Hedge funds' 2025 report card: How Citadel and Millennium stack up against smaller rivals

SOURCE:Business Insider|BY:Bradley Saacks

Hedge funds managed strong returns in 2025 despite uneven markets and geopolitical stress. Erik McGregor/LightRocket via Getty Images Big-name hedge funds mostly had strong years, led by managers such as Michael Gelband's ExodusPoint and D.E. Shaw. It was a choppy year for funds, which battled markets strained by geopolitical stress from tariffs and international conflicts. Most funds still trailed the S&P 500's 16.4% return on the year, however. Artificial intelligence spikes and sell-offs, market-rattling tariffs from the world's largest economy, mysterious quant losses — hedge funds battled a lot in 2025. When the dust settled, the biggest names in the $5 trillion industry posted strong numbers last year. Michael Gelband's ExodusPoint, which was the largest launch in industry history in 2018, had its best year on record, a person close to the New York-based manager told Business Insider. The firm was up 18% for the year after posting a 2.1% return in December. Balyasny, Dmitry Balyasny's $31 billion manager, made 16.7% in 2025, a person familiar with the firm's returns said. D.E. Shaw's flagship multistrategy fund, Composite, was up 18.5%. These funds, along with Ari Glass's Boothbay, and AQR's $6.8 billion multistrategy Apex fund, bested the S&P 500's 16.4% gain on the year, and many managers put up returns in the mid-teens that only slightly trailed the index. Some of the industry's biggest firms have lagged smaller peers throughout last year, as Business Insider reported. Izzy Englander's $83.5 billion Millennium, for example, was up 10.5% in 2025, following a 1.9% gain last month, according to a person close to the manager. Ken Griffin's $72 billion Citadel gained 1.8% in December and ended 2025 up 10.2%, a person familiar with the Miami-based manager said. The managers in the table below declined to comment. Returns will be added as they are learned. FundDecember performance2025 performance AQR Apex3%19.6% D.E. Shaw CompositeN/A18.5% Dymon Asia1.9%18% ExodusPoint2.1%18% Boothbay1.2%17.9% Balyasny1.2%16.7% Walleye2%15.5% LMR3.4%12.7% Schonfeld Partners2.3%12.5% Pinpoint Asset Management1.1%11.6% Millennium1.9%10.5% Citadel Wellington1.8%10.2% Read the original article on Business Insider

The Wall Street statue with no one around — Hedge funds managed strong returns in 2025 despite uneven markets and geopolitical stress.
Erik McGregor/LightRocket via Getty Images

Big-name hedge funds mostly had strong years, led by managers such as Michael Gelband's ExodusPoint and D.E. Shaw.
It was a choppy year for funds, which battled markets strained by geopolitical stress from tariffs and international conflicts.
Most funds still trailed the S&P 500's 16.4% return on the year, however.

Artificial intelligence spikes and sell-offs, market-rattling tariffs from the world's largest economy, mysterious quant losses — hedge funds battled a lot in 2025.

When the dust settled, the biggest names in the $5 trillion industry posted strong numbers last year.

Michael Gelband's ExodusPoint, which was the largest launch in industry history in 2018, had its best year on record, a person close to the New York-based manager told Business Insider. The firm was up 18% for the year after posting a 2.1% return in December.

Balyasny, Dmitry Balyasny's $31 billion manager, made 16.7% in 2025, a person familiar with the firm's returns said. D.E. Shaw's flagship multistrategy fund, Composite, was up 18.5%.

These funds, along with Ari Glass's Boothbay and AQR's $6.8 billion multistrategy Apex fund, bested the S&P 500's 16.4% gain on the year, and many managers put up returns in the mid-teens that only slightly trailed the index.

Some of the industry's biggest firms have lagged smaller peers throughout last year, as Business Insider reported. Izzy Englander's $83.5 billion Millennium, for example, was up 10.5% in 2025, following a 1.9% gain last month, according to a person close to the manager.

The managers in the table below declined to comment. Returns will be added as they are learned.

Fund	December performance	2025 performance
AQR Apex	3%	19.6%
D.E. Shaw Composite	N/A	18.5%
Dymon Asia	1.9%	18%
ExodusPoint	2.1%	18%
Boothbay	1.2%	17.9%
Balyasny	1.2%	16.7%
Walleye	2%	15.5%
LMR	3.4%	12.7%
Schonfeld Partners	2.3%	12.5%
Pinpoint Asset Management	1.1%	11.6%
Millennium	1.9%	10.5%

Read the original article on Business Insider

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Hedge funds' 2025 report card: How Citadel and Millennium stack up against smaller rivals