Some of the world’s largest hedge funds finished 2024 with comfortable doubledigit returns, benefiting from chaotic markets, central bank policy changes and a tight U.S. presidential election race, Reuters reported over the weekend.
Hedge funds, which trade several different asset classes from stocks to commodities, navigated volatile markets with some degree of success.
Specifically, citing a source, the news agency said that macro hedge fund, Discovery Capital, ended 2024 up 52 per cent, after gains across equities, currencies, rates and credit, with trades in both emerging and developed countries.
In terms of sectors, the fund led by Rob Citrone, had profitable bets in financials and technology, media and telecom (TMT) for instance.
British hedge fund Marshall Wace, which manages almost $71 billion, returned doubledigit gains in several of its funds. Co-founded by British financier Paul Marshall, the firm returned around 14 per cent in its Eureka fund.
Hedge fund manager Bridgewater Associates’ flagship Pure Alpha 18 per cent volatility fund gained just over 11 per cent in 2024 through Dec. 27, according to the news agency.
Large U.S. multi-strategy firms also posted double-digit gains. Schonfeld’s flagship hedge fund Strategic Partners was up 19.7 per cent in 2024.
Citadel’s flagship fund Wellington posted a 15.1 per cent gain, while Millennium Management returned 15 per cent in 2024, Reuters also reported citing people familiar with the results.
Citadel offered clients the option to cash out Wellington’s profits. Very few clients took up the offer, with redemptions totaling only roughly $300 million out of billions in profit.
Two of D.E. Shaw’s multistrategy funds posted doubledigit returns including its flagship Composite fund, which gained 18 per cent in 2024 and its more macro-oriented fund Oculus, which posted a 36 per cent return in the same period, its best-ever annual performance.
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