FIFTHDELTA, the $1.5bn hedge fund founded by former Citadel portfolio managers Niall O’Keeffe and Tio Charbaghi, generated an 8.6% return in July, capitalising on sharp market swings that caught many technology-focused managers off guard, according to a report by Bloomberg. Launched in July 2021, FIFTHDELTA raised $1.3bn at inception and closed to outside investors immediately, making it Europe’s largest hedge fund launch that year. Preliminary industry estimates suggest performance across hedge fund strategies was mixed in July. Quantitative manager Quantedge gained 7.8% during the month to take its year-to-date return to 34.6%, while macro specialist Pharo Capital advanced 0.23%, leaving it up 9.9% for the year. Technology-focused Coatue Management was among the weakest performers, falling 8.3% in July, although it remained ahead 14.3% for the year.