Jain Global, the hedge fund firm founded by former Millennium Management Co-CIO Bobby Jain ended its first month of trading with a small loss of 0.65%, while rival multi-strategy firms, including Millennium and Ken Griffin's Citadel, managed small gains, according to a report by Business Insider.

July proved to be a challenging month for the stock market, with the S&P 500 gaining only 1.1%, marking its worst July performance in a decade.

The reports cites unnamed sources familiar with the matter as revealing that Citadel's flagship Wellington fund posted the largest monthly gain, up 0.7%, bringing its year-to-date return to 8.8%. Steve Schonfeld's Schonfeld Strategic Advisors meanwhile, recorded smaller monthly gains across its strategies, but continues to lead in annual performance, with its fundamental equity fund up by 11.2% and its flagship fund by 10.6%.

According to Business Insider's source, Jain Global commenced operations across multiple regions and six strategies, but is still in the process of deploying the $5.3bn it raised in investment commitments last month. Some of the firm's portfolio managers meanwhile, are still navigating non-compete agreements or pre-trading procedures, the source added.