“多策略对冲基金”两巨头Citadel和千禧年2025年回报略超10%，不及更小规模同行

Core Insights - Millennium and Citadel delivered slightly over 10% returns for investors in 2025, underperforming several smaller peers in the multi-strategy hedge fund sector [1] - The performance divergence highlights a changing competitive landscape within the multi-strategy hedge fund industry, with smaller firms showing stronger returns [1][2] Performance Overview - Millennium achieved a return of 10.5%, while Citadel recorded 10.2% for the year, rebounding after a brief loss in the first half due to market volatility caused by Trump's tariff policies [1][2] - Smaller multi-strategy hedge fund ExodusPoint led with an 18% return, followed by Schonfeld's flagship fund at 12.5%, significantly outperforming the larger firms [1][2] Market Conditions - The recovery of Millennium and Citadel was supported by stable returns in the second half of the year, aided by improved market conditions as Trump rolled back aggressive tariff measures [2] - The S&P 500 and FTSE 100 indices rose by 16.5% and 21.5% respectively in 2025, creating a favorable trading environment for multi-strategy funds [2] Multi-Strategy Fund Dynamics - Multi-strategy hedge funds have risen to the top of the industry over the past decade, relying on strict central risk management and high leverage [3] - These funds typically enforce discipline by quickly exiting losing positions, which contributes to their ability to deliver consistent returns [3] Cost Structure - The multi-strategy model comes with a higher cost structure, charging investors more than traditional hedge funds and passing on expenses related to bonuses and client entertainment [4] - Despite the higher costs, this model has generally provided stable performance over the past decade, meeting the demand for steady returns from large institutional investors [4]