Millennium Management flat in September as bond yields rise

Millennium Management, the $97 billion multi-strategy hedge fund, finished September flat. The firm was up 8.1% for the first nine months of the year.

Higher oil prices linked to the continuing conflict involving Iran raised inflation concerns in September. Shifting expectations for monetary policy led to a sharp rise in government bond yields and increased volatility across asset classes.

Those moves strained fixed-income strategies and squeezed returns for managers with significant exposure to sovereign debt and related trades.

Other hedge funds reported mixed results. Singapore-based Quantedge Global gained 4.3% in September and is up 49.3% year-to-date; the firm manages about $7.6 billion and benefited from positions in commodities and equities, though its fixed-income trades detracted from performance. North Rock, an equity-focused multi-manager, rose 0.35% in September and is up 5.1% for 2026, with assets under management estimated between $6.5 billion and $7.6 billion.

Man Strategies 1783 increased 1.89% in September and is up 10.93% for the year. Dymon gained 0.65% for the month, taking its year-to-date return to about 7%. FengHe Asia rose 0.31% in September and is up 22.6% for the year.

People familiar with the performance figures provided the monthly results; representatives for the firms cited declined to comment.

The September bond sell-off and higher yields tended to penalize managers running long-duration or rate-sensitive positions, while managers with exposure to commodities and equities reported gains.