Ken Griffin, Founder and CEO, Citadel speaks on the Milken Convention 2024 International Convention Periods at The Beverly Hilton in Beverly Hills, California, U.S., Might 6, 2024.
David Swanson | Reuters
Billionaire investor Ken Griffin’s suite of hedge funds at Citadel eked out small beneficial properties in what proved a unstable month in August as markets grappled with an rising progress scare.
Citadel’s multistrategy Wellington fund gained about 1% in August, bringing its year-to-date return to 9.9%, in line with an individual accustomed to the returns, who spoke anonymously as a result of the efficiency numbers are non-public. All 5 methods used within the flagship fund — commodities, equities, mounted revenue, credit score and quantitative — had been constructive for the month, the particular person mentioned.
The Miami-based agency’s tactical buying and selling fund rose 1.5% final month and is up 14.5% on the yr. Its equities fund, which makes use of an extended/brief technique, edged up 0.8%, pushing its 2024 returns to 9.3%.
Citadel declined to remark. The hedge fund complicated had about $63 billion in belongings beneath administration as of August 1.
Volatility made a robust comeback in August as fears of a recession had been rekindled by a weak July jobs report. On August 5, the S&P 500 dropped 3%, its worst day since September 2022. Nonetheless, the market rapidly bounced again, with the fairness benchmark ending August up 2.3%. The S&P 500 is now forward greater than 15% in 2024.
Total, the hedge fund group not too long ago moved right into a defensive mode as macroeconomic uncertainty mounted. Hedge funds on internet bought world equities for a seventh straight week not too long ago, pushed by gross sales of communication providers, monetary and client staples shares, in line with Goldman Sachs’ prime brokerage knowledge.
