Citadel churned ahead in a painful month for hedge funds.
Ken Griffin’s $77 billion hedge fund gained 1.7% last month, a person close to the Miami-based manager said, pulling its year-to-date gains to 15.3%. That figure so far leads the way among its multistrategy peers, which are known for their ability to manage choppy markets thanks to their diversification and tight risk controls.
Despite the hyperfocus on avoiding losses, many of the industry’s biggest names struggled to stay out of the red last month as the S&P 500 index dropped nearly 1%.
Stockpickers wrestled with a market that hit an all-time high at the start of October before several tech favorites sold off. Credit investors continue to wrestle with the ripple effects of rising interest rates and an unprecedented volume of corporate paper, driven by hyperscalers’ insatiable demand for capital. And Brazil’s electoral surprise, with left-wing Luiz Inácio Lula da Silva reelected as president, threw a curveball for macro traders around the world.
The result is one of the toughest trading environments in years. Data from Goldman Sachs’ prime brokerage desk found that October 22 — when big-name tech stocks like Meta dipped and oil prices surged — was one of the worst days for hedge funds since the COVID-19 pandemic.
Izzy Englander’s Millennium Management lost 2.3% in October, a person close to the New York giant told Business Insider. The tough month put the firm’s 2026 gains at 5.7%
Michael Gelband’s ExodusPoint Capital was down 2.4% in October, bringing the firm’s 2026 returns to 1.6%. Dymon Asia fell 1.8% last month and is up just over 5% on the year now. Man Group’s 1783 fund also shed 1.8% in October, bringing its year-to-date gains to 8.9%.
Firms mentioned declined to comment. More figures will be added to the chart below when they are learned.
