Hedge Funds Walloped by a Month of Turmoil Sparked by War

Some of the world’s biggest hedge funds known for delivering steady returns lost money in March as the war in the Middle East roiled markets across energy, bonds and equities and forced traders to unwind crowded positions.

Multistrategy hedge funds ranging from ExodusPoint Capital Management to Balyasny Asset Management, Citadel and Millennium Management posted declines, giving up all or part of their gains from the prior two months, according to people with knowledge of the matter who asked not to be identified because the details are private.