Quant Hedge-Fund Blowups vs. Tuatara (M&A Ripple)

2026 · Tuatara figures from the live /fund-performance index · external figures cited

Photo: Financial Times

#	Event	Date(s)	What
A	Hedge funds' worst month vs S&P 500 in 20+ years	July 2026 (full month)	AI/semis de-gross. Rokos −1.2%, Brevan −1.2% (July).
B	Quant hedge funds' worst day in two years	2026-08-19 (turbulence 2026-08-18..21)	Moderna +177% intraday 08-19 (melanoma vaccine) torched quant shorts; Treasury buyback doubling added bond havoc.

+14.99%

inception → Aug-14 peak (115.0)

+3.77%

July 28→31 window

2026-08-18

last loaded close (113.6)

Days before 2026-08-11 are the model index on real announced deals with paper execution; from 2026-08-11 on, live broker fills.

Quant hedge funds	Tuatara M&A Ripple	Notes
July: worst month vs S&P in 20+ yrs (Rokos/Brevan −1.2%)	+3.77% 2026-07-28 100.00 → 2026-07-31 103.77	paper (model index; live execution began 2026-08-11)
Aug 18–22: worst day in 2 yrs (08-19, Moderna +177%)	n/a	no index point after 2026-08-18; 08-19..22 closes not yet loaded — does not yet reflect the 08-19 blowup day (last close 2026-08-18 = 113.57)

No returns are fabricated. Every Tuatara number is the live-chart index; the Aug close-data gap is disclosed, not filled.

CNBC 2026-08-21 — Goldman: hedge funds' worst underperformance vs S&P 500 in July in 20+ years
Bloomberg 2026-08-19 — Rokos, Brevan Join Hedge Fund Peers Wrongfooted in July Havoc
Hedgeweek 2026-08-21 — Hedge funds suffer historic July setback as AI trade unravels

Financial Times 2026-08-20 — Quant hedge funds suffer worst day in 2 years as Treasury boosts buyback and Moderna shares leap (Pollard, Shah, Franklin)
Fortune 2026-08-19 — Moderna & Merck mRNA melanoma vaccine sends stocks soaring
TIKR 2026-08-19 — Moderna stock skyrockets 177% after positive late-stage skin cancer vaccine trial
WSWS 2026-08-21 — Bessent's bond market intervention falls flat

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