Multi-strategy hedge funds had mixed results for a mad March. Here’s how Citadel, Millennium, and Point72 did.

• Multi-strategy hedge funds had a mixed March after the Silicon Valley Bank collapse put markets on edge.
• The Citadel Wellington fund ended the month up 1.38%, while Steve Cohen’s Point72 was up 1.33%. 
• Izzy Englander’s Millennium lost 0.15% over the month but is up roughly 0.40% for the quarter. 

Multi-strategy mavens got through a volatile March relatively unscathed. 

While the collapse of Silicon Valley Bank hit some hedge fund managers, firms that offer exposure to a diverse array of asset classes and strategies recorded small gains and low losses.

Billionaire Ken Griffin’s Citadel’s flagship Wellington fund again outpaced its rivals with a 1.38% gain in March, bringing its year-to-date performance to 4.19%, according to people familiar with the fund’s performance. Point72 Asset Management was close behind. Steve Cohen’s fund delivered 1.33% in March, sources told Insider.

Other multi-strategy players were flat or saw small dips in their performance in March. Representatives for the firms declined to comment.

Citadel, which earned a record $16 billion profit in 2022, reported gains across its other core strategies as well. 

• The tactical trading fund reported a 2.18% return in March and generated 5.46% year-to-date.
• Equities was up 2.16% in March, bringing year-to-date performance to 4.56%.
• Its global fixed income fund returned 0.12% in March, bringing year-to-date performance to 1.77%. 

Hedge fund performance figures are still trickling out, but data and reports suggest that trend-following and macro funds were caught out after the banking crisis rocked markets. Societe Generale’s CTA index, which tracks 20 of the largest trend-following funds, dropped 6.48% in March.

According to Bloomberg, London-based Rokos Capital Management wrote to investors saying that it was cutting some risky bets after its macro hedge fund lost 15.3% this month through March 17.  

The S&P 500 ended the month with a 3.5% gain despite the biggest bank failures since the 2008 crisis and the Federal Reserve pushing forward with its aggressive interest-rate increases.