"Bridgewater Associates' flagship money pool posted record gains, while D.E. Shaw & Co.'s strategies soared as much as 28% to rank among the biggest hedge fund winners of 2025 when tariff-fueled market uncertainty presented a fertile hunting ground for traders. Bridgewater's Pure Alpha II macro fund returned 34% last year, its best ever, while the All Weather strategy rose 20%, a person with knowledge of the matter said, asking not to be identified discussing private information."
"D.E. Shaw's flagship multistrategy Composite hedge fund gained 18.5% and Oculus made an estimated 28.2%. Michel Massoud's event-driven Melqart Opportunities Fund surged 45%, another person said. Millennium Management, the $83.5 billion multistrategy hedge fund firm, gained 10.5% last year. ExodusPoint, which has been building out its equities group to complement its fixed-income operations led by co-founder Michael Gelband, gained 18%, the most since its founding in 2017. The firm manages about $12 billion."
"Citadel's flagship hedge fund posted a 10.2% increase in 2025, according to a person familiar with the matter, who asked not to be identified citing private information. It was the first year that Millennium outperformed Citadel's Wellington fund since 2020. The initial estimates show hedge funds overall posted strong gains with industry returns on track to be the best in at least five years as surging US stocks, precious metals and volatility in bond and currency markets spurred by President Donald Trump's trade wars helped."
Bridgewater Associates' flagship strategies delivered record returns in 2025, with Pure Alpha II up 34% and All Weather rising 20%. D.E. Shaw's Composite gained 18.5% while Oculus returned an estimated 28.2%. Michel Massoud's Melqart Opportunities Fund surged 45%. Millennium Management rose 10.5% and Citadel's flagship climbed 10.2%, with Millennium outperforming Citadel's Wellington for the first time since 2020. ExodusPoint gained 18%, its strongest year since 2017. Industrywide initial estimates show hedge funds posted their best overall returns in at least five years as tariff-driven market uncertainty, surging US stocks, precious metals and bond and currency volatility boosted trading opportunities.
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