Point72 and Millennium post steady May gains as hedge funds lag S&P 500

Millennium Management fared slightly better last month with a 2.4% increase, pushing its total return for 2026 to 6.1%. Balyasny also managed to flip into positive territory for the year following a 1.4% gain in May. Despite the positive momentum for most major players, the performance gap between these specialized funds and the tech-heavy S&P 500 remains stark.

Not every manager avoided the red. Walleye and North Rock posted losses of 0.9% and 0.2% respectively. Among the top performers tracked, Pinpoint Asset Management led the group with a 2.4% gain in May and an 11.9% return for the year, while Schonfeld Partners saw a 2.6% lift last month. As tech stocks continue to dominate market sentiment, these firms face mounting pressure to prove that their complex strategies can capture the same upside as simple equity indices.