Major hedge funds delivered a broad rebound in April as global equity markets recovered sharply, helping some of the industry’s largest managers recover earlier-year losses, according to recent performance estimates, according to a report by Business Insider
Multi-strategy firms including Millennium Management and Citadel posted positive monthly returns, benefiting from a strong rally in risk assets even as they continued to operate within tightly controlled risk frameworks that typically moderate both gains and losses.
Millennium Management reportedly returned 2.7% in April, bringing its year-to-date performance to around 3.6%, while Citadel’s flagship Wellington fund rose 1.4% during the month, lifting its 2026 gains to roughly 2.4%. Its tactical trading strategies, which combine systematic and discretionary approaches, posted stronger results over the same period.
Other prominent multi-strategy firms, including ExodusPoint Capital Management and Schonfeld Strategic Advisors, also recorded gains in April, reflecting a broad improvement across hedge fund strategies following a difficult March period.
Industry-wide, performance was supported by a strong rebound in equity markets, with the S&P 500 rising more than 10% in April alone. The rally helped offset earlier losses and brought many hedge fund strategies back into positive territory for the year.
However, despite the strong month, multi-strategy hedge funds generally lagged broader equity indices due to their diversified exposures and risk management constraints, which are designed to smooth returns rather than maximise upside in sharp rallies.
These large diversified funds typically trade across equities, credit, macro, and quantitative strategies globally. Their structure allows them to limit downside during volatile periods but also caps participation when markets rally strongly.
