Some of the world’s largest multi-strategy hedge funds finished the first half of 2025 in positive territory despite a turbulent macro backdrop marked by U.S. trade tariffs and heightened Middle-East tensions. Citadel, which manages about $66 billion, reported gains across all four of its core approaches. The flagship Wellington fund advanced 2.5% in the six months to June, while its tactical trading vehicle rose 6.1%. Fundamental equity and global fixed-income strategies added 3.1% and 5% respectively, according to people familiar with the returns. Cliff Asness’s AQR Capital Management also recorded double-digit gains across a number of portfolios, outpacing the broader market. Smaller multistrategy peers showed stronger momentum: Michael Gelband’s ExodusPoint Capital is up 9.3% year-to-date and Dmitry Balyasny’s firm gained 7.3% over the same period. The performance contrasts with the volatile first quarter, when President Donald Trump’s 145% tariff on Chinese goods and the Israel-Iran conflict rattled global equities. The S&P 500 has since recovered, rising roughly 5.7% this year, providing a tail-wind for managers who navigated the swings successfully.