- Hedge funds surged in April thanks to a bounce back in equity markets.
- After a rough March put many managers in the red for the year, a strong April wiped out funds' losses.
- Few funds will be able to match the more than 10% gain by the S&P 500 last month.
It's too early to say whether April's market bounce back is a sign of things to come for the rest of 2026 or just the eye of a turbulent storm, but hedge funds will take it either way.
After a rough March when many different hedge fund styles suffered losses, April helped the industry's biggest names get back to their winning ways.
Izzy Englander's Millennium Management returned 2.7% in April, bringing the $84.2 billion hedge fund's gains to 3.6% for the year so far, a person close to the firm told Business Insider.
Citadel, Ken Griffin's $67 billion manager, was up 1.4% in its flagship Wellington fund in April and now is up 2.4% for 2026, a person close to the Miami-based firm said. The firm's Tactical Trading fund, which blends its fundamental stockpicking strategies with its computer-run ones, was up 2.8% in April, bringing its year to date performance to 8.3%.
Michael Gelband's ExodusPoint gained 4% in April and is once again positive for the year. $19 billion Schonfeld, which avoided serious losses in March, posted a 2.5% return last month in its flagship Partners fund.
Multistrategy managers like those mentioned above trade different asset classes around the world and are known for the tight risk limits as much as their investing prowess. Because of these factors, this subset of funds doesn't lose as much when stocks tank — as evidenced in March — but also doesn't jump as quickly when equities rally.
While more concentrated funds may have had banner months, these managers did not come close to matching the S&P 500 index's more than 10% gain in April. The index is now up over 5% for the year.
The managers mentioned declined to comment. More performance figures will be added to the table below when they are learned.
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