Key Takeaways
- • Citadel's $77 billion multistrategy flagship gained 1.7% in October, lifting its year-to-date return to 15.3%, the strongest among multistrategy peers, according to a person close to the Miami-based manager.
- • Millennium Management lost 2.3% in October, leaving its 2026 gains at 5.7%, per a person close to the New York firm as reported by Business Insider.
- • ExodusPoint fell 2.4% in October to bring 2026 returns to 1.6%, while Walleye Capital's multistrategy fund dropped nearly 6% and is negative for the year.
- • October 22, when Meta dipped and oil prices surged, was one of the worst days for hedge funds since the COVID-19 pandemic, according to Goldman Sachs prime brokerage data.
Summary
Citadel was one of the few large hedge fund managers to finish October in positive territory. Ken Griffin's $77 billion hedge fund gained 1.7% last month, according to a person close to the Miami-based manager, pushing its year-to-date gains to 15.3%. That figure leads the multistrategy peer group, which typically relies on diversification and tight risk controls to navigate choppy markets. The S&P 500 fell nearly 1% over the month, and many of the industry's largest names struggled to avoid losses.
Stockpickers faced a difficult backdrop. The market hit an all-time high at the start of October before several tech favorites sold off. Credit investors continued to contend with the effects of rising interest rates and an unprecedented volume of corporate debt issuance, driven by hyperscalers' demand for capital. Brazil's election, in which leftist Luiz Inácio Lula da Silva was re-elected president, also surprised macro traders globally. Data from Goldman Sachs' prime brokerage desk showed October 22, when big-name tech stocks such as Meta dipped and oil prices surged, was among the worst days for hedge funds since the COVID-19 pandemic.
Other large managers posted losses. Izzy Englander's Millennium Management lost 2.3% in October, according to a person close to the New York firm, leaving its 2026 gains at 5.7%. Michael Gelband's ExodusPoint Capital fell 2.4%, bringing its 2026 returns to 1.6%. Dymon Asia lost 1.8% and is up just over 5% for the year. Man Group's 1783 fund shed 1.8% in October, reducing year-to-date gains to 8.9%. Walleye Capital's multistrategy fund fell nearly 6% and is negative for the year. The firms mentioned declined to comment, and the figures were reported as they were learned.
Stockpickers faced a difficult backdrop. The market hit an all-time high at the start of October before several tech favorites sold off. Credit investors continued to contend with the effects of rising interest rates and an unprecedented volume of corporate debt issuance, driven by hyperscalers' demand for capital. Brazil's election, in which leftist Luiz Inácio Lula da Silva was re-elected president, also surprised macro traders globally. Data from Goldman Sachs' prime brokerage desk showed October 22, when big-name tech stocks such as Meta dipped and oil prices surged, was among the worst days for hedge funds since the COVID-19 pandemic.
Other large managers posted losses. Izzy Englander's Millennium Management lost 2.3% in October, according to a person close to the New York firm, leaving its 2026 gains at 5.7%. Michael Gelband's ExodusPoint Capital fell 2.4%, bringing its 2026 returns to 1.6%. Dymon Asia lost 1.8% and is up just over 5% for the year. Man Group's 1783 fund shed 1.8% in October, reducing year-to-date gains to 8.9%. Walleye Capital's multistrategy fund fell nearly 6% and is negative for the year. The firms mentioned declined to comment, and the figures were reported as they were learned.
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