Wall Street Giants Rake In Huge Profits! Hedge Fund "Midterm Exam" Results: Pinpoint Takes the Crown, This Asian Fund Ranks Second
The strong rebound of US stocks in the second quarter helped many well-known hedge funds deliver impressive results. According to Business Insider, by the first half of 2026, the industry’s most-watched large multi-strategy funds, including Millennium, Point72, and Schonfeld, all showed robust overall performance.
Citing sources familiar with the matter, the report said that Point72, led by billionaire Steve Cohen, rose 3.4% in June, pushing its return for the first half of the year up to 14.5%. Millennium was up 10.5% in the first six months, including a 4.1% gain in June. Schonfeld’s flagship fund rose 2.5% in June, with a cumulative return of 8.4% for the first half of the year.
The improvement in hedge fund returns this time around was largely driven by the strong performance of US equities in the second quarter. At the end of March, investors began to bet that the risk of war with Iran would be resolved, the market bottomed out and rebounded, coinciding with the start of the new quarter. In the second quarter, the S&P 500 rose 15%, while the tech-heavy Nasdaq 100 soared 28%. Meanwhile, the public trading of SpaceX following the largest IPO in history further fueled risk appetite in the markets.
Looking at the first half of the year as a whole, the S&P 500 posted a cumulative gain of nearly 10%. This performance still outpaced most hedge funds, but some funds ran long-only equity strategies that outperformed the index. For example, according to sources, Schonfeld’s Fundamental Equities Fund climbed 3.6% in June, with a cumulative gain of 12.3% in the first half of the year.
Based on currently disclosed data, Pinpoint Asset Management ranked first in terms of performance for the first half of the year. The fund rose 4.4% in June, for a cumulative increase of 16.9% so far this year. Dymon Asia followed closely, up 3.7% in June and 15% for the first half. Point72 ranked third with a half-year return of 14.5%.
Dymon Asia Capital is a Singapore-based Asian alternative investment management company founded in 2008, with Danny Yong as founder and Chief Investment Officer. The company describes itself as focused on Asian markets and is regarded as one of the more prominent homegrown hedge fund platforms in Asia.
Its core positioning is not as a traditional single-strategy fund, but rather as an Asian-style multi-strategy hedge fund platform: through different investment teams and portfolio managers, it seeks opportunities across multiple asset classes including long/short equities, macro, FX, rates, credit, and commodities.
Specifically, multi-strategy funds’ first half results are as follows:
This results sheet shows that during the rebound of risk assets in the first half of 2026, large multi-strategy funds generally maintained steady positive returns, but performance varied substantially. Compared with passive investment simply tracking the US stock index, some hedge funds failed to completely outperform the S&P 500; however, for multi-strategy platforms that emphasize risk control, cross-asset allocation, and low-volatility returns, double-digit returns still demonstrate strong profit-making abilities.
For investors, this also highlights the core characteristics of the market in the first half of 2026: the rebound in US equities became the main source of returns, technology stocks and risk assets regained popularity, and funds that could quickly adjust positions and seize the rebound window in Q2 became the biggest winners in this round of the market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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