- Millennium Management and Citadel were down 1.2% and 0.5%, respectively, in March.
- Market volatility in March affected hedge funds, driven by the Trump administration's policies.
- Despite losses, some funds outperformed the S&P 500, which fell 4.6% in March.
It was another tough month for the biggest multistrategy hedge funds.
Izzy Englander's Millennium lost 1.2% in March, a person close to the $75 billion hedge fund told Business Insider, bringing its 2025 losses to 2%. Meanwhile, Ken Griffin's Citadel lost 0.5% over the month in its flagship Wellington fund, which is down 0.9% for the year.
March started turbulently for these big-name funds. Citadel, Millennium, Point72, Balyasny, and Schonfeld all lost money in the first few days due to the market volatility brought on by President Donald Trump's administration.
Markets since mellowed, however, and some managers clawed their way back.
$12 billion hedge fund Schonfeld ended March flat, paring back the losses from the start of the month, a person close to the New York-based firm said. The manager is up 2.2% for the year. Michael Gelband's ExodusPoint returned 0.7% in March, and is up 3.5% for the year.
While investors in these managers are not accustomed to losses, these funds still outperformed the S&P 500. The index had its worst quarter in years, finishing March down 4.6% thanks to serious slumps from mega stocks like Tesla and Nvidia.
Meanwhile, some smaller, more nimble multistrategy funds have taken advantage of the chaos.
Cliff Asness's AQR multistrategy fund, the $3 billion Apex fund, is up 9% for the year, after a 3.4% in March, a person close to the Greenwich-based manager said. Dymon Asia, which runs $3 billion and has teams based across different Asian and Middle East markets, was up 1.3% for the month and 2.8% for the year, a person close to the manager said.
While volatility has lessened in recent weeks, don't expect it to last: Trump has touted Tuesday as "Liberation Day" with serious tariffs threatened on goods imported from trade partners like China and Europe.
"Spoke to a lot of other fund managers this weekend," wrote Gavin Baker, the founder of Atreides Management, a crossover fund focused on tech and consumer companies, on X Monday.
"Many thought a crash was a realistic possibility, which I rarely hear. Probably the most negative on a forward-looking basis I have ever heard such a broad swath of investors in the last 25 years."
The firms listed either declined to comment or did not immediately return requests for comment. This list will be updated as more returns are learned.
