- Schonfeld, Point72, and Citadel lead the way after 2024’s first half.
- Michael Gelband’s ExodusPoint made money in June, but trails its main peers.
- The S&P 500 gained close to 15% in the first half of the year.
The most well-known hedge funds in the industry have made money in 2024, but lag the overall market through the first half of the year.
Schonfeld, the $10 billion multi-manager once in danger of being subsumed by rival Millennium, is at the head of the pack, gaining 10.3% in its flagship fund after returning 1.9% in June.
Point72 and Citadel, run by billionaires Steve Cohen and Ken Griffin, respectively, are up 8.7% and 8.1%, according to people close to the firms. Millennium meanwhile returned 6.9% in the first half after a 0.9% gain in June.
These firms, which invest across asset classes and geographies, trail the overall US stock market. The S&P 500 was up roughly 15% in the first half of the year thanks to gains in megastocks like Nvidia.
Firms with less exposure to the stock market have struggled to keep pace with more equity-focused managers. Returns at managers like Dan Sundheim’s D1 Capital have benefited from gains in big-name stocks through May, while firms focused on fixed income or macro strategies, such as Brevan Howard, have struggled to keep pace over the same period.
Former Millennium exec Michael Gelband made his name leading Millennium’s fixed-income division before launching ExodusPoint in 2018. He’s built out a successful bond trading unit at his multi-manager, while equities make up a smaller portion of his firm’s returns compared to rivals.
In 2024, a person close to the manager told Business Insider that the $12 billion firm is up 3% so far after a 0.2% gain in June.
Firms mentioned either declined to comment or did not immediately respond to requests for comment.
See below for return figures. It will be updated with additional firms’ numbers as they are learned.
