| Kenneth Griffin, Citadel (Bloomberg) |
Kenneth Griffin’s Citadel posted gains in its multistrategy and other hedge funds in August, a volatile month that tripped up many other managers.The Chicago firm’s Kensington and Wellington funds rose 0.90 percent for the month, bringing their gains for the year to 13.10 percent. The funds earned gains from equities, credit, commodities and quantitative strategies.
Citadel Tactical Trading, which specializes in equities and some statistical arbitrage, rose 1.30 percent in August. It is now up 15.20 percent for the year to date. That fund produced positive performance in equities and quantitative strategies. Meanwhile, Citadel Global Equities eked out a 0.20 percent gain in August and is now up 13.90 percent for the year.
Citadel’s strong performance is further evidence that multistrategy funds appear to be the heroes of the August selloff, underscoring their long-held assertion that these are the kinds of funds you want in a correction or bear market or during high volatility. Many equity-oriented funds, especially activist funds, had a much rougher time last month.
Among other multistrategy funds, we earlier reported that Israel (Izzy) Englander’s Millennium International, managed by his New York-based firm Millennium Management, was flat for the month and remains up 9.65 percent for the year.
The $2.2 billion Visium Global Fund, managed by New York-based Visium Asset Management, was also flat last month and is up 7.5 percent for the year.
Donald Sussman’s Paloma Fund, managed by Greenwich, Connecticut-based Paloma Partners, gained 0.50 percent in August and is up between 6.5 percent and 7 percent for the year.
