Bridgewater, D.E. Shaw amongst prime hedge fund gainers of 2025

Bridgewater’s Pure Alpha II macro fund returned 34% final yr, its finest ever, whereas the All Climate technique rose 20%, an individual with data of the matter mentioned, asking to not be recognized discussing non-public data. D.E. Shaw’s flagship multistrategy Composite hedge fund gained18.5% and Oculus made an estimated 28.2%. 

Michel Massoud’s event-driven Melqart Alternatives Fund surged 45%, one other particular person mentioned. Millennium Administration, the $83.5 billion multistrategy hedge fund agency, gained 10.5% final yr. ExodusPoint, which has been constructing out its equities group to enhance its fixed-income operations led by co-founder Michael Gelband, gained 18%, essentially the most since its founding in 2017. The agency manages about $12 billion.

Citadel’s flagship hedge fund posted a ten.2% improve in 2025, in accordance with an individual conversant in the matter, who requested to not be recognized citing non-public data. It was the primary yr that Millennium outperformed Citadel’s Wellington fund since 2020.

Learn Extra: Citadel’s Flagship Hedge Fund Climbed 10.2% Final 12 months 

The preliminary estimates present hedge funds total posted sturdy features with trade returns on observe to be the most effective in a minimum of 5 years as surging US shares, valuable metals and volatility in bond and forex markets spurred by President Donald Trump’s commerce wars helped. 

Bridgewater, the 50-year-old agency, posted double-digit returns throughout methods. The cash supervisor has been in reboot mode since Nir Bar Dea turned sole chief government officer in 2023 and made sweeping personnel adjustments and minimize property in a bid to spice up efficiency. Westport, Connecticut-based Bridgewater’s billionaire founder, Ray Dalio, has utterly exited the agency, promoting his remaining stake and stepping down from the board final yr.

Bridgewater’s Pure Alpha II fund’s features final yr signify a rebound from annualized returns of lower than 3% between 2012 and 2024, Bloomberg has beforehand reported. The agency’s AIA Labs fund that makes use of machine studying as the first foundation of its decision-making, has raised greater than $5 billion and was up 11% final yr, the particular person added.

On the planet of quantitative investing, AQR Capital Administration’s multistrategy providing returned 19.6% in 2025, in accordance with an individual conversant in the matter who declined to be recognized as the knowledge is non-public.

Learn Extra: AQR’s Multistrategy Apex Positive aspects 19.6% in Turbulent Quant 12 months

Right here’s how different hedge funds fared final yr based mostly on preliminary estimates:

A consultant for Bridgewater, which managed $92 billion as of September, declined to remark. Massoud, who manages about $1.4 billion, in addition to representatives for the hedge funds talked about within the desk declined to remark.