Steve Cohen’s Point72 Asset Management led performance among major hedge funds in May, extending a strong run of gains for the $50.7bn multi-strategy firm as the wider industry delivered a mixed month of returns, according to a report by Business Insider.

The report cites an unnamed person familiar with the matter as revealing that Point72 rose 2% in May, bringing year-to-date gains to approximately 10.5%. The result follows a 17.5% return in 2025, during which the firm outperformed several of its closest peers in the multi-strategy hedge fund space, including Millennium Management and Citadel.

Broader industry performance was also positive but more uneven. Millennium Management posted a 2.4% gain for May, lifting its 2026 returns to 6.1%, while Balyasny Asset Management moved into positive territory for the year after a 1.4% monthly gain.

Despite solid results among hedge funds, returns lagged behind broader equity markets, which rallied strongly on continued investor enthusiasm for technology and artificial intelligence-linked stocks. The S&P 500 rose 11% in May, following a gain of more than 5% in the month alone. Not all managers posted gains. Walleye Capital and North Rock Partners recorded modest losses of 0.9% and 0.2% respectively over the month.

The performance snapshot highlights ongoing dispersion across the hedge fund industry, with multi-strategy platforms continuing to compete closely while navigating a market environment heavily influenced by equity momentum and sector concentration.