Hedge fund performance in July was muted. But Citadel distanced itself from Point72, Millennium, and other competitors.
Citadel led the pack, gaining 1.3% last month and pushing its 2023 tally to 8.6%.The doldrums of summer are approaching, but the stock market has continued its hot streak.
The S&P 500 gained another 3.1% in July, amid buoyant earnings and economic expectations and pushed its year-to-date return to nearly 20%.Among its multi-strategy hedge fund peers, Ken Griffin's $59 billion Citadel remains second to none, gaining 1.3% in July in its flagship Wellington fund. It's now up about 8.6% for 2023, according to a person familiar with the matter.
Verition, which is now managing more than $7 billion in assets, had one of the strongest months among multi-strategy funds, returning 1.2% and increasing its full-year performance to 4.1%, according to people familiar with the figures. Multi-strats are named for their expertise in a wide variety of investing strategies.
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