Hedge funds' 2025 report card: How Citadel, Point72, and Millennium stack up against smaller rivals

Big-name hedge funds mostly had strong years, led by managers such as Michael Gelband's ExodusPoint and D.E. Shaw. It was a choppy year for funds, which battled markets strained by geopolitical stress from tariffs and international conflicts. Most funds still trailed the S&P 500's 16.4% return on the year, however. Artificial intelligence spikes and sell-offs, market-rattling tariffs from the world's largest economy, mysterious quant losses — hedge funds battled a lot in 2025. When the dust settle ...