Multi-strategy hedge funds delivered impressive performance in 2024, with many, including Millennium Management, Citadel, and DE Shaw, achieving double-digit gains, making it a standout year for the industry, according to a report by Bloomberg.
Millennium posted a 15% return, marking its best year since 2020, putting Izzy Englander’s fund neck-and-neck with Ken Griffin’s Citadel, which returned 15.1%. Notably, Citadel had far outperformed Millennium in 2022 by 26 percentage points.
Other funds saw even higher returns with DE Shaw’s flagship Composite Fund gained 18%, while its macro-focused Oculus Fund surged 36%, showcasing the potential for outsized gains in macro strategies.
Mid-sized and smaller funds also thrived with ExodusPoint Capital Management, led by Michael Gelband, achieving an 11.3% return, its best result since 2020. Balyasny Asset Management, meanwhile, rebounded with a 13.6% gain in its Atlas Enhanced Fund, while Schonfeld Strategic Advisors saw approximately 20% returns across its funds.
While the multi-strategy space thrived, the broader hedge fund industry also demonstrated resilience amid market challenges, with funds including Marshall Wace, Walleye, and Sculptor Capital Management, all contributing to the strong overall industry performance.
