Key Takeaways
- • Millennium Management delivered 10.5% returns to investors in 2025, led by founder Israel Englander, representing a recovery after a challenging first half of the year.
- • The firm's performance slightly outpaced Citadel's flagship Wellington fund, which returned 10.2% in 2025, though both underperformed the broader hedge fund industry average of 16% for the year.
- • Millennium's double-digit return marks a comeback following reported losses in the firm's index rebalancing teams, which had suffered "hundreds of millions" in losses in recent months prior to the year-end recovery.
- • The 10.5% annual return maintains Millennium's historical track record of strong long-term performance, with the firm having generated an average of 14% annually since its 1989 inception, according to LCH Investment's analysis.
Summary
Millennium Management, the multi-strategy hedge fund led by Israel Englander, delivered returns of 10.5% to investors for the full year 2025, according to multiple sources familiar with the firm's performance figures. The return represents a recovery from a difficult first half, during which the firm experienced significant headwinds before stabilizing and achieving steady gains in the latter months of the year.
The 10.5% performance places Millennium among the top-performing large hedge funds but slightly above its primary competitor Citadel, whose flagship Wellington fund returned 10.2% for the same period. However, both mega-funds trailed the broader hedge fund industry, which posted an average return of 16% in 2025—a significant rebound from the 8% average achieved in 2024. This performance gap reflects the challenging environment for large, established multi-strategy funds relative to smaller and more specialized managers.
Millennium's comeback was notable given that the firm had reported substantial losses in portions of its portfolio during the year. The firm's index rebalancing teams, historically among its most profitable units, suffered losses reported in the "hundreds of millions" in recent months, representing a significant reversal from their long track record of generating billions in profits for the firm.
The firm's 10.5% return is consistent with its historical performance profile. Since its founding in 1989, Millennium has generated an average annual return of approximately 14%, placing it among the most consistent wealth creators in the hedge fund industry. With assets under management reflecting its scale as a major player in institutional asset management, Millennium continues to attract capital from institutional investors despite facing competitive headwinds from more specialized and emerging managers in 2025.
The 10.5% performance places Millennium among the top-performing large hedge funds but slightly above its primary competitor Citadel, whose flagship Wellington fund returned 10.2% for the same period. However, both mega-funds trailed the broader hedge fund industry, which posted an average return of 16% in 2025—a significant rebound from the 8% average achieved in 2024. This performance gap reflects the challenging environment for large, established multi-strategy funds relative to smaller and more specialized managers.
Millennium's comeback was notable given that the firm had reported substantial losses in portions of its portfolio during the year. The firm's index rebalancing teams, historically among its most profitable units, suffered losses reported in the "hundreds of millions" in recent months, representing a significant reversal from their long track record of generating billions in profits for the firm.
The firm's 10.5% return is consistent with its historical performance profile. Since its founding in 1989, Millennium has generated an average annual return of approximately 14%, placing it among the most consistent wealth creators in the hedge fund industry. With assets under management reflecting its scale as a major player in institutional asset management, Millennium continues to attract capital from institutional investors despite facing competitive headwinds from more specialized and emerging managers in 2025.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.