Ken Griffin, founder and CEO of Citadel, speaks on the Milken International Convention 2024 at The Beverly Hilton in Beverly Hills, California, on Might 6, 2024.
David Swanson | Reuters
Billionaire investor Ken Griffin’s suite of hedge funds at Citadel eked out small features 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 aware of 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, fastened earnings, credit score and quantitative — have been constructive for the month, the individual mentioned.
The Miami-based agency’s tactical buying and selling fund rose 1.5% final month and is up 14.5% on the 12 months. 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 property below administration as of Aug. 1.
Volatility made a robust comeback in August as fears of a recession have been rekindled by a weak July jobs report. On Aug. 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.
General, the hedge fund group lately moved right into a defensive mode as macroeconomic uncertainty mounted. Hedge funds on internet bought international equities for a seventh straight week lately, pushed by gross sales of communication providers plus monetary and shopper staples shares, in line with Goldman Sachs’ prime brokerage knowledge.