Key Takeaways
- • October was a losing month for nearly every hedge fund strategy, according to Opalesque Alternative Market Briefing.
- • Millennium and Balyasny both lost money in October.
- • Greg Coffey's Kirkoswald had its worst month on record, with a drop of more than 6%.
- • The AI-led selloff continued into November after the Democrats' midterm wins.
- • Stock-picking teams are being cut at some firms.
Summary
October was a difficult month for hedge funds across most strategies, according to Opalesque Alternative Market Briefing. Multistrategy managers Millennium and Balyasny both posted losses for the month.
Kirkoswald, the fund run by Greg Coffey, recorded its worst monthly performance on record, falling more than 6%. The article attributes the broader pressure to an AI-led selloff that carried into November, following the Democrats' midterm election wins.
The report also says stock-picking teams are being cut at some firms, a sign of managers reassessing fundamental equity research staffing after a weak period for the strategy.
Kirkoswald, the fund run by Greg Coffey, recorded its worst monthly performance on record, falling more than 6%. The article attributes the broader pressure to an AI-led selloff that carried into November, following the Democrats' midterm election wins.
The report also says stock-picking teams are being cut at some firms, a sign of managers reassessing fundamental equity research staffing after a weak period for the strategy.
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