May hedge fund returns: Steve Cohen’s Point72 leads the way among the industry’s biggest names

• Steve Cohen’s $50.7 billion Point72 continued its strong 2026 in May.
• Big-name managers, including Millennium and Balyasny, mostly performed well in May.
• The S&P 500 index climbed more than 5% in May, pushing the year-to-date gains to 11%.

Steve Cohen’s $50.7 billion hedge fund has continued its strong run of returns with a 2% gain in May, a person close to the firm tells Business Insider.

That gain puts Cohen’s firm at 10.5% for the year, following a 17.5% gain in 2025, when the manager outperformed its main rivals in the multistrategy space, namely Millennium and Citadel.

May was generally good for big-name managers, people close to the firms told Business Insider. Millennium was up 2.4%, pushing its 2026 gains to 6.1%. Balyasny is now positive for the year thanks to a 1.4% gain last month.

Still, funds struggled to keep pace with equity markets, which surged in May thanks to continued enthusiasm for tech and AI stocks. The S&P 500 index ended last month up 11% after a more than 5% gain in May.

A few managers lost money for the month. Walleye and North Rock both posted small losses — 0.9% and 0.2%, respectively — in May.

The funds listed below declined to comment. More returns will be added as they are learned.

Fund May performance 2026 performance Pinpoint Asset Management 2.4% 11.9% Dymon Asia 2% 11% Point72 2% 10.5% Millennium 2.4% 6.1% Schonfeld Partners 2.6% 5.7% North Rock -0.2% 5.2% LMR 2.1% 4.4% ExodusPoint 2.4% 4.1% Verition 1% 3.8% Balyasny 1.4% 0.6% Walleye -0.9% 0.5%

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