Multi-strategy major Millennium Management ended September unchanged as a broad sell-off in government bonds and renewed inflation concerns created a difficult trading environment for hedge funds, according to a report by Bloomberg.

The report cites unnamed people familiar withe the firm's performance as revealing that the $97bn manager was flat for the month, leaving it up 8.1% for the first nine months of the year.

The result came during a particularly volatile period for financial markets. Higher oil prices linked to the continuing conflict involving Iran increased concerns about inflation, while shifting expectations for monetary policy contributed to a sharp rise in government bond yields and pressured fixed-income strategies.

Several other hedge funds recorded contrasting results during the month.

Singapore-based Quantedge Global gained 4.3% in September, taking its return for the year to 49.3%. The $7.6bn quantitative manager benefited from positions in commodities and equities, although fixed-income trades detracted from performance, according to a person familiar with the firm's results.

North Rock, an equity-focused multi-manager firm, gained 0.35% during September, bringing its 2026 return to 5.1%. The firm's assets under management are approximately $6.5bn to $7.6bn, according to the latest figures cited by Bloomberg.

Other managers also posted gains. Man Strategies 1783 rose 1.89% in September and was up 10.93% for the year, while Dymon gained 0.65% during the month to reach a 7% year-to-date return.

FengHe Asia rose 0.31% in September and was up 22.6% for the year.

Representatives for the firms cited in the performance figures al reportedly declined to comment.