00:00That's those two, and I presume individual funds within those two shops.
00:04Can you give us just maybe a little bit more of the bigger picture?
00:08How did hedge funds do in general and what strategies did best?
00:12I mean, these are all very initial numbers.
00:14It's just day one of the new year, the first working day.
00:18So we still don't know many of the numbers.
00:20But looking at initial figures, it seems that 2025 proved to be a very, very strong year
00:27for some of the largest hedge funds in the world.
00:30Hedge fund as a whole, they seem to be heading to record their best return since in at least five years.
00:38And with some luck, it may be the best year since 2009 even.
00:43If they make, on an average, about one percentage point, then we are looking at returns which are best since 2009.
00:52And a lot was going in favor of some of these largest hedge funds.
00:57who are very well risk managed.
00:59You know, you had, you know, tariff and trade war that induced volatility across markets.
01:06Stocks surged.
01:07You were just talking about AI, so that definitely helped a lot of hedge funds.
01:13Then you had precious metals doing well and bond and currencies swing.
01:18So all combined to create this, like, sort of a perfect spring for hedge funds in 2025.
01:24Yeah, I don't think they should be patting themselves on the back.
01:26I mean, everybody made money seemingly in 2025 stocks, bonds, U.S., non-U.S. commodities everywhere.
01:33What strategies, Nishant, are kind of outperforming?
01:37Maybe what strategies are underperforming do we see in 2025?
01:39I mean, it's hard to say which strategy is underperforming.
01:45I mean, most of them versus their own history are doing well, but it's led by equities.
01:52Macro has done really well in most of the cases, especially the emerging market macro-focused hedge funds.
02:00They have done very, very well.
02:02Most of them are in double digits.
02:05So, yeah, I mean, and multi-strategy as well.
02:08I mean, they don't focus just on one share asset classes, but they invest across asset classes run by dozens of teams.
02:15And some of the returns that they have produced are really, really strong.
02:22Most of them are in double digits.
02:25And also, it's important to look from the lens of these macro-hedge funds and multi-strategy, which we have included in our table.
02:33They are all very large hedge funds.
02:36So, Millennium making 10% on $70-80 billion net is almost $8 billion in net profit.
02:46I mean, if you look at gross, it's double of that number.
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