Citadel’s flagship Wellington fund gained 1.7% in October, making it one of the few large multistrategy managers to finish the month in positive territory.

The gain lifts the Miami-based firm’s year-to-date return to 15.3%, according to a person familiar with the matter. That puts Citadel, which manages $77bn, ahead of its multistrategy peers so far this year.

The performance came during one of the hedge fund industry’s broadest downturns since the pandemic. A technology sell-off, turmoil in sovereign bond markets and election-driven currency swings caught out crowded positions across equity, credit and macro strategies, while the S&P 500 fell almost 1%.

Multistrategy platforms are built to weather choppy markets through diversification and tight risk controls, but many of Citadel’s rivals still ended the month in the red. Millennium Management’s flagship fund fell 2.3%, ExodusPoint lost 2.4% and Dymon Multistrategy declined 1.8%, according to Bloomberg. Marshall Wace’s Eureka strategy fell 5.4%.

Millennium has also pulled $1.5bn of external investments from Axebrook and Troluce Capital following losses at both firms, Bloomberg reported.

October has not been without disruption for Citadel. A handful of people have left its London business, according to eFinancialCareers, some of them in September before the month’s losses. Citadel declined to comment on the departures.

Among the month’s other notable winners was quantitative manager Quantedge, which gained 7.2%, bringing its return for 2026 to 60%.