Millennium rose 15%, its best performance since 2020
ExodusPoint climbed 11.3%, second-best returns since inception
By Nishant Kumar and Katherine Burton
(Bloomberg) — Multistrategy funds of all sizes produced mostly double-digit gains in 2024, in what was generally an upbeat year for the hedge fund industry.
Millennium Management jumped 15%, the best return for Izzy Englander’s multistrat giant since 2020, according to a person familiar with the matter, who asked not to be named discussing private details.
That performance was neck and neck with Ken Griffin’s Citadel, which returned 15.1%, just 10 basis points higher than its largest rival. In 2022, Citadel’s returns outpaced Millennium’s by almost 26 percentage points.
Read More: Citadel Offers to Let Clients Take Profits But Most Decline
D.E. Shaw’s flagship Composite hedge fund gained 18%, while Oculus, the firm’s second-biggest fund that mostly makes macro wagers, soared 36%.
Some smaller funds also posted strong returns during a year that brought higher-for-longer interest rates in several major economies, a booming US stock market and an upsurge in trading around Donald Trump’s election victory.
Michael Gelband’s ExodusPoint Capital Management returned 11.3% last year, its best result since 2020, when it gained 13.5%.
Balyasny Asset Management and Schonfeld Strategic Advisors both rebounded last year, people familiar with the matter said. Schonfeld’s funds returned about 20% each, while Balyasny gained 13.6% in its Atlas Enhanced Fund — compared to returns of less than 5% each in 2023.
Fund Strategy 2024 Return (%)
| Fund | Strategy | 2024 Return (%) |
|---|---|---|
| DE Shaw Oculus | Multistrategy Macro | 36.1 |
| Bridgewater China* | Macro | 35 |
| Statar | Commodities | 25.3 |
| Broad Reach Master | EM Macro | 24.3 |
| Marshall Wace MN TOPS* | Systematic | 22.6 |
| Citadel Tactical Trading | Multistrategy | 22.3 |
| Schonfeld Fundamental Equity | Multimanager Equity | 21.1 |
| Schonfeld Strategic Partners | Multistrategy | 19.7 |
| Citadel Equities | Equities | 18 |
| DE Shaw Composite | Multistrategy | 18 |
| Walleye | Multistrategy | 18 |
| Dymon Asia | Multistrategy | 17 |
| Marshall Wace Alpha Plus* | Systematic | 15.9 |
| Citadel Wellington | Multistrategy | 15.1 |
| Millennium | Multistrategy | 15 |
| Man Strategies 1783 | Multistrategy | 14.6 |
| Marshall Wace Eureka* | Equity Long/Short | 14.3 |
| CFM Stratus | Quant | 14.2 |
| Balyasny | Multistrategy | 13.6 |
| Sculptor | Multistrategy | 13.6 |
| Verition | Multistrategy | 11.6 |
| ExodusPoint | Multistrategy | 11.3 |
| Bridgewater Pure Alpha* | Macro | 11.2 |
| Bridgewater Asia* | Macro | 10.4 |
| The Winton Fund | Multistrategy | 10.3 |
| Bridgewater AIA Macro* | Quant Macro | 9.9 |
| Citadel Global Fixed Income | Fixed Income | 9.7 |
| New Holland Capital Tactical Alpha | Multistrategy | 9.6 |
| King Street Capital** | Multistrategy Credit | 9.1 |
| Brevan Howard Master | Multimanager | 5.5 |
| Brevan Howard Alpha Strategies# | Multistrategy | 2.4 |
To contact the reporters on this story:
Nishant Kumar in London at nkumar173@bloomberg.net
Katherine Burton in New York at kburton@bloomberg.net
To contact the editors responsible for this story:
Amanda Cantrell at acantrell10@bloomberg.net
Marion Dakers, Erin Fuchs
