Hedge fund September returns: Here's how Citadel, Millennium, and Balyasny have performed so far this year

Multistrategy hedge funds delivered modestly positive returns in September 2025, though performance remained subordinate to an increasingly buoyant equity market. Ken Griffin's Citadel Wellington, the flagship vehicle for his $62 billion Miami-based operation, gained 0.2% for the month, positioning the fund at a year-to-date return of 5%. Izzy Englander's $79 billion Millennium posted stronger September performance with a 1.4% monthly gain, bringing 2025 cumulative returns to 6%. Dmitry Balyasny's eponymous firm generated 1.3% in September, elevating full-year returns to 10%—the strongest performance among the three largest multistrategy platforms. Michael Gelband's ExodusPoint, the New York-based asset manager, led the cohort with a 2% September return, achieving 12.3% year-to-date gains.

The broader investment backdrop provides essential context for interpreting these results. The S&P 500 advanced 3.5% during September and has generated approximately 14% in cumulative 2025 returns, representing a notable reversal from market turbulence that characterized the spring following President Donald Trump's initial tariff implementation. This equity-market outperformance relative to hedge fund returns underscores the structural challenge facing multistrategy managers: diversified portfolio construction across equities, fixed income, and alternative strategies often constrains upside capture during sustained equity rallies while providing downside protection during volatility.

The period also witnessed a significant market development with the closure of Eisler Capital, the London-based multistrategy hedge fund founded by former Goldman Sachs executive Ed Eisler. The firm's shutdown followed consistent losses through August 2025 and reflected mounting competitive pressure within the institutional asset management space, where leading firms engage in an escalating talent acquisition competition. According to Bloomberg reporting, Eisler Capital's inability to sustain performance while managing elevated compensation costs in a competitive hiring environment precipitated the closure decision.

The divergence in year-to-date returns among these flagship multistrategy platforms—ranging from Citadel's 5% to ExodusPoint's 12.3%—reflects meaningful variations in portfolio construction, risk management frameworks, and tactical positioning during 2025's volatile and ultimately bullish market environment. While all four managers demonstrated positive September performance, their returns trailed the S&P 500, consistent with typical multistrategy risk profiles calibrated to reduce drawdown magnitude relative to equity-only benchmarks.