{"text":[[{"start":13.42,"text":"Marshall Wace and Millennium Management were among the hedge funds hit last month as investor worries over the sustainability of the AI boom triggered a sharp reversal in Wall Street’s tech rally."}],[{"start":25.1,"text":"Marshall Wace, the $80bn hedge fund co-founded by billionaires Paul Marshall and Ian Wace, saw its two key strategies fall in October, according to people who had seen the numbers. The Eureka strategy, which is managed by a team of portfolio managers, was down 5.4 per cent in October, trimming its year-to-date gain to 5.3 per cent."}],[{"start":48.22,"text":"The data- and model-driven Tops strategy lost 3.6 per cent, remaining up 1.3 per cent for the year."}],[{"start":55.9,"text":"Meanwhile, billionaire Izzy Englander’s Millennium, which manages $95bn, was down 2.3 per cent last month, leaving it with a 5.7 per cent gain for the first 10 months of the year."}],[{"start":68.82,"text":"Global hedge funds, in aggregate, lost 3 per cent last month, according to hedge fund research firm PivotalPath, with equity strategies faring worst as they bore the brunt of a tech sell-off. Year-to-date gains for the industry stand in the mid-single digits, according to PivotalPath."}],[{"start":86.46,"text":"Billionaire Ken Griffin’s hedge fund giant Citadel bucked the trend, with its flagship Wellington fund rising 1.7 per cent for the month and up 15.3 per cent for the year."}],[{"start":97.52,"text":"Hedge funds, which use leverage to magnify gains, have had to navigate financial markets that have been simultaneously whipsawed by the war in Iran, AI bubble fears, rising interest rates and the US midterm elections."}],[{"start":110.66,"text":"The Nasdaq 100 index tumbled into correction territory last week after falling 10 per cent from its October 6 record high, as a string of lacklustre tech earnings fuelled worries about how long it will take for the vast investments in AI to turn a profit. Intel, in which the US government has a minor stake, was among the biggest losers, falling 29 per cent in the chipmaker’s worst one-day drop since 1974."}],[{"start":135.46,"text":"“It’s been an ugly week all around,” said one prime broker after the Nasdaq dropped 3.5 per cent on Friday, describing how hedge funds had fared in the market upheaval."}],[{"start":146.86,"text":"Bond markets also endured a volatile month, particularly in the Eurozone, as oil prices climbed and France’s political crisis deepened, feeding nerves about the outlook for its sovereign debt. French and Italian bonds sold off heavily against safe-haven German Bunds and against equivalent-duration euro interest rate swaps, resulting in big moves for relative value and spread trades that are popular with hedge funds."}],[{"start":171.58,"text":"Macro hedge fund Graham Capital’s main human-led absolute-return strategy fell 1.8 per cent in October, taking year-to-date gains to 1.2 per cent, according to people familiar with the performance."}],[{"start":183.28,"text":"Its quant macro strategy dropped marginally last month and is sitting on a 21.6 per cent gain for the year. It is among quant funds including Aspect Capital and billionaire Sir David Harding’s Winton, which have benefited from strong market trends in bond and commodity markets to make large gains."}],[{"start":200.3,"text":"Marshall Wace, Millennium, Citadel and Winton all declined to comment."}],[{"start":209.5,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1793782528_6707.mp3"}