March has not been a victory lap for some of the biggest names in the hedge fund world. Instead, it is been a humbling reminder that even the most sophisticated players can get whipsawed by the markets. The pain did not start this month, either, many firms were already limping from February losses, making Q1 a rough stretch across the industry.
Millennium Management posted a 1.3% loss in February, its worst monthly performance in over six years. Despite its stringent risk management protocols, volatile market conditions driven by economic growth concerns and tariff policies proved to be a formidable challenge.
Ken Griffin’s Citadel also struggled, with its performance hit by market swings stemming from trade policy uncertainty and weakening consumer confidence. While exact figures were not disclosed, the firm’s difficulties mirrored broader industry trends.
Meanwhile, Brevan Howard’s flagship Master fund fell 2.93% in January, wiping out much of its 5.3% gain from 2024. The losses were tied to unsuccessful currency bets amid heightened volatility, and though February figures were not provided, performance struggles persisted into early 2025.
At the end of the day, I have great respect for the fund managers, strategists, and investors both at the biggest firms and the smallest ones who battle the same challenges daily. Meanwhile, as the giants struggled, our core multi-strategy funds in our model portfolio were quietly gaining, proving that diversification and adaptability still matter. Sometimes, small is beautiful and there is no need to stockpile canned beans if you know what I mean.
