Multi-strategy hedge funds delivered generally subdued returns in August, with several of the industry's largest managers posting flat or modestly negative performance after a volatile July, according to a report by BusinessInsider.

The report cites an unnamed person familiar with the matter as revealing that Citadel gained 0.1% during the month, taking its return for 2026 to 12.1%. The result followed a particularly strong July for Ken Griffin's Miami-based firm.

Millennium Management, meanwhile, was flat in August, leaving Izzy Englander's firm up 8.2% for the year, according to another unnamed person familiar with its performance.

Balyasny recorded a 0.7% decline last month, according to an unnamed source familiar with the firm's returns, leaving the multi-strategy manager with a 0.5% gain for 2026.

Other large multi strategy platforms also struggled to generate meaningful returns. Dymon Asia fell 1.1% in August, while LMR's multi strategy fund gained just 0.3%.

There were stronger performances elsewhere in the sector.

ExodusPoint gained 1.4% during August, according to a person close to the firm, bringing its 2026 return to 4.9%. Man Group's 1783 fund performed better still, gaining 1.7% during the month, according to a person familiar with the London-based manager.

Despite the gains recorded by some of the industry's biggest managers, most of the funds remain behind the US equity market this year.

The S&P 500 gained 2.6% in August and is up more than 12% since the start of 2026.

The firms cited reportedly did not comment on their August performance.