Key Takeaways
- • Boothbay's multi-strategy funds posted positive May returns: BDAF returned 2.1% (Enhanced Class 2.73%), while BBARS returned 2.18% (Enhanced Class 3.06%), demonstrating recovery momentum following Q1 underperformance.
- • Q1 2025 results were mixed: BBARS returned 0.47% net (Enhanced Class 0.35%), while BDAF declined -1.01% (Enhanced Class -1.67%), underperforming the HFRX Absolute Return Index at 1.13% but outpacing the S&P 500's -4.27% decline.
- • Capital markets managers led BDAF strategy performance in Q1 with 80% positive returns, followed by commodity and currency arbitrage at 70%, while event-driven and arbitrage strategies lagged with only 25% of managers generating gains.
- • Boothbay Fund Management manages $2.18 billion in assets across its platforms, with BBARS holding $1.75 billion and BDAF $427 million as of April 1, 2025, reflecting the firm's scale in the multi-strategy space.
- • Multistrat fund managers are actively increasing allocations to top external portfolio managers, signaling confidence in external talent and a shift toward more diversified manager networks within multi-strategy platforms.
Summary
Boothbay Fund Management's multi-strategy platforms demonstrated resilience in May 2025, posting solid monthly gains following a challenging first quarter. According to the firm's May performance letter obtained by Hedge Fund Alpha, BDAF returned 2.1% for the month with the Enhanced Class generating 2.73%, while BBARS delivered 2.18% with its Enhanced Class posting 3.06%.
First-quarter performance revealed divergent results across Boothbay's fund lineup. BBARS returned 0.47% net in Q1, with its Enhanced Class generating 0.35%, while BDAF declined -1.01% with the Enhanced Class down -1.67%. These results underperformed the S&P 500's -4.27% quarterly loss, positioning the funds modestly ahead of broader equity markets during a volatile period. Against hedge fund benchmarks, the funds held their ground—the HFRX Absolute Return Index gained 1.13% for the quarter while the broader HFRX Global Hedge Fund Index rose 0.53%.
Strategy-level performance analysis reveals significant dispersion across Boothbay's manager roster. In his first-quarter letter, Ari Glass, founder and managing member of Boothbay Fund Management, reported that capital markets managers led returns with 80% of managers in the strategy generating positive results, followed by commodity and currency arbitrage strategies at 70%. Event-driven and arbitrage strategies proved most challenging, with just 25% of managers posting gains during the period—a notable headwind that offset stronger performance elsewhere in the portfolio.
As of April 1, 2025, Boothbay Fund Management maintained $2.18 billion in total assets under management, with BBARS holding $1.75 billion and BDAF accounting for $427 million. The firm's approach emphasizes non-correlated positive expectancy strategies and external allocations to top-performing managers, aligning with broader industry trends of multistrat platforms increasing capital deployment to external talent. The May recovery in fund returns suggests Boothbay's diversified manager network is regaining traction after Q1's volatility-driven headwinds.
First-quarter performance revealed divergent results across Boothbay's fund lineup. BBARS returned 0.47% net in Q1, with its Enhanced Class generating 0.35%, while BDAF declined -1.01% with the Enhanced Class down -1.67%. These results underperformed the S&P 500's -4.27% quarterly loss, positioning the funds modestly ahead of broader equity markets during a volatile period. Against hedge fund benchmarks, the funds held their ground—the HFRX Absolute Return Index gained 1.13% for the quarter while the broader HFRX Global Hedge Fund Index rose 0.53%.
Strategy-level performance analysis reveals significant dispersion across Boothbay's manager roster. In his first-quarter letter, Ari Glass, founder and managing member of Boothbay Fund Management, reported that capital markets managers led returns with 80% of managers in the strategy generating positive results, followed by commodity and currency arbitrage strategies at 70%. Event-driven and arbitrage strategies proved most challenging, with just 25% of managers posting gains during the period—a notable headwind that offset stronger performance elsewhere in the portfolio.
As of April 1, 2025, Boothbay Fund Management maintained $2.18 billion in total assets under management, with BBARS holding $1.75 billion and BDAF accounting for $427 million. The firm's approach emphasizes non-correlated positive expectancy strategies and external allocations to top-performing managers, aligning with broader industry trends of multistrat platforms increasing capital deployment to external talent. The May recovery in fund returns suggests Boothbay's diversified manager network is regaining traction after Q1's volatility-driven headwinds.
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