New York-based multi-strategy hedge fund firm Cinctive Capital Management achieved a strong 4% gain in October, outpacing its peers and defying the market trend as the S&P 500 fell by 1%, according to a report by Finimize.

In a challenging equity market, strategic bets in the technology, utilities, and consumer sectors helped the £3bn firm post returns that took its YTD gain to 15%.

By comparison, Citadel’s Wellington fund rose 1.2% last month, while Millennium Management gained 0.4%. Schonfeld Strategic Advisors’ Strategic Partners fund was up 2.3%, with only its Fundamental Equity fund matching Cinctive’s 4% gain.