Bridgewater, D.E. Shaw among top hedge fund gainers of 2025

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Bridgewater Associates’ flagship money pool posted record gains, while D.E. Shaw & Co.’s strategies soared as much as 28% to rank among the biggest hedge fund winners of 2025 when tariff-fueled market uncertainty presented a fertile hunting ground for traders.

Bridgewater’s Pure Alpha II macro fund returned 34% last year, its best ever, while the All Weather strategy rose 20%, a person with knowledge of the matter said, asking not to be identified discussing private information. D.E. Shaw’s flagship multistrategy Composite hedge fund gained18.5% and Oculus made an estimated 28.2%.

Michel Massoud’s event-driven Melqart Opportunities Fund surged 45%, another person said. Millennium Management, the $83.5 billion multistrategy hedge fund firm, gained 10.5% last year. ExodusPoint, which has been building out its equities group to complement its fixed-income operations led by co-founder Michael Gelband, gained 18%, the most since its founding in 2017. The firm manages about $12 billion.

Citadel’s flagship hedge fund posted a 10.2% increase in 2025, according to a person familiar with the matter, who asked not to be identified citing private information. It was the first year that Millennium outperformed Citadel’s Wellington fund since 2020.