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- Multistrategy hedge funds were mostly positive in September.
- Managers like Balyasny and ExodusPoint added to their gains for the year.
- The stock market rose 3.5% in September, marking another strong month for the S&P 500.
Well-known hedge funds, including Balyasny and ExodusPoint, made money last month, building on their gains as they enter the last quarter of 2025.
Dmitry Balyasny’s eponymous firm returned 1.3% in September, boosting its 2025 returns to 10%, a person close to the manager said.
Michael Gelband’s ExodusPoint continued its strong year with a 2% gain in September, according to an individual familiar with the New York-based asset manager. It’s now up 12.3% for 2025.
These monthly returns trail the overall market; however, as US markets continue to trend up. The S&P 500 returned 3.5% in September and is now up nearly 14% in 2025 — a shocking reversal after the market turbulence following the initial rollout of President Donald Trump’s tariffs in the spring.
Last month also saw the closure of Eisler Capital, the London-based multistrategy firm founded by former Goldman Sachs bigwig Ed Eisler. The firm had struggled with performance this year, losing money through August, and could not keep up with the expensive talent war that has been raging for years among this segment of the industry, according to Bloomberg.
The firms mentioned declined to comment. More performance figures will be added to the table as they are learned.
Correction: October 1, 2025 — An earlier version of this story included an unconfirmed early performance number for Citadel. It has been removed.
