Hedge Funds Cut Stock Teams After October Losses as Semiconductor Index Falls 12%

Balyasny and Engineers Gate cut stock teams after October losses, as the Philadelphia Semiconductor Index plunged 12% on Nov. 5, its steepest daily drop since 2020, amid a broad U.S. market selloff. Balyasny removed equity long-short chief Anil Gondi and much of its internal long-short team. The firm lost 3.4% in October. Engineers Gate was down 5.5% and cut most of its Synthesis stock team, retaining five fundamental managers. Hedge funds averaged a 3% loss for October. Citadel’s Wellington fund was among the few exceptions, rising 1.7% for the month and gaining 15.3% year to date.

Source: TokenPost