Volatility has shaken the markets. The Dow had its worst quarter in history. The U.S. economy could see GDP fall by 30% this quarter. And four portfolio managers at Citadel won’t be around to see what happens next.

Bloomberg reported that the hedge fund fired four portfolio managers last week. Chris Conner, Tio Charbaghi, Steve Bergman, and Chip Fortson are out, according to the report. The four all worked in Citadel’s Global Equities group. The timing coincided with the hiring of Justin Lubell, a Point72 alum, to take over that group.

Citadel and the Coronavirus

Citadel didn’t respond to Bloomberg, but the data shows enough of a story. The hedge fund had a rough start to March due to the sharp downturn in the markets. Through March 20, its flagship fund had dropped 5.3%. However, the funds bounced back after Congress announced a $2 billion stimulus package.

Bloomberg reports that Citadel has made several new hires. These new posts include Richard Falk-Wallace in the natural resources group. He joined the firm’s Surveyor division and comes over from Viking Global Investors. Meanwhile, former Balyasny manager Jake Koury is joining the global equities group in May.

As we noted this morning, Citadel isn’t the only fund showing interesting returns during this wild period in the market.

A number of funds saw massive gains during the breakdown in the market between February 20 and March 20. The latest manager to generate headlines is Kevin Smith at Crescat Capital. His two primary funds earned 40.5% and 34.5% during that period. Smith’s co-portfolio manager compared this selloff and their gains to the book The Big Short. While there are always winners, there are also losers. It appears that Bridgewater and Third Point, both run by dynamic managers, had a tough quarter. Bridgewater’s main fund reportedly lost 20% during the quarter. Dan Loeb’s Third Point had an 11% loss last month. Finally, Glenview shed 30% on paper during Q1.