Millennium Management Outpaces Hedge Fund Industry but Trails US Stock Market

Izzy Englander’s Millennium Management gained 15 percent last year, beating the wider hedge fund industry but lagging a soaring US stock market. The firm, which manages $72.1bn across more than 320 investment teams, made 2.5 percent last month, according to investors. Millennium looks to have outpaced the performance of the wider $4.5tn hedge fund industry last year. Hedge funds on average gained 2.4 percent in November and are up 10.

2 percent in the first 11 months of 2024, according to Hedge Fund Research. The data provider has not yet published figures for December. Last year, the S&P 500 index of US blue-chip companies rose 23.3 percent, on the back of big gains for a handful of tech companies. Alongside Ken Griffin’s Citadel, Millennium — which Englander founded in 1989 with assets of $35mn — is a pioneer of the multi-manager hedge fund model. These funds trade a wide range of strategies across equities, fixed income, commodities, currencies and other markets. Millennium declined to comment. Sometimes known as platforms or pod shops, multi-managers typically employ a centralised risk system designed to prevent big losses. The sector has become the most popular segment of the global hedge fund industry, with its promise of consistent returns with low volatility, regardless of market swings, resonating with clients such as pension funds and sovereign wealth funds. Multi-managers were up 6.8 percent in the first 11 months of last year, according to HFR. Industry gains last year were led by equity-focused hedge funds, which were up 3.1 percent in November and 13.1 percent in the first 11 months of the year. Performance in November was driven by Donald Trump’s US presidential election victory, as managers and investors positioned themselves for more business-friendly policies from the incoming administration. Meanwhile D.

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