Key Takeaways
- • Citadel's flagship Wellington fund gained 1.7% in October, one of the few large multistrategy managers to finish the month in positive territory.
- • The gain lifts Citadel's year-to-date return to 15.3%, ahead of its multistrategy peers, according to a person familiar with the matter. The Miami-based firm manages $77bn.
- • Rivals fared worse: Millennium's flagship fell 2.3%, ExodusPoint lost 2.4%, Dymon Multistrategy declined 1.8% and Marshall Wace's Eureka strategy dropped 5.4%, per Bloomberg.
- • Millennium pulled $1.5bn of external investments from Axebrook and Troluce Capital following losses at both firms, Bloomberg reported.
- • Several people left Citadel's London business, according to eFinancialCareers; Citadel declined to comment.
Summary
Citadel's flagship Wellington fund gained 1.7% in October, making it one of the few large multistrategy managers to finish the month in positive territory. The gain lifts the Miami-based firm's year-to-date return to 15.3%, according to a person familiar with the matter. Citadel, which manages $77bn, is ahead of its multistrategy peers so far this year.
The performance came during one of the hedge fund industry's broadest downturns since the pandemic. A technology sell-off, turmoil in sovereign bond markets and election-driven currency swings caught crowded positions across equity, credit and macro strategies, while the S&P 500 fell almost 1%.
Multistrategy platforms are designed to weather choppy markets through diversification and tight risk controls, but many rivals still ended the month in the red. According to Bloomberg, Millennium Management's flagship fund fell 2.3%, ExodusPoint lost 2.4% and Dymon Multistrategy declined 1.8%. Marshall Wace's Eureka strategy fell 5.4%. Millennium has also pulled $1.5bn of external investments from Axebrook and Troluce Capital following losses at both firms, Bloomberg reported.
Citadel has not been without disruption. According to eFinancialCareers, a handful of people have left its London business, some of them in September before the month's losses. Citadel declined to comment on the departures.
Among the month's other notable winners, quantitative manager Quantedge gained 7.2%, bringing its 2026 return to 60%.
The performance came during one of the hedge fund industry's broadest downturns since the pandemic. A technology sell-off, turmoil in sovereign bond markets and election-driven currency swings caught crowded positions across equity, credit and macro strategies, while the S&P 500 fell almost 1%.
Multistrategy platforms are designed to weather choppy markets through diversification and tight risk controls, but many rivals still ended the month in the red. According to Bloomberg, Millennium Management's flagship fund fell 2.3%, ExodusPoint lost 2.4% and Dymon Multistrategy declined 1.8%. Marshall Wace's Eureka strategy fell 5.4%. Millennium has also pulled $1.5bn of external investments from Axebrook and Troluce Capital following losses at both firms, Bloomberg reported.
Citadel has not been without disruption. According to eFinancialCareers, a handful of people have left its London business, some of them in September before the month's losses. Citadel declined to comment on the departures.
Among the month's other notable winners, quantitative manager Quantedge gained 7.2%, bringing its 2026 return to 60%.
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