Renaissance Technologies delivered a 6% gain in October, emerging as one of the few major hedge funds to generate positive returns during a month of widespread market volatility, according to a report by Bloomberg.

The quantitative investment firm's Renaissance Institutional Equities Fund returned 6% during the month, lifting its year-to-date performance to 12.3%, according to people familiar with the results. Its Institutional Diversified Alpha fund also performed strongly, gaining 4.6% in October and bringing its annual return to 22.4%.

The gains contrast with significant losses across the wider hedge fund industry, as concerns over artificial intelligence valuations, a sharp semiconductor selloff and geopolitical instability disrupted equity and macro strategies. Political turmoil in France and ongoing conflicts in Ukraine and the Middle East added to market volatility.

Several prominent managers suffered substantial setbacks, including Kirkoswald Asset Management, which recorded its worst monthly loss on record. Other firms, including Walleye Capital, Engineers Gate and Samlyn Capital, reduced portfolio exposures and cut staff amid deteriorating performance.

Quantitative hedge funds generally proved more resilient than discretionary managers during October, with many recording losses of approximately 1%, compared with steeper declines among fundamental equity and macro strategies.