 companies reporting fourth-quarter earnings so far have beaten estimates. The index is up more than 16% for the year.
Despite the underperformance relative to equities, Citco, a fund administrator with trillions of dollars in assets under administration, said in a recent report that 2025 is on pace to be the best year for hedge funds since 2020. The managers mentioned declined to comment.
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