NEW YORK, Nov 7 (Reuters) - New York-based hedge fund

Cinctive Capital Management posted a 4% gain in October mainly

driven by bets on stocks, outperforming some rival

multi-strategy hedge funds, according to a source familiar with

the matter.

The hedge fund founded by Richard Schimel and Lawrence

Sapanski made a profit with equity positions in companies in

sectors such as technology, utilities and consumer, the source

added. The hedge fund's performance was bolstered by accurate

predictions of several companies' third-quarter earnings

results.

The fund, with roughly $3 billion in assets under

management, is up 15% year-to-date, the person added.

Cinctive's performance in October beat gains posted by giant

multi-strategy hedge funds, which have a very diverse portfolio,

trading assets from equities to rates and credit in many

different ways and with multiple portfolio managers.

Citadel's flagship Wellington was up 1.2% last month, while

Schonfeld Strategic Advisors' flagship fund Strategic Partners

and Millennium Management gained 2.3% and 0.4%, respectively,

sources familiar with the matter said. Schonfeld's Fundamental

Equity fund, also a multi-strategy fund, had the same 4% gain

Cinctive had.

The firms declined to comment on the matter.

The performances illustrate that many multi-strategy hedge

funds successfully navigated a challenging month, during which

the benchmark S&P 500 declined by 1%.

Business Insider first reported on Citadel's, Millennium's

and Schonfeld's performance.