The multi-manager hedge fund sector is experiencing a downturn, with over $30 billion in client withdrawals in the year ending June 2024, marking the first outflows in seven years. While larger firms like Citadel and Millennium thrived, smaller players struggled with minimal gains, and rising fees deterred investor interest. Despite this, a long-term performance record shows multi-manager funds outperforming traditional hedge funds, suggesting potential for recovery if returns improve.
The largest hedge funds capitalized on trading opportunities following Donald Trump's reelection in November, positioning the industry for its best returns in four years. Balyasny Asset Management reported a 3.9% gain for the month, boosting its year-to-date performance to 11.6%.
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