Hedge fund Cinctive gains 3% in July, source says

Hedge fund Cinctive Capital Management gained 3% in July, a performance driven by bets on stocks, a source familiar with the matter said.

A multi-strategy hedge fund with various portfolio managers trading different assets and strategies globally, Cinctive outperformed the S&P 500 SPX last month. The index was up 2.17% in July.

The New York-based hedge fund, with roughly $3 billion in assets under management in December, has also outperformed some of its bigger multi-strategy peers. Citadel's flagship fund, Wellington, gained 1.3% last month, while Schonfeld's main fund, Strategic Partners, was down 0.3%.

Cinctive's main successful bets were on equities in the consumer, financials and technology sectors, the source added.

The firm declined to comment on the numbers.

Overall, hedge fund returns climbed in July as many were lifted by rising stock markets that hit record highs, although others were caught in turbulence sparked by U.S. trade uncertainty, according to a Goldman Sachs report and sources familiar with the funds.

Hedge fund stockpickers returned almost 1.5% in July and are up roughly 7.8% for the year so far, said Goldman Sachs in a recent note.

Systematic hedge funds trading stocks were on track to deliver their worst monthly performance on record before rebounding after July 25 to claw back half of their losses, finishing with a negative 2% return, Goldman said. They are up 10% for the year up until the end of July.

*As of August 4