Hedge fund performance in July was muted. But Citadel distanced itself from Point72, Millennium, and other competitors.
- Top multi-strategy hedge funds trailed the stock market in July.
- Citadel led the pack, gaining 1.3% last month and pushing its 2023 tally to 8.6%.
- Verition bested most of its peers, gaining 1.2% in July. It’s up 4.1% for the year.
The summer doldrums are approaching, but the stock market has maintained its hot streak.
The S&P 500 gained 3.1% in July on the back of strong earnings and economic expectations, bringing its year-to-date return to nearly 20%.
Meanwhile, the world’s largest hedge funds reported more muted gains.
Ken Griffin’s $59 billion Citadel remains unrivaled among multi-strategy hedge fund peers, gaining 1.3% in July in its flagship Wellington fund. According to a source familiar with the situation, it is now up about 8.6% for 2023.
According to people familiar with the figures, Verition, which now manages more than $7 billion in assets, had one of the best months among multi-strategy funds, returning 1.2% and increasing its full-year performance to 4.1%. Multi-strats are distinguished by their expertise in a wide range of investment strategies.
