Artificial intelligence spikes and sell-offs, market-rattling tariffs from the world’s largest economy, mysterious quant losses — hedge funds battled a lot in 2025.
When the dust settled, the biggest names in the $5 trillion industry posted strong numbers last year.
Michael Gelband’s ExodusPoint, which was the largest launch in industry history in 2018, had its best year on record, a person close to the New York-based manager told Business Insider. The firm was up 18% for the year after posting a 2.1% return in December.
Balyasny, Dmitry Balyasny’s $31 billion manager, made 16.7% in 2025, a person familiar with the firm’s returns said. D.E. Shaw’s flagship multistrategy fund, Composite, was up 18.5%.
These funds, along with Ari Glass’s Boothbay and AQR’s $6.8 billion multistrategy Apex fund, bested the S&P 500’s 16.4% gain on the year, and many managers put up returns in the mid-teens that only slightly trailed the index.
Some of the industry’s biggest firms have lagged smaller peers throughout last year, as Business Insider reported. Izzy Englander’s $83.5 billion Millennium, for example, was up 10.5% in 2025, following a 1.9% gain last month, according to a person close to the manager.
The managers in the table below declined to comment. Returns will be added as they are learned.
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