{"schema_version":1,"name":"2025 Reported Quant and Multi-Strategy Fund Returns Comparison","description":"A source-linked, completed-calendar-year comparison of reported returns for named quantitative and multi-strategy private-fund products, alongside the S&P 500 Total Return benchmark. The dataset records each product, reporting basis, source publisher, publication date, and simple percentage-point difference from the benchmark. Private-fund figures are public-reporting estimates and were not independently audited by Mavefund.","page_url":"https://mavefund.com/exploring-quantitative-hedge-funds#manager-return-title","license_url":"https://mavefund.com/terms-of-use","reporting_year":2025,"period_label":"Calendar year 2025","checked_at":"2026-08-24T06:17:04.549777Z","last_changed_at":"2026-08-18T00:00:00Z","benchmark":{"id":"sp500-total-return","name":"S&P 500 Total Return Dividends reinvested","return_percent":17.88},"methodology":"Source-reported completed-calendar-year figures are published only when the complete required cohort and total-return benchmark pass validation. The benchmark gap is simple subtraction, not alpha or a risk-adjusted result.","limitations":"Reporting and fee conventions can differ. Annual endpoints do not show volatility, leverage, liquidity, taxes, expenses, intraperiod drawdown, or survivorship effects. Private-fund figures are public-reporting estimates, were not independently audited by Mavefund, and do not predict future returns.","rows":[{"id":"bridgewater-pure-alpha-ii","manager":"Bridgewater Associates","product":"Pure Alpha II","availability":"reported","reported_return_percent":34.0,"benchmark_gap_percentage_points":16.12,"reporting_basis":"Public report; private-fund estimate","is_benchmark":false,"source_publisher":"Bloomberg","source_title":"Top hedge fund performers of 2025","source_url":"https://fortune.com/2026/01/02/top-hedge-fund-performers-2025-bridgewater-de-shaw-citadel-millennium/","source_published_at":"2026-01-02"},{"id":"citadel-wellington","manager":"Citadel","product":"Wellington","availability":"reported","reported_return_percent":10.2,"benchmark_gap_percentage_points":-7.68,"reporting_basis":"Public report; private-fund estimate","is_benchmark":false,"source_publisher":"Bloomberg","source_title":"Top hedge fund performers of 2025","source_url":"https://fortune.com/2026/01/02/top-hedge-fund-performers-2025-bridgewater-de-shaw-citadel-millennium/","source_published_at":"2026-01-02"},{"id":"de-shaw-composite","manager":"D. E. Shaw","product":"Composite","availability":"reported","reported_return_percent":18.5,"benchmark_gap_percentage_points":0.62,"reporting_basis":"Reported net return","is_benchmark":false,"source_publisher":"Reuters","source_title":"D. E. Shaw's flagship funds beat the S&P 500 in 2025","source_url":"https://www.marketscreener.com/news/d-e-shaw-s-flagship-funds-trump-market-volatility-to-beat-s-p-500-in-2025-source-says-ce7e59d9dc8ff223","source_published_at":"2026-01-02"},{"id":"de-shaw-oculus","manager":"D. E. Shaw","product":"Oculus","availability":"reported","reported_return_percent":28.2,"benchmark_gap_percentage_points":10.32,"reporting_basis":"Reported net return","is_benchmark":false,"source_publisher":"Reuters","source_title":"D. E. Shaw's flagship funds beat the S&P 500 in 2025","source_url":"https://www.marketscreener.com/news/d-e-shaw-s-flagship-funds-trump-market-volatility-to-beat-s-p-500-in-2025-source-says-ce7e59d9dc8ff223","source_published_at":"2026-01-02"},{"id":"exoduspoint-multistrategy","manager":"ExodusPoint","product":"Multi-strategy fund","availability":"reported","reported_return_percent":18.04,"benchmark_gap_percentage_points":0.16,"reporting_basis":"Public report; private-fund estimate","is_benchmark":false,"source_publisher":"Bloomberg","source_title":"Top hedge fund performers of 2025","source_url":"https://fortune.com/2026/01/02/top-hedge-fund-performers-2025-bridgewater-de-shaw-citadel-millennium/","source_published_at":"2026-01-02"},{"id":"millennium-multistrategy","manager":"Millennium Management","product":"Multi-strategy fund","availability":"reported","reported_return_percent":10.5,"benchmark_gap_percentage_points":-7.38,"reporting_basis":"Public report; private-fund estimate","is_benchmark":false,"source_publisher":"Bloomberg","source_title":"Top hedge fund performers of 2025","source_url":"https://fortune.com/2026/01/02/top-hedge-fund-performers-2025-bridgewater-de-shaw-citadel-millennium/","source_published_at":"2026-01-02"},{"id":"renaissance-medallion","manager":"Renaissance Technologies","product":"Medallion","availability":"unavailable","reported_return_percent":null,"benchmark_gap_percentage_points":null,"reporting_basis":"No comparable 2025 result verified","is_benchmark":false,"source_publisher":"Institutional Investor","source_title":"Renaissance's Medallion Fund surged 76% in 2020","source_url":"https://www.institutionalinvestor.com/article/2bswms7wco7as686o8ikg/portfolio/renaissances-medallion-fund-surged-76-in-2020-but-funds-open-to-outsiders-tanked","source_published_at":"2021-01-05"},{"id":"sp500-total-return","manager":"S&P 500 Total Return","product":"Dividends reinvested","availability":"reported","reported_return_percent":17.88,"benchmark_gap_percentage_points":null,"reporting_basis":"Official index total return","is_benchmark":true,"source_publisher":"S&P Dow Jones Indices","source_title":"U.S. Equities Market Attributes — December 2025","source_url":"https://www.spglobal.com/spdji/en/commentary/article/us-equities-market-attributes","source_published_at":"2026-01-02"}]}