Fundamental long/short funds lost 3.49% last month while Systematic L/S funds (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 Quants had the first down month since Jul '25 and the worst monthly drawdown in six years, driven entirely by negative long side alpha. Tech-focused funds lost 12.6% in October and are now up just 5.1% YTD, which means they entered the month up roughly 20%. Three-quarters of their 2026 gains vanished in a single month