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Bailey McCann, Opalesque New York:

Hedge funds delivered their highest annual return since the start of the decade in 2024, according to new data from Citco.

Hedge funds administered by Citco achieved a weighted average return of 15.7%, the highest since 2020's 18.3% weighted average return.

Equities were once again the top performing strategy group, with a weighted average return of 20.2%, just ahead of Global Macro funds at 19.5%. Multi-Strategy funds also achieved double-digit returns, at 13.3% for the year. Event Driven funds were next at 8.4%, while Fixed Income Arbitrage strategies came in at 7.3%. Only Commodity strategies were negative in 2024, with a weighted average return of -1.3%, making it two consecutive years of negative returns.

In total, 82% of funds achieved a positive annual return in 2024, up marginally from 2023's tally of 80%. Meanwhile, the divergence between the best and worst performing funds was similar to last year, with the rate of return spread between the top and bottom 10% of funds coming in at 37.9%, just above the 36.8% seen in 2023.

On an assets under administration (AUA) basis it was another positive year for all categories. The largest funds with more than $3B of AUA had the highest weighted average return, at 16.8% for the year, closely followed by the $1B-$3B of AUA grouping at 16.6%. Continuing in descending order of fund size, the $500M-$1B of AUA category had a weighted average return of 12.8%, followed by funds w......................

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