Interesting move by D.E. Shaw: despite delivering double-digit returns at their main hedge funds throughout 2025, the firm is hitting pause on client cash redemptions. On the surface, it seems counterintuitive—strong returns usually fuel investor confidence and redemption requests tend to pile up. But there's strategy embedded here. When a fund is running hot with those kinds of gains, gating redemptions can signal confidence in ongoing performance while giving portfolio managers breathing room to execute longer-term positions without liquidity pressure. It's a calculated play that reflects how top-tier hedge funds manage capital flows during peak performance cycles. Worth watching whether other major players follow suit or if this becomes a D.E. Shaw signature move.