Walleye Capital’s $4.8bn multi-strategy hedge fund delivered impressive results in August, outperforming some of the industry’s biggest names, including Citadel, Millennium, and ExodusPoint, according to a report by Business Insider.
The report cites an unnamed source familiar with the matter as revealing that the fund gained 3.4% last month, bringing its year-to-date returns to 11.3%. All four of the fund’s contributing strategies—fundamental equity, quant, volatility, and tactical (which includes some macro strategies)—posted gains over the month.
The fund’s volatility strategies, rooted in Walleye’s origins as a proprietary options market-making firm, played a key role in navigating the turbulent markets at the beginning of the month. While the S&P 500 ended August with a 2.3% gain, the market was highly volatile, with the index initially plunging over 7% due to instability in Japanese markets and concerns over US economic data before recovering near its all-time high.
Walleye’s fund outpaced many of its multi-strategy peers in August, despite being smaller in size compared to industry giants. Currently closed to new capital, Walleye expects to reach $5bn in assets by the fourth quarter, according to the source.
By comparison, Ken Griffin’s Citadel flagship fund, Wellington, gained 1% in August, bringing its annual returns to 9.9%, while Izzy Englander’s Millennium reported a 0.7% increase for the month, with a year-to-date return of 8.1%.
ExodusPoint, although trailing its competitors, saw a solid 0.9% gain in August, pushing its 2024 returns to 4.6%.
The firms either declined to comment or did not immediately respond to requests for comment.
