- Macro managers extended their lead in July while systematic strategies recovered late from mid-month drawdowns, leaving a wide dispersion across the multi-strategy landscape.
The S&P 500 marked new highs, but performance dispersion across hedge fund strategies was substantial. According to Goldman Sachs, equity stockpickers gained roughly 1.5% in July, bringing year-to-date returns to 7.8%. Systematic equity strategies were on track for a record monthly loss before rallying after July 25 to close the month down 2%, still up 10% year-to-date.
One of the most notable recoveries came from The D. E. Shaw Group. The Oculus macro book gained 4.6% in the final week, reversing earlier declines to finish July up 4.4% and doubling its YTD return to 9.6%.
Macro-focused managers dominated the top of the July and YTD tables. Melqart Asset Management (UK) Ltd led with 7.4% in July and 21.8% YTD, followed by Rokos Capital Management (1.36%, 13.74% YTD). Marshall Wace’s Market Neutral TOPS fund delivered -0.22% in July but remains up 10.99% YTD, while its Eureka fund gained 1.6% in July and 6.1% YTD.
Multi-strategy platforms showed a broad range of outcomes. Balyasny Asset Management L.P. (0.6%, 7.8% YTD) and Point72 (1.3%, 7.0% YTD) maintained steady gains. Schonfeld’s flagship Strategic Partners fund finished July down 0.3% (5.8% YTD), while its Fundamental Equities sleeve rose 1.4% in the month and 7.1% YTD. On the lower end, Brevan Howard Master ended July down 1.8% and Eisler Capital down 1.0%, both negative YTD.
Style and sector factors influenced returns. Goldman’s data show stock-picking gains concentrated in resilient, crowded longs, while systematic strategies suffered from those same crowding pressures before recovering late in the month. Macro & relative value managers with the flexibility to rotate between discretionary and systematic exposures tended to fare better.
July underscored the premium on strategy diversification and intra-month risk management. Gains were often concentrated in fewer trading sessions, reinforcing the value of ability to reallocate capital across sleeves quickly and effectively.
