Despite market gyrations and U.S. trade policy uncertainty, hedge funds delivered positive results in the first half of 2025, according to a new report from Goldman Sachs and sources familiar with fund performance.
📈 Key Highlights (H1 2025):
Stock-picking hedge funds: +3% in June, +6% YTD
Systematic equity funds: −0.68% in June, but still +11.91% YTD
S&P 500 and Nasdaq: Closed June at record highs
💼 Top Performers:
Bridgewater Associates:
Pure Alpha 18% Volatility: +17% H1
Asia Total Return: +18% H1
Pure Alpha: +11.3% H1
Marshall Wace:
Market Neutral TOPS: +0.38% June, +11.23% H1
Eureka Fund: +5.34% June, +4.47% H1
Man Group AHL Alpha: +3.15% June, +7.78% H1
Balyasny: +2.4% June, +7.3% H1
Dymon Asia Multi-Strategy: +2% June, +10.1% H1
Schonfeld Strategic Partners: +1.1% June, +6% H1
Millennium Management: +1.7% June, +2.2% H1
📉 Sector Pains:
Health care stocks dragged performance
Systematic funds faced their first monthly loss in 8 months due to consumer discretionary weakness and crowded short positions
💬 Tailwinds for stock-pickers included strength in tech and volatility-based strategies. Despite setbacks, most major funds remain in positive territory heading into H2.
📊 The results show resilience in active strategies navigating a volatile macro landscape — from AI-driven trading to diversified multi-strategy platforms.
