Key Takeaways
- • Citadel's $77 billion multistrategy fund gained 1.7% in October, according to a person close to the Miami-based manager, lifting its year-to-date gains to 15.3%, the strongest among multistrategy peers.
- • The S&P 500 fell nearly 1% in October after hitting an all-time high at the start of the month, leaving many large hedge funds in negative territory.
- • Goldman Sachs prime brokerage data showed October 22, when Meta dipped and oil prices surged, was one of the worst days for hedge funds since the COVID-19 pandemic.
- • ExodusPoint Capital fell 2.4% in October, bringing its 2026 return to 1.6%; Dymon Asia lost 1.8% and is up just over 5% year-to-date; Man Group's 1783 fund shed 1.8% and is up 8.9% year-to-date.
- • Stockpickers, credit investors, and macro traders faced a difficult backdrop that included rising interest rates, heavy corporate debt issuance tied to hyperscaler capital demand, and Brazil's election, which returned Luiz Inácio Lula da Silva as president.
Summary
Citadel, the $77 billion hedge fund led by Ken Griffin, gained 1.7% in October, a person close to the Miami-based manager said. The gain lifted the fund's year-to-date return to 15.3%, which so far leads its multistrategy peers. Multistrategy funds are typically valued for their diversification and tight risk controls in choppy markets.
October was a difficult month for much of the industry. The S&P 500 dropped nearly 1% after reaching an all-time high at the start of the month, and several tech favorites sold off. Stockpickers struggled with the rotation, while credit investors continued to contend with the effects of rising interest rates and an unusually large volume of corporate paper driven by hyperscalers' demand for capital. Brazil's election, in which left-wing Luiz Inácio Lula da Silva was reelected president, also created volatility for global macro traders.
Data from Goldman Sachs' prime brokerage desk indicated that October 22, a session in which large technology stocks such as Meta declined and oil prices rose, was among the worst days for hedge funds since the COVID-19 pandemic.
Other prominent managers posted weaker results. Michael Gelband's ExodusPoint Capital fell 2.4% in October, leaving its 2026 return at 1.6%. Dymon Asia lost 1.8% in the month and is up just over 5% for the year. Man Group's 1783 fund declined 1.8% in October, reducing its year-to-date gain to 8.9%. The firms mentioned declined to comment, and Business Insider said additional figures would be added as they become available.
October was a difficult month for much of the industry. The S&P 500 dropped nearly 1% after reaching an all-time high at the start of the month, and several tech favorites sold off. Stockpickers struggled with the rotation, while credit investors continued to contend with the effects of rising interest rates and an unusually large volume of corporate paper driven by hyperscalers' demand for capital. Brazil's election, in which left-wing Luiz Inácio Lula da Silva was reelected president, also created volatility for global macro traders.
Data from Goldman Sachs' prime brokerage desk indicated that October 22, a session in which large technology stocks such as Meta declined and oil prices rose, was among the worst days for hedge funds since the COVID-19 pandemic.
Other prominent managers posted weaker results. Michael Gelband's ExodusPoint Capital fell 2.4% in October, leaving its 2026 return at 1.6%. Dymon Asia lost 1.8% in the month and is up just over 5% for the year. Man Group's 1783 fund declined 1.8% in October, reducing its year-to-date gain to 8.9%. The firms mentioned declined to comment, and Business Insider said additional figures would be added as they become available.
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