Several of the world’s largest multi-strategy hedge funds delivered only modest returns in May, trailing the broader equity market rebound led by the S&P 500, which gained 6.2% – its strongest monthly performance since November 2023, according to a report by Business Insider.
Citadel’s flagship Wellington fund rose 0.2% last month, pushing 2025 performance to 0.8%, according to a person familiar with the matter, while Point72 Asset Management, led by Steve Cohen, gained 0.9% in May, bringing year-to-date gains to 3.9% for the $37.7bn firm.
Millennium Management meanwhile, the $73bn platform headed by Izzy Englander, is now marginally positive for the year, with 0.4% gains after weathering earlier volatility. Both Citadel and Millennium experienced rare back-to-back monthly declines in February and March amid market turbulence triggered by policy uncertainty from President Donald Trump’s administration.
Despite May’s robust equity rally, multi-strategy funds have remained relatively muted, continuing their emphasis on capital preservation and low correlation rather than chasing equity beta.
Among the better performers, ExodusPoint Capital, led by former Millennium executive Michael Gelband, posted a 1% gain in May and is now up 7.5% year-to-date – outpacing many larger peers.
Dymon Asia Capital meanwhile, a $3bn multi-manager platform with operations across Asia and the Middle East, stood out with a 3.3% return in May, bringing year-to-date gains to 8% as the Singapore-based firm continues to benefit from regional market dislocations and relative value strategies.
