Citadel Made More Than $4 Billion From Commodities in 2023 (1)

Citadel’s commodity-trading business made more than $4 billion in 2023, people familiar with the matter said, helping drive profits for one of the world’s largest hedge funds.

The gains came in part from strong performances by Citadel Energy Marketing, its merchant-trading business, as well as European gas and power trading, the people said.

A spokesperson for Citadel, which was founded by Ken Griffin, declined to comment.

Citadel’s flagship fund gained 15.3% last year and the firm returned about $7 billion to clients. Its performance has been an outlier among other multi-strategy peers, many of whom posted single-digit returns ...