Sub-billion dollar hedge funds outperformed their larger peers in a positive year for hedge fund performance overall
Hedge funds delivered positive performance across all main strategies in 2023 to end the year up 8.2% on average, latest With Intelligence data shows.
But in one of several reversals from the 2022 return map, it was sub-billion dollar funds that outperformed their larger peers last year.
Indeed, analysis of With performance data shows a similar trend of outperformance of smaller funds during recent positive years for the hedge fund industry.
Averages aside, a raft of billion-dollar funds notched up strong double-digit returns in 2023, with TCI a big winner among equities and event-driven funds, up 33%. Citadel led multi-managers, up 15%, while Discovery Capital surged 48% in the macro space.
The positive gains that billion dollar funds also achieved in 2022 stood in marked contrast to crushing losses in stocks and bonds.
