Hedge Funds

Hedge funds in first half of 2025: Humans beat machines

Discretionary portfolio managers outpaced systematic strategies in the first six months

Quant and trend-following hedge funds suffered losses during April’s volatility, while human-led macro and stock picking strategies did well
Quant and trend-following hedge funds suffered losses during April’s volatility, while human-led macro and stock picking strategies did well Photo: Andia/Universal Images Group via Getty Images

Chris Hohn, Chris Rokos and Rob Citrone’s hedge funds posted double-digit gains in the first half amid market volatility that pushed some systematic and trend-following strategies into deep losses.

Global markets suffered extreme volatility in the first six months of the year, which was driven by US president Donald Trump’s tariff announcement on 2 April.

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