From Nasdaq:

Many hedge funds struggled to perform as bond yields surged and stock market indexes outperformed in 2023. However, some tech-focused funds like SoMa Equity Partners and Coatue Management achieved double-digit gains, boosted by strong technology shares such as Meta Platforms Inc and Microsoft.

Anson Funds’ Investments Master fund and large multi-strategy firms like Millennium Management and Citadel’s Wellington Fund also surged passed bond markets with strong returns, while some firms like Schonfeld Strategic Advisors did not achieve double-digit results. Hedge funds, on average, had a 5.7% return in 2023, with equities and credit-focused strategies performing the best.

Marshall Wace, Eisler Capital, Winton Capital, Mulvaney Capital Management, and Metori Capital Management all had mixed results in different asset classes and strategies, with some achieving positive results and others experiencing negative returns. Managed futures and hedge funds trading systematic and active strategies based on macroeconomic events experienced a mixed year as well.

The $62.3 billion Marshall Wace returned 7.69% in its Market Neutral Tops fund and 4.62% in its Eureka fund. The $4 billion multi-strategy fund, Eisler Capital, posted a 9.8% positive result, while Winton Capital navigated a 5.60% positive result in its multi-strategy program and a 10.1% rise in its Diversified Macro fund. However, the $299 million Mulvaney Capital Management posted a 51.22% return, while the $680 million Metori Capital Management in Paris saw a negative 2.8% return in its Amundi Metori Epsilon Global Trends fund.

The $4 billion multi-strategy fund, Eisler Capital, posted a 9.8% positive result, while Winton Capital navigated a 5.60% positive result in its multi-strategy program and a 10.1% rise in its Diversified Macro fund.

These returns beat an average of peers in the Societe Generale Trend Index which finished down 4%, according to an investor document. Hedge funds also compete with bond market returns, which perked up in a late-2023 rally, with the Bloomberg U.S. Aggregate Bond Index rising 4.88% for the same period. Additionally, not all multi-strategy firms were able to post double-digit results, and performance was largely mixed in managed futures and hedge funds trading systematic and active strategies based on macroeconomic events.



Read more: Hedge funds navigate choppy year to deliver double-digit gains