Ken Griffin’s Citadel, which has a total value of $63 billion, experienced a slight setback in May, according to sources who spoke with Business Insider. The firm lost 0.8% during the month, in contrast to several rivals who saw positive results last month. On the other hand, Schonfeld’s flagship fund is leading in returns this year among major multistrategy managers.
The loss experienced by Citadel brought its 2024 returns to 7% by the end of May. Comparatively, the S&P 500 index rose by more than 11% this year due to a nearly 5% increase in May driven by megacap stocks such as Nvidia.
Citadel’s competitors had a better month in terms of performance, especially Schonfeld, a firm based in New York that was previously at the risk of being taken over by Millennium. Schonfeld’s flagship fund saw an 8.2% increase in returns during the first five months of 2024, with a 1.3% gain in May alone. Sculptor Capital also saw positive results, with its multi-strategy fund gaining 1.2% in May and a 6.8% return for the year so far.
While Point72 and Millennium had returns of 1% and 0.8% in May, respectively, bringing their 2024 gains to 6.9% and 5.8%, Michael Gelband’s ExodusPoint fund saw a 0.9% return last month. Despite trailing behind its largest multi-strategy rivals for the year, the New York-based ExodusPoint fund has rebounded from a tough April and is up by 2.9% through May this year. The firms mentioned in this report either declined to comment or did not respond to requests for comment.