Most years, the whole of multistrategy hedge funds is greater than the sum of their parts. Thanks to a web of uncorrelated trading teams, leverage, and tight risk management, these firms can generate strong returns in times of distress - as demonstrated by the 2022 performance of firms like Ken Griffin's Citadel - while also making money when markets are steady.
Well-known hedge funds, including Balyasny and ExodusPoint, made money last month, building on their gains as they enter the last quarter of 2025. Dmitry Balyasny's eponymous firm returned 1.3% in September, boosting its 2025 returns to 10%, a person close to the manager said. Michael Gelband's ExodusPoint continued its strong year with a 2% gain in September, according to an individual familiar with the New York-based asset manager. It's now up 12.3% for 2025.