- Citadel outperformed its hedge fund peers in July and added to its strong 2022 performance.
- Citadel’s flagship fund improved 3% in July and is up 21% for the year as the market rebounded.
- Performance at rivals like Millennium, ExodusPoint, and Balyasny lagged behind.
Citadel topped its rivals in July with a 3.11% gain, increasing its year-to-date performance to 21.2% and dwarfing the returns at rivals including Millennium, ExodusPoint, and Balyasny, according to investor figures seen by Insider.
In July, the stock market rebounded and had its best month of a dismal year. The 9.11% return for the S&P 500 was its best performance since November 2020. The index is down 13.34% year-to-date.
Returns at the industry’s top multistrategy hedge funds — which offer exposure to a diverse array of asset classes and strategies — lagged behind by comparison, though some fared better than others.
At Citadel, the $50 billion in assets fund owned by billionaire Ken Griffin, performance has been strong not just in the flagship Wellington fund but across other core strategies as well, according to investor figures seen by Insider:
Citadel Tactical Trading increased 2.23% in July and is up 15.07% year-to-date.
Citadel Global Fixed Income fund increased 2.18% in July and is up 19.04% year-to-date.
Citadel Equities fund increased 2.57% in July and is up 11.21% year-to-date.
Performance was muted at other multi-strats, according to the investor figures seen by Insider:
Millennium improved 0.4% in July and is up 6.6% year-to-date.
Balysany lost 0.2% in July and is up 5.98% year-to-date.
ExodusPoint lost 0.35% in July and is up 3.2% year-to-date.
Representatives for Millennium, Balyasny, and ExodusPoint declined to comment.
Marshall Wace’s flagship Eureka fund, a $22 billion assets equity long-short strategy, was down 0.36% in July and is up 1.14% for the year, according to people familiar with the matter.
While trailing Citadel, these returns are nonetheless strong compared with the market and the dour performance at many other hedge funds, especially more traditional stock-picking funds like Tiger Global and D1 Capital. The average hedge fund returned 0.54% in July and has lost 4.54% over the year, according to analysis provider Hedge Fund Research.
Institutional investors yanked $27.5 billion from hedge funds in the second quarter and assets dipped below $4 trillion June.