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By 2023, even the best multi-strategy hedge funds will be lagging behind the broader stock market. Citadel led its peers with a 15.3% gain last year, while the S&P 500’s total return was just 26.3%.
As the first month of 2024 approaches, the $56 billion Citadel outperformed again in January, with its flagship Wellington fund up 1.9%, according to people familiar with the financial results. The multi-strategy giant tied for first place with Boothbay, the $2 billion company run by Ari Glass.
Hedge funds are part of a handful of funds to start the year ahead of the S&P, which rose 1.6% in January.
This includes Steve Cohen’s Point72 (up 1.8%) and Schoenfeld’s flagship fund, Strategic Partners Fund. Schoenfeld struggled to turn a profit for much of 2023, culminating in layoffs in November of this year and a campaign to secure a multibillion-dollar capital injection from investors. However, in the last few months of this year, business performance improved.
The lean Schoenfeld maintained its pace in January, posting an estimated 1.7% return on its flagship fund to emerge as the top fund for the year, according to people familiar with the results. Small fundamental equity funds returned 1.3%.
Here’s how other multi-strategy hedge funds performed in January:
The companies mentioned either declined to comment or did not immediately respond to requests for comment.
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