Nowhere To Hide: Stock Pickers And Quants Both Lose 3%+ In October For The First Time On Goldman's Record

October was not a good month for hedge funds.

Actually, that's an understatement. According to Goldman's Prime Brokerage, which just published its monthly "October 2026: First Look on Hedge Fund Performance and Positioning" (available to pro subs), global Fundamental long/short funds lost 3.49% last month while Systematic L/S funds (Goldman's proxy for quants) lost 3.6%, the first time on the bank's record, going back to 2016, that both cohorts fell by 3% or more in the same month. And they did it in a month when the MSCI World was down just 0.77% and the S&P 500 a measly 0.87%.