Some of the world’s largest hedge funds, including Ken Griffin’s Citadel and Izzy Englander’s Millennium, suffered losses in February as geopolitical uncertainty and shifting trade policies rattled markets, according to a report by Business Insider.

The report cites unnamed sources familiar with the matter as highlighting that the month’s turbulence was driven in part by US trade policy concerns, with investor sentiment shaken by fluctuating economic indicators and uncertainty over global trade relations.

Despite a late-month rebound, the S&P 500 ended February down 1.4%, bringing its year-to-date gain to just 1.2%.

While Citadel and Millennium struggled, some of their multistrategy rivals managed to navigate the volatility successfully, with Balyasny posting a 0.9% gain, continuing its equities team expansion, and ExodusPoint, led by Michael Gelband, returned 0.7%.

Verition, meanwhile, another fast-growing multi-manager fund, gained 0.6%, while London-based LMR Partners rose 1%, bringing its 2025 performance to 1.8%, and Cliff Asness’ $3bn Apex strategy led the pack, with a 2-8% return.