October was a scary month for stocks, but multi-strategy hedge funds saw some gains. Here’s how funds including Citadel, Millennium, and Point72 performed.

• Stocks slid for the third consecutive month in October, but top hedge funds fared better.
• Multi-strategy hedge funds mostly produced positive returns, continuing a recent run of strength.
• Citadel, Point72, and Schonfeld each saw gains of 1% or better last month.

Stocks fell for the third month in a row in October. After a strong start to the year, the S&P 500 fell 2.2% last month and is down 8.6% over the last three months, bringing its annual return to 9.2%.

During that time, multi-strategy hedge funds performed better, with mostly positive results in October. Citadel maintains its lead, gaining 1% in October and 13.7% year to date. Point72 gained 1.1% in one month. Multi-strategy firms offer diversification across asset classes and strategies.

Despite a difficult year in 2023, Schonfeld saw gains in both of its main funds, including a 1.2% gain in its Fundamental Equity fund.

Other top multi-sector funds performed similarly in October:

October fund performanceYear-to-date resultsThe Citadel of Wellington1%13.7%D.E. Shaw Composite Fund0.7%9.4%Millennium0.6%8.3%Point721.1%8.3%1.65% Eisler Capital Management7.65%Verition(0.4%)6.5%ExodusPoint0.7%5.4%Enhanced Atlas Balyasny 0.1%2.8%1.2%2.1% 0.5%1.1% Schonfeld Fundamental Equity Strategic Partners Schonfeld

Representatives from the funds declined to comment.