Ken Griffin’s $66bn hedge fund Citadel posted a modest 2.5% gain in the first half of 2025, falling behind smaller multi-manager rivals Balyasny and ExodusPoint, which returned 7.3% and 9.3%, respectively, according to a report by the Financial Times.

Griffin admitted the firm was caught off-guard by market volatility triggered by Donald Trump's aggressive tariff policies, prompting a full portfolio review earlier this year.

The underperformance stands in contrast to Citadel’s strong 2024, when its Wellington fund delivered 15.1%, and its long-term average net return remains a standout 19.2% annually over 35 years.