Hedge funds suffer worst day since August as AI stock selloff deepens

Quant strategies posted their weakest showing since August while crowded AI positions unwound across global markets Hedge funds just had the kind of day that gets mentioned in investor letters with a lot of careful adjectives. Quant strategies logged their worst session since August, and the broader hedge fund universe notched its third “never since COVID” day of 2026. According to Goldman Sachs, October 15 marked the third day this year on which all broad hedge fund strategies fell by more than 80 basis points in a single session. A basis point is one hundredth of a percentage point, so that is a drop of more than 0.8% across the board. On October 15, global stock pickers lost 0.9%.

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