Hedge Funds

The HedgeWeekly Fund Tracker: October rout splits the field, from Quantedge's 7.2% gain to Walleye's 5.9% loss

Monthly numbers showed a wide spread among big funds, Walleye and Room40 retrenched, London lost more macro and credit talent, the CFTC cleared single-stock perpetuals and PivotalPath put multi-strategy gross assets at $2.2tn. Every item sourced.

HedgeWeekly Hedge Fund Desk · 2026-11-06

October's tech-led sell-off left few large hedge funds untouched, and this week's monthly numbers showed how unevenly the damage landed: Singapore's Quantedge gained 7.2% and Citadel's Wellington 1.7%, while Walleye lost 5.9% and Marshall Wace's Eureka 5.4%. The fallout is already reshaping firms, from Walleye cutting much of its in-house stock-picking team to Room40 handing back outside money and a string of credit and macro departures in London. Regulators added a first for US derivatives markets, and new research put a number on how much leverage sits inside the biggest multi-strategy platforms.

Performance. Citadel (Miami): its Wellington fund rose 1.7% in October, taking the 2026 gain to 15.3%. (Hedgeweek, citing Bloomberg) Millennium Management (New York): the flagship lost 2.3% in October. (Hedgeweek, citing Bloomberg) ExodusPoint Capital Management (New York): down 2.4% for the month. (Hedgeweek, citing Bloomberg) Walleye Capital (US): the $17bn firm lost 5.9% in October, its worst month since March 2020. (Hedgeweek) Graham Capital Management (US): the discretionary macro strategy fell 1.8% in October and is up 1.2% for the year, while the quantitative macro strategy posted a marginal monthly loss and is up 21.6% for 2026. (Hedgeweek, citing the Financial Times) D.E. Shaw (New York): the Composite fund returned 15.3% through September and the Oculus strategy 30%, with firm assets at a record $125bn, up from $98bn at the start of the year. (Hedgeweek, citing Bloomberg) Marshall Wace (London): Eureka lost 5.4% in October, leaving it up 5.3% for the year; the systematic Tops strategy fell 3.6% and is up 1.3%. (Hedgeweek, citing the Financial Times) Brevan Howard (London): the Master Fund returned 0.4% in October, trimming its 2026 loss to 0.2%, while the Alpha Strategies Fund lost about 1% and gave up its gains for the year. (Hedgeweek, citing Bloomberg) Quantedge (Singapore): up 7.2% in October and 60% year to date. (Hedgeweek, citing Bloomberg) Dymon Asia (Singapore): the multi-strategy fund lost 1.8% in October. (Hedgeweek, citing Bloomberg)

Launches and closures. Room40 Capital (US): founder Paul Yablon, formerly of Moore Capital, is returning all external investor capital and will run proprietary money plus one institutional investor's capital while widening from digital assets into macro; the firm had about $262m of regulatory assets at the end of 2025 and reports a 14.4% annualised return since its May 2022 launch. (Hedgeweek, citing Bloomberg) D.E. Shaw (New York): the firm has raised about $6bn for Cogence, its first fund led by human portfolio managers, and will open an employee vehicle in January 2027 seeded half from Composite. (Hedgeweek) Neo Alternative Asset Managers (Mumbai): its second private credit fund, NSCOF-II, held a final close at Rs 6,200 crore (about $654m), above a Rs 5,000 crore target. (DealStreetAsia) Animoca Asset Management (Abu Dhabi): the Animoca Brands unit has received full FSRA permission to manage collective investment funds in or from ADGM, without yet naming a fund or target size. (Blockhead)

Money moves. Australian Retirement Trust (Brisbane): the A$370bn pension fund is building an in-house equity capital markets desk, led by former Jarden investment banking chief Dane Fitzgibbon, to expand direct investing in Australian shares, which make up about 25% of its portfolio. (Hedgeweek, citing the Australian Financial Review) DBS (Singapore): chief executive Tan Su Shan said the bank is evaluating a hedge fund prime brokerage offering after third-quarter markets trading income fell 65% to S$152m; no final decision has been made. (Hedgeweek, citing Finance Magnates)

People. Brevan Howard (London): at least five credit portfolio managers, Simon Gee, Jenna Collins, Adam Steer, Chris Watson and David Heinau, have left the $35bn firm, and credit trading head Andy Silver is moving to an advisory role for unrelated reasons. (Hedgeweek, citing Bloomberg) Walleye Capital (US): Anil Gondi, head of equity long/short, is leaving as the firm cuts a substantial part of its internal stock-picking team and has internal teams report directly to chief executive Will England. (Hedgeweek, citing a letter reported by Business Insider) Citadel and ExodusPoint (London): Citadel macro portfolio managers Avi Tullu and Simon Roach and ExodusPoint's Soham Sengupta, Rupert Guest and Jim McKeever have left, amid reports of as many as 100 macro investment professionals leaving or losing roles across London hedge funds. (Hedgeweek, citing eFinancialCareers and FCA records) Point72 (Singapore): Faisal Shamsee, a Goldman Sachs partner and co-head of its Singapore operations, joins as chief infrastructure engineering officer. (Hedgeweek, citing eFinancialCareers) Jain Global (London): Ryan Nelson, a former Credit Suisse prime services co-head most recently at Boothbay, becomes head of separately managed account investments. (Hedgeweek, citing eFinancialCareers) Tower Research Capital (New York): Marvin Arteaga, a 12-year Millennium veteran, joins as head of mid-frequency trading strategies. (Hedgeweek, citing eFinancialCareers)

Rules. CFTC (Washington): on November 3 the commission approved US exchanges offering perpetual futures on individual stocks for the first time, with Chair Michael Selig saying the SEC and CFTC would share oversight; no launch date was given. (The Block) SEC (Washington): the Managed Funds Association, Eurex and the Futures Industry Association have backed the SEC's plan to add the EU to its exempted-issuer list, which would bring EU bond futures under CFTC oversight for US traders and would be the first addition to the list since 1999. (Hedgeweek) SEC (Washington): comments on its proposed overhaul of the adviser custody rule, which includes audit changes for private funds and a crypto self-custody route, are due by December 7. (Mayer Brown)

The number of the week: $2.2 trillion. That is the gross assets, including borrowed money, held by the ten largest multi-strategy hedge fund firms at the end of 2025, against $360bn of net assets, or roughly six times investor capital, according to PivotalPath. Six multi-manager platforms in the group run between eight and 14 times their net capital, and gross exposure is more than triple its 2018 level. (Hedgeweek and HedgeCo.Net, citing PivotalPath)

What it means. For allocators, October was a stress test that the biggest names did not pass in the same way: a 13-point spread between Quantedge and Walleye in one month, and a near-flat Brevan Howard against a 5.4% Eureka loss, argue for looking at how risk was cut during the sell-off rather than at year-to-date totals alone. The PivotalPath leverage figures sharpen that point, since diversification across several large platforms may be thinner than it looks if their books move together. For managers, Walleye's retreat from in-house stock picking and Room40's return of outside capital show that the cost of running a standalone or sub-scale book is rising, while banks such as DBS see an opening in prime brokerage. On rules, single-stock perpetual futures and a possible US route into EU bond futures widen the toolkit for relative-value and macro books, though both still await practical detail.

HedgeWeekly

Most recent

Today's coverage

HedgeWeekly Video

Markets

The HedgeWeekly Fund Tracker: October rout splits the field, from Quantedge's 7.2% gain to Walleye's 5.9% loss

Sources

The Archive