In the 5 trading sessions leading into NVDA’s print last night, Goldman Sachs top trader John Flood notes that their Prime Brokerage data shows that fundamental L/S HFs lost over 250bps of their year-to-date performance taking 2025 performance to +160bps (the worst 5-day stretch since last August and the second worst in the past two years).
Pain was most acute for TMT and HC L/S managers.
