Hedge funds experienced a substantial recovery in early April, recouping losses from the previous month. This rebound was largely attributed to optimism surrounding a temporary ceasefire between the US and Iran, suggesting a potential de-escalation of the conflict that previously rattled markets.
Point72 Asset Management advanced 2.4% through April 9, bringing its year-to-date gains to 6.3%. Millennium Management also performed strongly, adding 2.3% through April 10, pushing its year-to-date gains to 3.2%. These figures highlight a swift recovery after many hedge funds, including these two, suffered considerable losses in March due to market turbulence sparked by the Iran war.
Indeed, March 2026 was a demanding month for the hedge fund industry, with Millennium Management's flagship fund declining 1.2% in March, reducing its year-to-date gains to 1%. Balyasny Asset Management was down 4.3% in March, and 3.8% for the quarter, while ExodusPoint saw declines of 4.5% in March. This April rebound, triggered by the ceasefire news, provided a much-needed boost after what was described as the worst monthly drawdown for global hedge funds in over four years, according to some prime brokerages.
