Singapore-based hedge fund Dymon Asia has delivered a strong 14.8% return so far in 2025, extending its gains after a 1.6% advance in October, according to a report by Financial News London citing unnamed people familiar with the matter.

The firm’s $3.5bn multi-strategy fund – which trades across FX, fixed income, equities, credit and commodities – has maintained robust performance momentum after returning 17% in 2024.

The latest uptick reflects improving conditions for global macro and multi-strategy managers, as risk assets rallied in October. The S&P 500 gained nearly 2%, while the Nasdaq rose over 4%, pushing both indices to new highs.

After a volatile first half marked by renewed US tariffs and geopolitical uncertainty, hedge funds have rebounded strongly since August. According to Hedge Fund Research, the industry gained 2.2% on average in both August and September, lifting year-to-date returns to 9.5% through September.

Equity-focused strategies have led the performance tables with gains above 13%, while global hedge fund assets climbed to a record $5tn in Q3, up $238bn during the period.