*

Macro outperforms in volatile markets

*

Multi-strategy funds mixed

*

Stock pickers struggle as markets drop in March

(Updates with wider hedge fund results for February)

By Nell Mackenzie

LONDON, March 10 (Reuters) - Macro hedge funds taking

advantage of volatile markets have enjoyed outsized results so

far in 2025, while stock picking and multi-strategy funds have

produced mixed returns.

Numbers from hedge fund research firm PivotalPath show that

the broader hedge fund industry is up 1.3% this year, but some

funds which trade on macroeconomic signals have delivered

returns far higher.

Hedge fund EDL Capital, which trades assets such as

currencies and bonds based on global macroeconomic outlooks, has

returned nearly 17% from the start of the year to March 7, a

source with knowledge of the matter told Reuters on Monday.

The $1.3 billion fund run by star trader Edouard de

Langlade, previously at Moore Capital, finished February up 5.9%

bringing its year-to-date performance to 6.7% at that time, said

the source.

But the fund then returned another 10% in a so far volatile

March. Last week, German 10-year bonds suffered

their largest weekly sell-off since 1990 and the euro

jumped by the most since March 2009 as Germany moved to step up

defence and infrastructure spending, while the S&P 500

saw its biggest weekly fall in six months as concerns about the

U.S. economic outlook grew.

Macro hedge funds returned on average 2.3% to the end of

February, according to PivotalPath.

Hedge fund Rokos Capital Management's return on investment

was down 0.29% over the first 21 days of February but up 0.57%

for 2025 so far, a source with knowledge of the matter said.

Rokos declined to comment.

British financier Andrew Law's macro fund Caxton returned 4%

in February, bringing gains for the first two months of the year

to 7%, said another source with knowledge of the matter on

Friday. Caxton did not immediately respond to requests for

comment.

STRUGGLES

Stock picking hedge funds struggled in February and the

trend has continued in March.

Hedge funds were caught in crowded trades that sold off last

week, with global stock pickers giving up half of their gains

this year so far. Global fundamental stock pickers ended the

week with a 1% average return on the year so far, Goldman Sachs

said in a note sent to clients on Thursday.

U.S. stock pickers finished down 1.4% amid last week's

selloff, taking their year-to-date performance to negative 0.5%,

the note said.

Hedge funds that employ different kinds of trading

strategies also had "a challenging day", Goldman data showed.

This kind of hedge fund, which for the last three years has

produced consistently positive returns, has lost money on 18 out

of 29 days since January 27, said Goldman.

February left some of the biggest of these funds with mixed

returns for the year so far.

D.E. Shaw's Oculus Fund returned a negative 4.3%, taking its

year to negative 2.8% so far, a source said. D.E. Shaw declined

to comment.

Millennium Management, which has roughly $75 billion of

assets under management, was down 1.3% in February taking

year-to-date returns to a negative 0.8%, said sources with

knowledge of the matter.

Citadel was down 1.7% in February, leaving the $66 billion

firm 0.3% lower for the year to date.

Balyasny's February return was up 0.9%, with the $24 billion

firm up 3.5% so far this year. Balyasny, Citadel and

Millennium's results were first reported by Bloomberg.

Hedge fund February YTD so far

Millennium Management -1.3% -0.8%

D.E. Shaw Oculus Fund -4.3% -2.8%

Balyasny 0.9% 3.5%

Citadel -1.7% -0.3%

EDL Capital 5.9% 16.7%*

Rokos Capital Management -0.29% 0.57%

Caxton 4% 7%

CFM Discus 3.92% 7.87%

CFM Stratus 1.83% 4.45%

AQR Apex 2.8% 5.4%

* Estimate of returns as of March 7