Citadel, ExodusPoint, Schonfeld end rollercoaster April with gains

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Multi-strategy funds return between 0.5% and over 3% April returns 
  
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Stock pickers mostly flat for the year so far after deleveraging 
  
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CTAs struggle in choppy markets
  
 
(Adds performance from Balyasny, 36 South, Transtrend) 
NEW YORK/LONDON, May 2 (Reuters) - The biggest multi-strategy hedge funds posted positive returns while stock 
pickers and trend funds suffered in a tumultuous April, when 
equities, bonds, currencies and commodities endured wild swings 
triggered by U.S. tariff announcements. 
Michael Gelband's ExodusPoint gained 2.83% last month, while Citadel's flagship fund was up 1.3% and Schonfeld's Strategic 
Partners rose 1.1%, according to sources. 
 
Man Group's multi-strategy fund also finished April up 0.52%, according to its website, while AQR Apex Strategy fell 
0.7%, a person familiar with the matter said. 
All five funds are in the multi-strategy category, which 
is able to trade across asset classes and geographies through 
many small investment teams within the firms. 
Other Citadel funds also posted positive performances last month. The tactical trading fund rose 1.9%, while the global 
equities fund gained 2.2%, and the global fixed income fund rose 
1.2%, a source said. 
Outside the multi-strategy category, David Einhorn's fund Greenlight Capital posted a 3.4% gain in April and is now up 
11.9% for the year. 
A broader universe of stock trading hedge funds saw more 
modest returns. Stock pickers were up 0.97% for April and 0.48% 
for 2025 so far, said a Goldman Sachs note to clients on 
Thursday, seen by Reuters on Friday. 
Hedge funds that were able to take advantage of 
short-term market moves fared better than those that tend to 
operate in more crowded trades, Goldman said. 
Eight of 11 stock sectors including tech and upscale consumer product companies were sold during April, which saw 
Wall Street's so-called fear gauge on April 7 hit its 
highest levels since the global pandemic in March 2020. 
Several hedge funds fled positions, selling stock holdings in North America and Europe, the Goldman note said. 
"Persistent uncertainty (particularly when it comes to trade and tariffs), in combination with increasing fundamental doubts 
creeping in for large cap tech and heavy positioning entering 
the year," led to riskier markets, said Bernie Ahkong, chief 
investment officer at hedge fund UBS O'Connor in a letter to 
clients. 
This led to a "broad de-leveraging within the U.S. equity long/short community," he added. 
Commodity Trading Advisors that find trends in assets like commodities, currencies and bond trades via algorithms were 
whipsawed and returned a negative 4.47% result, showed data that 
tracked these funds from Societe Generale. The index has only 
had six other months with lower results since 1999. 
Funds like Transtrend were down 1.17% for the month and over 15% for the year so far, its website said. AQR's Helix, another 
trend-following fund, gained 3.7% last month, said a source. Funds trading systematically, a wider universe of hedge 
fund strategies including trend funds and short-term algorithmic 
traders, returned 0.55% in April and were up 11.77% for the 
year. 
Volatility managers that take bullish bets via options on market choppiness did well, like the $2 billion hedge fund, 36 
South, which returned roughly 6% in April and is up around 11% 
for the year. The fund declined to comment. 
The S&P 500 ended April down 0.76%.  
See below some hedge funds performances in April:  
 
 
 
 
Fund                          Performance    YTD 
ExodusPoint                   2.83%          6.40% 
Citadel Wellington            1.3% 
Schonfeld Strategic Partners  1.1%           3.24% 
Man Strategies 1783           0.52%          4.1% 
Greenlight Capital            3.4%           11.9% 
Citadel Tactical Trading      1.9% 
Citadel Global Equities       2.2% 
Citadel Global Fixed Income   1.2% 
Balyasny                      0.9%           3.4% 
AQR Apex                      -0.7%          8.1% 
AQR Helix                     3.7%           6.8% 
AQR Delphi                    3.2%           12.1% 
AQR Managed Futures Full      -1.4%          6.6% 
Volatility 
Transtrend DTP                -1.17%         -15.43% 
36 South*                     6%             13% 
*through April 25