After a year in which Donald Trump upended the global economy while sending markets on a roller coaster ride, it’s become clear who the initial winners in America’s trade war are: hedge funds.
Fresh estimates show funds posted strong gains in 2025 with industry returns on track to be the best in at least five years. Surging US stocks, precious metals and volatility in bond and currency markets spurred by the American president’s unpredictable tariff threats and retreats certainly helped.