(Bloomberg) -- Multistrategy funds of all sizes produced mostly double-digit gains in 2024, in what was generally an upbeat year for the hedge fund industry.
Millennium Management jumped 15%, the best return for Izzy Englander’s multistrat giant since 2020, according to a person familiar with the matter, who asked not to be named discussing private details.
That performance was neck and neck with Ken Griffin’s Citadel, which returned 15.1%, just 10 basis points higher than its largest rival. In 2022, Citadel’s returns outpaced Millennium’s by almost 26 percentage points.
D.E. Shaw’s flagship Composite hedge fund gained 18%, while Oculus, the firm’s second-biggest fund that mostly makes macro wagers, soared 36%.
Some smaller funds also posted strong returns during a year that brought higher-for-longer interest rates in several major economies, a booming US stock market and an upsurge in trading around Donald Trump’s election victory.
Michael Gelband’s ExodusPoint Capital Management returned 11.3% last year, its best result since 2020, when it gained 13.5%.
Balyasny Asset Management and Schonfeld Strategic Advisors both rebounded last year, people familiar with the matter said. Schonfeld’s funds returned about 20% each, while Balyasny gained 13.6% in its Atlas Enhanced Fund — compared to returns of less than 5% each in 2023.
(Updates with Citadel performance in third paragraph.)
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