In May, Ken Griffin’s $63 billion Citadel reported a loss of 0.8%, according to sources who spoke with Business Insider. This setback came at a time when many of the firm’s rivals were reporting positive returns for the month. Among these competitors, Schonfeld’s flagship fund was leading the way in terms of returns for the year among major multistrategy managers.
The Citadel machine experienced a slight malfunction last month. The Miami-based hedge fund, recognized as one of the most profitable hedge funds of all time by LCH Investments, reported a loss of 0.8% in its flagship Wellington fund through May. This brought its 2024 returns to 7%, while the S&P 500 has seen more than 11% growth this year, largely driven by a 5% surge in May from megacap stocks like Nvidia.
Citadel’s rivals fared better in May, with Schonfeld in particular experiencing a strong month. The New York-based firm’s flagship fund saw an 8.2% increase in returns through the first five months of 2024, thanks to a 1.3% gain in May. Sculptor Capital also reported a strong 1.2% gain in its multi-strategy fund for May, with a year-to-date return of 6.8%. Point72 and Millennium returned 1% and 0.8% respectively in May, bringing their 2024 gains to 6.9% and 5.8%.
ExodusPoint, managed by Michael Gelband, has been trailing its largest multi-strategy rivals for the year but showed improvement with a
