Key Takeaways
- • Millennium Management recorded a zero return for September, according to a Bloomberg headline, a flat month for one of the largest multistrategy hedge funds during a volatile period for the industry.
- • Bloomberg reported that hedge funds suffered their widest daily drawdown since Covid in a single session, with Goldman Sachs data showing more than two-thirds of funds finished the day down.
- • Even multistrategy funds, typically viewed as the more stable part of the industry, fell about 1.9% on the day, per a LinkedIn post citing Goldman's data.
- • Industry assets are concentrating among the largest managers, with AQR Capital Management and D. E. Shaw both above $100bn in AUM and Millennium approaching that level, according to WithIntelligence.
- • Source material for this story is limited to headlines and social media commentary; full details of Millennium's September performance were not available.
Summary
Bloomberg reported that Millennium Management posted a zero return in September, a volatile month for hedge funds. The headline, as reflected in web search results, frames the month as one of turbulence for the sector rather than a period of broad gains. Full figures and the underlying drivers of Millennium's performance could not be verified from the available material.
A separate Bloomberg headline referenced by a LinkedIn post described hedge funds suffering their widest daily drawdown since Covid. The same post, citing Goldman Sachs, said more than two-thirds of hedge funds finished the day lower, and that multistrategy funds, usually regarded as the steadier segment, declined 1.9%. The post also pointed to exposure to AI-related trades as a source of losses for some managers. These are secondary commentary and should be read as such.
The broader backdrop, according to a separate industry post citing WithIntelligence, shows capital concentrating among the largest platforms. AQR Capital Management and The D. E. Shaw Group have each crossed $100bn in AUM, with Millennium approaching the same threshold, and 14 managers now oversee more than $50bn, up from eight at the end of 2023. Previously only Bridgewater Associates held more than $100bn.
For allocators, the key open question is the scale and duration of September's losses at the largest multistrategy managers and whether the drawdown reflects a sector-wide shift or idiosyncratic positioning. Confirmation of Millennium's exact monthly return and any official fund commentary would be needed to assess the event fully.
A separate Bloomberg headline referenced by a LinkedIn post described hedge funds suffering their widest daily drawdown since Covid. The same post, citing Goldman Sachs, said more than two-thirds of hedge funds finished the day lower, and that multistrategy funds, usually regarded as the steadier segment, declined 1.9%. The post also pointed to exposure to AI-related trades as a source of losses for some managers. These are secondary commentary and should be read as such.
The broader backdrop, according to a separate industry post citing WithIntelligence, shows capital concentrating among the largest platforms. AQR Capital Management and The D. E. Shaw Group have each crossed $100bn in AUM, with Millennium approaching the same threshold, and 14 managers now oversee more than $50bn, up from eight at the end of 2023. Previously only Bridgewater Associates held more than $100bn.
For allocators, the key open question is the scale and duration of September's losses at the largest multistrategy managers and whether the drawdown reflects a sector-wide shift or idiosyncratic positioning. Confirmation of Millennium's exact monthly return and any official fund commentary would be needed to assess the event fully.
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