AI stock selloff hits hedge funds, both Balyasny and Verition post losses last month

Odaily News Multi-strategy hedge funds Balyasny Asset Management and Verition Fund Management both posted losses last month, as the selloff in AI-related stocks rattled markets and weighed on numerous hedge funds. According to sources familiar with the matter, Balyasny fell 1.5% in July, trimming its cumulative return for the first seven months of the year to 1.2%. Another source said Verition declined 1.1%, bringing its year-to-date return to 4.5%. The sources requested anonymity as the performance data is confidential. Meanwhile, some hedge funds managed to profit from the market turmoil. Citadel's flagship fund Wellington rose 5.9% in July, benefiting from taking over positions in Situational Awareness. ExodusPoint Capital Management fell 0.9%, bringing its year-to-date gain to 3.5%. (Bloomberg