Two index trading teams at Millennium earn about $3.7 billion in a single month

CoinFeed July 6 news, according to Bloomberg, two teams at hedge fund Millennium Management focused on index rebalancing trades collectively earned about $3.7 billion in June, accounting for more than half of the fund's approximately $6.6 billion pre-tax profit for the month. The two teams are led by Glen Scheinberg (New York) and Pratik Madhvani (Dubai), primarily using high leverage to position in index rebalancing, betting on the inclusion and exclusion of constituent stocks. In June, events such as the S&P 500 quarterly rebalance, Nasdaq 100 quarterly changes, Russell annual reconstitution, SpaceX's 'fast entry', and multi-asset quarter-end rebalancing provided concentrated trading opportunities, pushing Millennium's June return to 4.1% and year-to-date cumulative return to 10.5%.