2025-10-01T18:25:55Z
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During the month of September, multistrategy hedge funds generally experienced a positive trajectory, with several of the industry’s most prominent managers augmenting their yearly gains as the financial calendar moved into its final quarter. Among the leading firms, recognizable names such as Citadel, Balyasny Asset Management, and ExodusPoint Capital Management succeeded in expanding their performance, albeit with results that varied in comparison to the broader equity markets.
The U.S. stock market as a whole demonstrated significant resilience, with the S&P 500 index climbing by an impressive 3.5% over the course of the month. This advance added yet another robust chapter to what has already proven to be a strong year for equities. Nevertheless, while hedge funds like Citadel, Balyasny, and ExodusPoint secured profits, their aggregate returns continued to lag behind those generated by the benchmark index. Still, each firm preserved its momentum and strengthened the foundation of its performance as 2025 approached its closing stretch.
Citadel, the powerhouse investment firm overseen by billionaire Ken Griffin and headquartered in Miami, secured modest yet positive results. Specifically, its flagship Wellington fund recorded a 0.2% gain for September, bringing total annual performance to approximately 5%, according to an individual familiar with the matter. Although this gain pales in comparison to broader market benchmarks, it nevertheless reflects consistent profitability for the $69 billion enterprise.
Balyasny Asset Management, founded and led by Dmitry Balyasny, managed to secure stronger results relative to Citadel. The firm posted a 1.3% return during September, elevating its overall gains for 2025 to the 10% mark, according to a source knowledgeable about the situation. This placed Balyasny well ahead of several competitors in terms of absolute performance, even though the S&P 500’s surge still overshadowed the firm’s trajectory.
ExodusPoint Capital Management, under the stewardship of industry veteran Michael Gelband, produced one of the more impressive performances among its multistrategy peers. The New York–based asset manager registered a robust 2% gain in September, a figure that elevated its total returns for the year to 12.3%. This strong showing underscored the firm’s ability to sustain momentum throughout 2025 and positioned it at the higher end of hedge fund return tables despite its underperformance relative to equity markets at large.
It is important to note that these monthly returns remain muted when compared directly with the S&P 500, which itself continued to surge upward. Indeed, U.S. markets overall marked a dramatic turnaround in 2025. The September rally propelled the index close to a 14% year-to-date increase, a remarkable reversal of sentiment and trajectory given the volatility and investor concerns prompted earlier in the year by the rollout of President Donald Trump’s tariffs during the spring. This policy development had initially generated significant turbulence and uncertainty across global equity landscapes.
September was also marked by notable industry contractions, most prominently exemplified by the closure of Eisler Capital. The London-based multistrategy firm, created by veteran banker and former Goldman Sachs executive Ed Eisler, terminated operations after a particularly difficult year. The firm had been grappling with lackluster performance, reportedly enduring losses through August, and found itself unable to compete effectively in the relentless and expensive competition for financial talent that defines this corner of the hedge fund industry. Bloomberg reported that these intertwined challenges of sustained underperformance and escalating costs ultimately proved insurmountable.
When approached for commentary, the firms mentioned in this report declined to provide statements, leaving industry observers reliant on secondary sources and insiders for insight. It is expected that more detailed performance metrics from a wider range of firms will continue to emerge over the coming weeks, allowing for a richer and more comprehensive picture of hedge fund performance during this period.
Sourse: https://www.businessinsider.com/september-hedge-funds-performance-citadel-balyasny-2025-10
