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Throughout October, the global hedge fund landscape experienced a month that could best be described as far more rewarding than treacherous — an interval marked by gains rather than setbacks for the largest and most sophisticated investment firms. Despite a brief surge in market turbulence, volatility only reached a peak reminiscent of levels last witnessed during the spring introduction of President Donald Trump’s tariff measures. Fortunately for investors and fund managers alike, that unease proved fleeting: confidence quickly rebounded once the United States and China reached a long-anticipated accord on trade relations, easing tensions that had previously rattled global markets.
Within this turbulent yet ultimately favorable environment, the dominant players of the roughly $5 trillion hedge fund sector concluded the month with broadly positive outcomes. Still, while they managed to generate solid returns, very few succeeded in matching, let alone surpassing, the formidable performance of the S&P 500 index — a benchmark that continues to test the prowess of even the most accomplished asset managers in the world.
Izzy Englander’s Millennium Management, which oversees approximately $79 billion in assets under management, posted a gain of 1.5% during October, according to an individual familiar with the firm’s performance. This monthly increase pushed Millennium’s cumulative 2025 returns to an impressive 7.6%, reinforcing its reputation for achieving steady growth across different market cycles through its diversified multi-strategy approach.
Similarly, Dmitry Balyasny’s eponymous investment firm, managing around $29.5 billion, recorded an even stronger monthly advance of 2.4%, according to a source close to the company. This pushed the fund’s year-to-date appreciation to 12.5%, a figure that underscores both operational discipline and the capacity of its traders to capitalize on favorable market dislocations. Meanwhile, Michael Gelband’s New York–headquartered ExodusPoint Capital Management continued to build on what has already been a robust year. Another month of positive performance brought its 2025 gains to 14.2%, according to a person familiar with the firm’s results, confirming its continued momentum and the success of its data-driven strategies.
The broader equity market, led by the S&P 500, simultaneously reached fresh record highs after advancing 2.3% in October. This progress was largely fueled by exceptional corporate earnings among many of the world’s largest public companies. A review by the London Stock Exchange Group revealed that approximately 83% of S&P 500 constituents reporting earnings in the fourth quarter had exceeded analyst expectations — a testament to the underlying strength and profitability of the U.S. corporate sector despite lingering global uncertainty. For the year to date, the S&P 500’s performance remained remarkable, having accumulated gains exceeding 16%, thereby setting a demanding benchmark for active managers attempting to outperform the index.
Even so, the hedge fund industry as a whole appears to be positioned favorably as the year draws closer to its end. Citco, one of the world’s foremost fund administrators, which oversees trillions of dollars in assets under administration, recently noted in an internal report that 2025 is on a trajectory to become the strongest year for hedge fund performance since 2020 — a period that itself marked a significant rebound after years of uneven returns. The assessment suggests that, while performance dispersion remains wide across various strategies, the general tone of the market remains cautiously optimistic.
A comprehensive table tracking individual fund performance will continue to be updated as verified returns become available from additional managers. For now, the leading firms mentioned in this report have declined public comment, maintaining the discretion typical of an industry that thrives on both performance and confidentiality.
Sourse: https://www.businessinsider.com/october-hedge-fund-performance-millennium-balyasny-2025-11
