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Citadel earned over $4bn from commodities bets in 2023

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Profits last year at multi-strategy hedge fund major Citadel were boosted by a bumper 12 months for the firm’s commodities trading business, which generated more than $4bn in 2023, according to a report by Bloomberg.

The report cites people familiar with the matter as revealing that strong performance by Citadel Energy Marketing, the firm’s merchant-trading business, as well as in European gas and power trading, helped boost gains.

Citadel’s flagship fund gained 15.3% last year with the firm returning about $7bn to clients, ahead of the single-digit returns seen at many of its multi-strategy peers in what was a challenging year for the sector.

Commodities is one of five core strategies at Citadel, along with equities, credit and convertibles, quantitative strategies and fixed income and macro.

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