Markets
DOW
S&P 500
NASDAQ
Hot Stocks
Fear & Greed Index
----- is driving the US market
Latest Market News
----- is driving the US market
Something isn't loading properly. Please check back later.
Ad Feedback
Ad Feedback
By Anna Cooban, CNN
2 minute read
Updated 1:50 PM EST, Mon January 23, 2023
Video Ad Feedback
FTX founder 'vaguely aware' of lending customer funds to hedge fund
02:19 - Source: CNN Business
Markets and Investing 16 videos
FTX founder 'vaguely aware' of lending customer funds to hedge fund
02:19
Now playing
- Source: CNN Business
Video Ad Feedback
Analyst: Tech stocks will rise 20% in 2023
01:37
Now playing
- Source: CNN Business
Video Ad Feedback
Here's where mortgage rates and home prices may be headed in 2023
01:41
Now playing
- Source: CNN Business
Video Ad Feedback
Planet Fitness CEO explains how it keeps gym memberships at $10
02:18
Now playing
- Source: CNN Business
Video Ad Feedback
trivago CEO: Travel costs are up. Here's how vacationers are reacting
01:20
Now playing
- Source: CNN Business
Video Ad Feedback
Analyst: Musk 'circus' is hurting Tesla
01:36
Now playing
- Source: CNN Business
Video Ad Feedback
Market strategist on where stocks are likely headed next
01:32
Now playing
- Source: CNN Business
Video Ad Feedback
What the Fed's latest historic interest rate hike means
01:49
Now playing
- Source: CNNBusiness
Video Ad Feedback
Fed's Powell: 'Time for easing rate increases is coming'
02:26
Now playing
- Source: CNN Business
Video Ad Feedback
'Recession is pretty much a foregone conclusion:' Economist explains
01:44
Now playing
- Source: CNN Business
Video Ad Feedback
Spirit Halloween CEO lists some of the hottest costumes this year
01:05
Now playing
- Source: CNN Business
Video Ad Feedback
'Dr. Doom' explains why the Fed will lose its inflation battle
02:41
Now playing
- Source: CNN Business
Video Ad Feedback
Jobs economist: Worker shortage may keep inflation high
01:14
Now playing
- Source: CNN Business
Video Ad Feedback
StockX CEO: Here's how we authenticate sneakers, trading cards before sale
01:38
Now playing
- Source: CNN Business
Video Ad Feedback
Markets expert: It's time to play defense
01:13
Now playing
- Source: CNN Business
Video Ad Feedback
Investor shares 3 things you should do right now in this market
00:57
Now playing
- Source: CNN Business
London CNN —
Citadel is now the most successful hedge fund ever after it made $16 billion last year — the biggest annual windfall on record.
The Miami-based fund, founded and run by Ken Griffin, topped the 2022 ranking of the world’s best-performing hedge funds based on estimates from LCH Investments NV. Its huge gains came as many other investors suffered from steep drops in equity and bond markets.
Citadel’s record-breaking performance last year took total gains for the fund since its inception to nearly $66 billion. That knocked Ray Dalio’s Bridgewater — with gains of $58.4 billion — off the top spot for the first time in seven years.
Dalio’s fund made $6.2 billion last year, bringing total assets under management to $81 billion. Citadel manages $62 billion in assets.
“[Citadel’s $16 billion profit] even surpasses [John] Paulson’s 2007 gain, which has been described as ‘the greatest trade ever,’” Rick Sopher, chairman of LCH Investments, said in a press release on Monday.
Paulson, an investor, made $15 billion in 2007 after he bet that the value of securities backed by subprime mortgages would collapse, an event that helped trigger the global financial crisis.
“[Citadel’s] progress up the rankings in the past few years has been remarkable,” Sopher added.
Sopher said that Citadel, which started in 1990, does not rely on an investment strategy tied to rising asset prices, and has “multiple sources of profits,” two factors which may explain its record gain despite a volatile ride for markets last year.
Overall, the top 20 hedge funds made $22.4 billion in net gains in 2022, down almost 66% from the year before when markets were soaring, according to LHC Investment data. The S&P 500 index, by comparison, lost about 19% last year.
Citadel told CNN that it would not comment on a story related to its performance.
LCH was launched in 1969 and is the world’s oldest fund of hedge funds.
Ad Feedback
CNN Business Videos
Ad Feedback
Ad Feedback