Liquid Alternatives News

UBP’s Alternative Investment Solutions group is forecasting a favourable environment for alpha generation across hedge fund strategies for the rest of 2025, but warns that persistent macroeconomic volatility and policy uncertainty will require robust risk management and selectivity.

Hedge funds delivered mixed results in April, with equity hedge strategies leading the way as they navigated a month marked by historic market volatility and sharp swings in investor sentiment, according to data from Hedge Fund Research (HFR).

Millennium Management, one of the world’s largest multi-strategy hedge funds, is exploring a potential minority stake sale in its management company and is in discussions with Goldman Sachs’ Petershill Partners to assist in the process, according to a Financial Times report.

Haidar Capital Management’s flagship Jupiter Fund posted a 25% loss in April, marking one of the worst monthly performances in its more than two-decade history, as macro volatility tied to President Donald Trump’s renewed trade war rattled global markets, according to a report by Bloomberg.

Hedge funds are retooling one of last year’s most popular options strategies – index dispersion trades – as market turbulence and macroeconomic uncertainty reshape the volatility landscape, according to a report by Bloomberg.

Bill Ackman is taking a major step toward transforming his Pershing Square Capital Management hedge fund firm into a diversified holding company by upping his stake in real estate developer Howard Hughes Holdings (HHH) to 46.9% with an additional $900m investment in the business, according to a report by Reuters.

David Einhorn’s Greenlight Capital posted a 3.4% gain in April, capitalising on market volatility to extend its year-to-date performance to 11.9% and placing the fund among the top-performing long-short equity managers so far in 2025, according to a report by Institutional Investor.

Heightened market volatility following the Trump administration’s tariff escalation earlier this month triggered a sharp rise in derivatives margin calls, placing acute liquidity strain on hedge funds and other leveraged investors, according to a report by Reuters.

Hedge funds are broadly pulling back from high-conviction trades across asset classes — with one notable exception – a growing appetite for shorting US equities, according to a report by Bloomberg citing data from hedge fund replication firm Unlimited.

Despite a turbulent April marked by geopolitical uncertainty and shifting trade policy, some of the world’s largest multi-strategy hedge funds emerged with positive returns, with ExodusPoint leading the way with a 2.8% gain for the month, according to a report by Business Insider.

Hedge funds offloaded European equities at the fastest pace in a decade during March and April, driven by escalating trade tensions and a strengthening euro, according to a a report by Reuters citing a recent note from Goldman Sachs.