Global hedge funds suffered one of their broadest daily selloffs since the Covid pandemic on Thursday, with fundamental, systematic and multistrategy funds all recording losses exceeding 1%, according to a report by Bloomberg citing Goldman Sachs prime brokerage data.

Global fundamental long-short equity funds fell 1.4%, their worst session since 16 July, while telecommunications, media and technology-focused managers recorded average losses of 2.7%.

Systematic long-short funds declined 1.3%, marking their third-worst session since December 2023, while multistrategy platforms lost 1.9%, their second-largest daily decline since the April 2025 tariff-driven selloff.

The losses came as US technology stocks tumbled amid renewed concerns over the returns on artificial intelligence investment and inflationary pressures from rising oil prices. The Nasdaq 100 fell 2.9%, its steepest decline since June.

Goldman's prime brokerage data showed that more than two-thirds of hedge funds ended Thursday in negative territory, with concentrated short positions coming under further pressure during the second half of the trading session.

The simultaneous drawdowns across fundamental, systematic and multistrategy equity funds marked the first time since the pandemic that all three broad strategy groups had declined by more than 1% in a single session, according to Goldman.

Asia-focused fundamental long-short managers were also hit, extending their month-to-date losses to 9.3%, although the strategy remains up 14.2% year-to-date.