Top hedge funds notched gains in October. Here's how Millennium, Balyasny, and others stack up.

"October was mostly treats instead of tricks for the biggest hedge funds in the industry. Market volatility briefly reached its highest point since the spring rollout of President Donald Trump's tariffs, but investor jitters dissipated quickly as the US and China came to a trade agreement. The biggest players in the $5 trillion hedge fund industry finished October mostly positive, though few were able to match the returns of the S&P 500."

"At Izzy Englander's $79 billion Millennium, the firm managed to return 1.5% in October, according to a person familiar with the firm. That bumped its 2025 gains to 7.6%. Dmitry Balyasny's $29.5 billion firm is now up 12.5% on the year after a 2.4% gain last month, a person close to the manager said. Michael Gelband's ExodusPoint continued its strong year with another positive month, and the New York-based firm is now up 14.2% year-to-date, a person close to the manager said."

October brought largely positive returns for the largest hedge funds despite a brief spike in volatility tied to President Trump's tariffs. Volatility eased after a US and China trade agreement. Millennium returned 1.5% in October, lifting 2025 gains to 7.6%. Balyasny gained 2.4% in October and is up 12.5% year-to-date. ExodusPoint rose and stands up 14.2% year-to-date. The S&P 500 climbed 2.3% for the month, pushing the index more than 16% year-to-date, with roughly 83% of reporting companies beating earnings estimates. Citco reports 2025 may be the best year for hedge funds since 2020.

Read at Business Insider