Hedge Funds
Marshall Wace's Eureka loses 5.4% in October, the steepest fall among major multi-strategy peers reported so far
The firm's systematic Tops fund also fell 3.6%, while Graham Capital's quantitative macro book ended a strong year with only a marginal loss.
HedgeWeekly Hedge Fund Desk ·
Marshall Wace's flagship Eureka multi-strategy fund lost 5.4% in October, trimming its 2026 gain to 5.3%, according to reports published this week. The London manager's systematic Tops fund fell 3.6% in the month and is up 1.3% for the year.
The Financial Times, as relayed by Hedgeweek, also reported figures for Graham Capital. Its discretionary macro fund dropped 1.8% in October and is up 1.2% year to date, while its quantitative macro fund recorded a marginal loss and remains up 21.6% for 2026.
The Eureka decline compares with a 2.3% fall at Millennium's flagship and a 2.4% fall at ExodusPoint in Bloomberg-sourced tables for the same month. PivotalPath data cited alongside the FT figures put the average October decline for global hedge fund managers at about 3%.
For allocators, the dispersion matters more than the average: a multi-strategy flagship losing roughly twice the industry mean, and a quant macro book gaining over 20% on the year, show how differently risk was positioned going into a tech-led sell-off. Investors reviewing multi-manager and macro exposure will likely look at how each firm cut risk during the month.