8 September 2025, Global Investment Report

While the market rebounded from its -11% April low to end the first half up by more than 6%, the Top 50 provided a steadier ride. The group, which held flat while the market tanked, ended the first 6 months of the year up nearly 4%.

Digging deeper into the 50’s performance revealed the strength of some smaller funds. Of the ten managers that delivered at least 7% returns during this volatile six-month period, nine were managing on average $1.8 billion.

Each of these nine market-topping funds were running a different strategy with three managing less than $800 million. D.E. Shaw Composite was the only fund over $5 billion that delivered such gains.

By the end of the year, we’ll see if this distinction holds. But this finding is in sync with the survey’s broad composition, where half the Top 50 of the most consistently performing hedge funds were managing less than $1.8 billion.

See the fund tables starting on page 9.

Click here to view this article in its entirety