Hedge funds’ 2025 report card: How Citadel, Point72, and Millennium stack up against smaller rivals
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- Big-name hedge funds mostly had strong years, led by managers such as Michael Gelband's ExodusPoint and D.E. Shaw.
- It was a choppy year for funds, which battled markets strained by geopolitical stress from tariffs and international conflicts.
- Most funds still trailed the S&P 500's 16.4% return on the year, however.
Artificial intelligence spikes and sell-offs, market-rattling tariffs from the world's largest economy, mysterious quant losses — hedge funds battled a lot in 2025.
When the dust settled, the biggest names in the $5 trillion industry posted strong numbers last year.
Michael Gelband's ExodusPoint, which was the largest launch in industry history in 2018, had its best year on record, a person close to the New York-based manager told Business Insider. The firm was up 18% for the year after posting a 2.1% return in December.
Balyasny, Dmitry Balyasny's $31 billion manager, made 16.7% in 2025, a person familiar with the firm's returns said. D.E. Shaw's flagship multistrategy fund, Composite, was up 18.5%.
These funds, along with Steve Cohen's Point72, Ari Glass's Boothbay, and AQR's $6.8 billion multistrategy Apex fund, outperformed the S&P 500's 16.4% gain on the year, and many managers put up returns in the mid-teens that only slightly trailed the index.
Some of the industry's biggest firms have lagged smaller peers throughout last year, as Business Insider reported.
Izzy Englander's $83.5 billion Millennium, for example, was up 10.5% in 2025, following a 1.9% gain last month, according to a person close to the manager. Ken Griffin's $72 billion Citadel gained 1.8% in December and ended 2025 up 10.2%, a person familiar with the Miami-based manager said.
The managers in the table below declined to comment.
(Editor's note: This story was originally published on January 2 at 10.57 a.m. New figures have been added to the table below as they have been learned.)
| Fund | December performance | 2025 performance |
| AQR Apex | 3% | 19.6% |
| D.E. Shaw Composite | N/A | 18.5% |
| Dymon Asia | 1.9% | 18% |
| ExodusPoint | 2.1% | 18% |
| Boothbay | 1.2% | 17.9% |
| Point72 | 1.7% | 17.5% |
| Balyasny | 1.2% | 16.7% |
| Walleye | 2% | 15.5% |
| LMR | 3.4% | 12.7% |
| Schonfeld Partners | 2.3% | 12.5% |
| Pinpoint Asset Management | 1.1% | 11.6% |
| Millennium | 1.9% | 10.5% |
| Citadel Wellington | 1.8% | 10.2% |
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