2025-07-01T17:43:29Z
At 2025’s halfway point, the biggest hedge funds are, for the most part, on par with the stock market.
Several funds were stung by the volatility earlier this year.
Stocks have since rebounded, and many firms had decent returns in June.
Despite a rollercoaster start to 2025, the biggest hedge funds are positive for the year, tracking close to what stock markets have returned.
Ken Griffin’s Citadel and Izzy Englander’s Millennium, which both lost money in a hectic March, each returned 1.7% in June in the firms’ respective flagship funds, people close to the managers said. Citadel’s six-month return now stands at 2.5%, while Millennium’s is at 2.2%, lower than many of their smaller multistrategy peers.
For example, according to people close to the two firms, Michael Gelband’s ExodusPoint and Dmitry Balyasny’s eponymous firm are up 9.3% and 7.3%, respectively, through the first half of the year.
Equity markets surged in June, with the S&P 500 index up 5%. This pushed the index’s 2025 gain to more than 5.7%, a stark reversal from the dip experienced in global equities in March and early April, when President Donald Trump’s tariff policies were rolled out.
There are still plenty of macro worries that could roil markets, though. Tensions between Israel and Iran remain high after the ceasefire announced last week. Trump’s budget proposal, the so-called “big, beautiful bill” that would add trillions in debt, passed the Senate Tuesday and is back in the House of Representatives.
The firms below either declined to comment or did not immediately return requests for comment. Additional figures will be added as they are learned.
