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- Big-name managers like Citadel, Point72, and Balyasny made money in May.
- Michael Gelband's ExodusPoint was also up and has been one of the top firms this year.
- May was a strong month for equities generally, as the S&P 500 had its biggest gain since 2023.
Multistrategy hedge funds protected their investors from the worst of 2025's stock market volatility in March and April. Now, after equity markets surged in May, the same managers also did not reach the same highs as indexes such as the S&P 500.
The flagship fund for $66 billion Citadel, Wellington, was up 0.2% in May pushing the fund's 2025 gains to 0.8%, a person close to the firm told Business Insider. Billionaire Steve Cohen's Point72, meanwhile, returned 0.9% last month, bringing the $37.7 billion firm's yearly gains to 3.9%, an individual close to the firm said.
Millennium, the $73 billion firm run by billionaire Izzy Englander, is now positive for the year at 0.4%, according to a person familiar.
Billionaire Ken Griffin's Citadel and Millennium uncharacteristically lost money in back-to-back months in February and March, as President Donald Trump's policies rattled global markets.
Stock markets have rebounded, with the S&P 500 in the black for 2025 now, thanks to the best May since 1990. The index returned 6.2% in May, the strongest individual monthly gain since November of 2023.
ExodusPoint, the multistrategy firm founded by former Millennium executive Michael Gelband, has been a standout performer so far this year. After a 1% gain in May, the fund is up 7.5% for the year, outpacing Gelband's former firm.
May's best performer among the multistrategy cohort is a $3 billion manager, Dymon Asia, which has teams based across different Asian and Middle East markets. It was up 3.3% for the month and 8% for the year, a person close to the manager said.
The firms mentioned in the story and the table below declined to comment. The table will be updated as additional performance figures are learned.
| Fund | May performance | 2025 performance |
| AQR Apex | 2.4% | 10.6% |
| Dymon Asia | 3.3% | 8% |
| ExodusPoint | 1% | 7.5% |
| Walleye | 1.1% | 6.2% |
| Man Group 1783 | 1.1% | 5.4% |
| Balyasny | 1.4% | 4.8% |
| Schonfeld Partners | 1.4% | 4.7% |
| LMR | 1.3% | 4.6% |
| Point72 | 0.9% | 3.9% |
| Citadel Wellington | 0.2% | 0.8% |