"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 Ari Glass's Boothbay and AQR's $6.8 billion multistrategy Apex fund, bested 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."
Markets in 2025 saw artificial intelligence-driven volatility, market-rattling tariffs, and unexplained quant losses that challenged hedge funds. Despite those stresses, large managers delivered strong performance: ExodusPoint rose 18% for the year, Balyasny returned 16.7%, and D.E. Shaw's Composite gained 18.5%. Ari Glass's Boothbay and AQR's $6.8 billion Apex fund also outperformed the S&P 500's 16.4% gain, while many other managers produced mid-teens returns. Some large firms lagged smaller peers; Millennium returned 10.5% for the year. Several managers declined to comment and additional returns will be reported as available.
Read at Business Insider
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