In a year marked by steady gains, October proved exceptional for Schonfeld Strategic Advisors as the $11.6bn New York-based hedge fund continued its strong growth trajectory since opting out of a potential acquisition by rival Millennium a year ago, according to a report by Business Insider.

The report cites unnamed industry insiders as revealing that Schonfeld’s flagship fund, the Partners strategy, achieved a 2.3% gain in October, boosting its year-to-date return to 15.5%. This marks the second-highest monthly gain for the fund in 2024, behind only its standout performance in March. Meanwhile, Schonfeld’s Fundamental Equity fund rose 4% in October, lifting its total return for the year to 16.5%. Sources noted the Partners strategy has posted gains in 17 of the past 18 months.

Multi-strategy hedge funds broadly had a strong October, with their diversified approaches proving resilient amid a late-month downturn in major tech stocks like Microsoft that left the S&P 500 slightly down for the month.

Walleye Capital also posted robust results, gaining 1.9% in October on the strength of its volatility-focused strategies, bringing its 2024 return to 13.3%. Meanwhile, Citadel’s flagship Wellington fund, managed by Ken Griffin, saw a 1.2% increase last month, lifting its annual return to 11.2%. Citadel’s Tactical Trading fund, which combines quantitative and equity strategies, gained 2% in October, bringing its 2024 performance to 18%.

Millennium, led by Izzy Englander, recorded a more modest 0.4% gain in October, reaching a 10% return for the year.

These results underscore the strong performance of major hedge funds navigating 2024’s volatile markets.