Leading multi-manager hedge funds, including Izzy Englander’s Millennium Management and Steve Cohen’s Point72 Asset Management, posted double-digit returns during the first half of 2024. These gains reflect a robust recovery for the industry following a volatile first quarter marked by geopolitical tensions and shifting interest rate expectations, according to financial reporting.
Hedge Fund Performance in the First Half of 2024
Major multi-manager firms, which operate through numerous independent trading teams, showed significant resilience through June. Millennium Management, overseeing approximately $89bn in assets, recorded a 4.1 per cent gain in June, bringing its total return for the first six months of the year to 10.5 per cent, according to reports from individuals familiar with the firm’s performance.
Point72 Asset Management reported a 3.4 per cent gain for June through the 25th, resulting in a 14.5 per cent return for the year-to-date period. Similarly, Schonfeld Strategic Advisors, which manages $22bn in total assets, posted an 8.4 per cent return for the first half of the year.
Other notable performances include:
- Pharo Management: The firm’s Macro fund saw a 9.7 per cent increase in the first half of 2024.
- Man Group: The London-listed firm’s flagship multi-strategy fund recorded a provisional gain of 8.2 per cent for the same period.
Market Recovery After Q1 Volatility
The strong performance in the second quarter follows a difficult start to the year for many hedge funds. In March, the industry experienced an average loss of 2.8 per cent as the escalation of conflict between Israel and Iran triggered a sharp rise in oil prices, according to data from HFR.
This geopolitical shock forced a rapid repricing of market expectations regarding inflation and interest rates, which negatively impacted fund positions in bonds and currencies. However, the industry rebounded as equity markets rallied throughout the spring.
Strategic Drivers of Recent Gains
Much of the sector’s recovery is attributed to concentrated positioning in the technology sector. Hedge funds have heavily favored semiconductor stocks—including companies such as AMD, SanDisk, and Intel—which have benefited from sustained capital expenditure by hyperscale cloud providers.
The shift toward these high-growth assets allowed firms to offset earlier losses in macro-sensitive sectors. While firms like Millennium, Point72, and Schonfeld have maintained high levels of activity, all three organizations declined to comment on their specific performance figures.
Key Performance Comparison (H1 2024)
| Firm | Reported H1 Return |
|---|---|
| Point72 | 14.5 per cent |
| Pharo (Macro Fund) | 9.7 per cent |
| Schonfeld | 8.4 per cent |
| Man Group (Flagship) | 8.2 per cent |
| Millennium | 10.5 per cent |
Data reflects reports for the six-month period ending June 2024.
Looking Ahead
The hedge fund industry remains sensitive to global macroeconomic indicators, particularly central bank policies and further geopolitical developments. While the first half of the year demonstrated the sector’s ability to pivot quickly toward semiconductor-led growth, the sustainability of these returns will depend on continued corporate spending in the technology sector and the stability of global energy markets.