Big names, mixed results
Markets were rough on many playbooks last month, and the scorecards show it. People familiar with the results said Millennium Management ended the month flat, with its advance at 8.1% through September. North Rock, an equity-centric multimanager, picked up roughly 35 basis points, lifting its performance this year to 5.1%.
Quantedge in Singapore jumped 4.3% for the month, taking its year-to-date gain to 49.3%. It profited in commodities and stocks, though some fixed-income trades detracted.
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What moved markets
The setup was hostile. Inflation worries helped shove bond yields to heights not seen in decades, which bruised fixed-income positions. At the same time, concern about oil supply tied to the war involving Iran fed those inflation fears, while tighter central banks and a broad selloff in bonds added to the strain on hedge fund strategies.
What readers should notice
The figures come from people who requested anonymity because they were discussing private information, and representatives for the firms declined to comment. The pocketbook takeaway is straightforward: when inflation jitters and higher yields flare, bond-heavy bets can wobble, while diversified shops that catch the right moves in commodities and equities can still rack up gains.
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