How Citadel, Millennium, Point72 and other hedge fund giants stack up as they enter the second half of a challenging year
roiled markets and caught macro portfolio managers wrong-footed. What was supposed to be a bright spot has instead been among the worst-performing strategies of the year.
The stock market, on the other hand, is having a bumper year — the S&P 500 increased 15.9% through June, its strongest first half in four years. Overall, the hedge fund industry lags far behind, gaining just 1.23% through May, according to the HFRI Fund Weighted Composite Index. But there have been bright spots. Multi-strategy hedge funds are constructed to ride these waves with less volatility than single-manager peers, and the industry's top multi-manager is having another stellar year: Ken Griffin's Citadel gained 7.15% in its flagship Wellington fund in the first half of the year, tops among its peers.
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