Middle Eastern conflict stirs up the hedge fund world: Most star funds retreat in March, Anduran gains 30%

Cailian Press April 7 News (Editor: Shi Zhengcheng) As the conflict between the United States, Israel, and Iran has continued for over a month, some of the world’s most renowned hedge funds are experiencing noticeable declines in account balances amid the missile and drone attacks in the Middle East.

According to multiple industry insiders, Tiger Global Asset Management’s flagship hedge fund saw a net value decline of 7.3% in March.

Meanwhile, many “Tiger Cub Funds” (funds founded by individuals who previously worked under legendary investor and Tiger Global founder Julian Robertson) also collectively recorded losses in March. Among them, Maverick Capital’s main fund fell by 5%, and another leveraged long-only fund, Long Enhanced, posted an 8.1% loss. Viking Global Investors retreated by 4.1%, and Kotu Capital Fund also declined by 4.8% in March.

For reference, the S&P 500 index experienced a slight decline of over 5% in March, marking the largest pullback since the U.S. tariff shocks at the beginning of last year.

(S&P 500 daily chart, Source: TradingView)

As the Middle East conflict stirs up commodities and bond markets, traders are also forced to unwind crowded positions. Several star products from Castle Investment, Millennium, and ExodusPoint funds have also incurred losses, erasing all or part of their gains from the previous two months.

Among them, Castle Investment’s Global Fixed Income Fund fell 8.2% in March, performing the worst among strategies under the investment giant. It was previously reported by insiders that this fund dropped 4.75% in the first week of March alone, wiping out all gains for the year so far, with losses continuing to expand afterward.

In comparison, other funds managed by Ken Griffin performed much better. The flagship Wellington Fund declined by 1.9% last month, bringing its year-to-date return drawdown to 1%. The remaining equity and tactical trading funds all posted gains, with the latter’s cumulative increase surpassing 5% this year.

Of course, there are big winners amid the chaos—Pierre Anduran’s Anduran Commodity Fund surged 30.6% in March, bringing its overall return for 2026 to 31.1%.

Due to the substantial disruption of the Persian Gulf oil tanker routes, Brent crude oil prices briefly hit a new high of $119.5 per barrel in the first two weeks of March since 2022. As the deadline set by Trump (April 7, 8 p.m. Eastern Time) approaches, Brent crude returned above $110 on Tuesday.

(Brent crude daily chart, Source: TradingView)

The multi-strategy fund sector is mixed, with the standout in March being Two Sigma Investments, embroiled in “executive internal conflicts.” The company’s Spectrum fund rose 2.5% last month, while the Absolute Return fund increased by 3% in March, bringing their year-to-date returns to 3% and 3.7%, respectively.

Note: Some hedge fund March performance figures

(Cailian Press Shi Zhengcheng)