A busy July put many big-name hedge funds in the red to start the third quarter.
Izzy Englander’s Millennium lost 2.1% last month, a person close to the New York-based manager told Business Insider, pulling the firm’s 2026 returns to 8.2%. Steve Cohen’s Point72 was down 3.3% in July, a person close to the firm told Business Insider. The losses brought its year-to-date returns to 10.9%.
Asia-based multimanagers Dymon Asia and Pinpoint fell 6.5% and 9%, respectively, last month as stock market jitters in Korea and Japanese economic woes wreaked havoc on the continent’s markets. People familiar with the two funds told Business Insider that July’s losses left Dymon and Pinpoint with gains of 7.5% and 6.3%, respectively, in 2026.
There was no summer slowdown last month for these funds’ legions of traders. Global equity markets struggled thanks to artificial intelligence skepticism, the conflict in Iran that has thrown energy markets into disarray continued, and the new Federal Reserve chairman presided over his first meeting.
But the biggest news was undoubtedly the end-of-the-month meltdown of Situational Awareness, a onetime $45 billion equity investor focused on AI companies. Run by former OpenAI researcher Leopold Aschenbrenner, the fund lost 67% in July, and margin calls forced the young manager to find a buyer for his public equity book to repay its lenders.
Citadel’s purchase of the bulk of the portfolio led to a market rebound, potentially helping salvage many equity-heavy firms’ July. The S&P 500 index was down only 0.1% in July, despite news of Citadel’s purchase, which sent tech stocks soaring.
The funds mentioned declined to comment.
This story was originally published on August 4 at 9:08 a.m. New figures are added to the table below as they are learned.
