Hedge Fund Returns Stall as Fixed-Income Markets Falter
A volatile September for fixed-income assets left the industry's largest multi-strategy firms struggling to maintain momentum. While major players like Millennium Management stagnated, the broader hedge fund landscape revealed a sharp divide between those tethered to interest-rate sensitivity and stock-pickers who managed to navigate the index's slight monthly decline.
Izzy Englander’s $97 billion Millennium Management remained flat throughout September, holding a year-to-date gain of 8.1%. Michael Gelband’s ExodusPoint Capital Management fared worse, slipping 0.4% during the month and bringing its 2026 performance to 4.1%. These results underscore the difficulty multi-strategy giants faced as fixed-income volatility disrupted typical capital allocation patterns.
Conversely, equity-focused managers found a path to growth despite the S&P 500 dipping approximately 0.5% during the period. North Rock Capital and Dymon Asia both posted positive results, signaling a divergence in strategy success. Man Group 1783 leads the pack among these peers, showing a 1.9% gain for September and a robust 10.9% return for the year.
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