Point72 Tops Hedge Funds in May, Posts 10.5% YTD

Point72 Asset Management rose 2% in May, pushing its year-to-date return to roughly 10.5% and extending a strong run for the $50.7 billion multi-strategy firm led by Steve Cohen. The result follows a reported 17.5% return in 2025.

Other large multi-strategy platforms posted mixed results in May. Millennium Management gained 2.4% for the month, bringing its 2026 return to about 6.1%. Balyasny Asset Management rose 1.4% in May and moved into positive territory for the year. Smaller managers recorded modest losses: Walleye Capital fell 0.9% and North Rock Partners declined 0.2%.

Broader equity markets outperformed many hedge funds in May. The S&P 500 climbed more than 5% in the month and has advanced around 11% year-to-date, driven in part by investor demand for technology and artificial intelligence-linked stocks.

The variation in results reflected differences in portfolio positioning. Multi-strategy firms that held larger equity exposures to strong-performing technology and AI names recorded higher monthly gains. Managers with other sector exposures, larger hedges or net short positions reported flatter or negative returns.

Multi-strategy funds allocate capital across multiple teams and strategies, which can produce divergent outcomes when market leadership concentrates in a few sectors. Month-to-month shifts in equity momentum created clear winners and losers among managers with different strategy mixes and risk profiles.

The May snapshot placed Point72 ahead of several large multi-strategy peers on a trailing basis, according to people familiar with the results. The figures underscore how concentrated equity moves can generate substantial differences in short-term performance across hedge funds.