Despite a turbulent April marked by geopolitical uncertainty and shifting trade policy, some of the world’s largest multi-strategy hedge funds emerged with positive returns, with ExodusPoint leading the way with a 2.8% gain for the month, according to a report by Business Insider.

The report cites unnamed sources familiar with the firm's performance figures as highlighting that Michael Gelband's firm outperformed peers including Citadel, Millennium, Point72, and Balyasny.

Citadel’s flagship Wellington fund posted a 1.3% gain in April, recovering ground after back-to-back monthly losses in February and March. Year-to-date, the fund is up 0.5%, a modest return relative to the firm’s typical performance range. However, Citadel’s equities strategy stood out with a 2.2% gain for the month, contributing to a similar 0.5% return year-to-date.

Elsewhere within Citadel, the global fixed income strategy continued to outperform, rising 1.2% in April and bringing YTD performance to 4.6%. The firm’s tactical trading fund, which blends fundamental equity with systematic approaches, is up 3.2% in 2025 after a 1.9% monthly gain.

The rebound across multi-strats came during a chaotic period in global markets. US equity indices were whipsawed by headline-driven volatility tied to President Trump’s renewed tariff proposals, with the S&P 500 ending April down 0.8% and extending its YTD decline to over 5%.

Ken Griffin, Citadel’s founder, reflected on the challenge of April’s markets, warning investors to “tread water and not drown” during remarks at a Semafor conference. Despite that caution, his firm and peers delivered solid results.

Other major players including Millennium Management and Point72 Asset Management also posted positive numbers for April, though performance varied by strategy. While the firms declined to comment, sources noted that fixed income and equity market dispersion helped many platforms capitalise on idiosyncratic opportunities amid macro uncertainty.