2023 returns thread??
With the year now officially over, does anyone have info on what different HFs returned in 2023, both L/S and macro?
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per bloomberg
Fund 2023 returns (%) Discovery Capital 48 Barnegat 22 CastleKnight Master Fund 16.3 KL Special Opportunities 10.5 Millennium 10 Eisler 9.8 D.E. Shaw Composite 9.6 D.E. Shaw Oculus 7.8Some new updates from same article:
Citadel Wellington: 15.3%
Citadel Tactical Trading: 14.8%
Citadel Equities: 11.6%
Citadel Global Fixed Income: 10.9%
Millennium: 10%
Also some other stuff mostly from bloomberg:
Greenlight: 22%
Pershing Square: 26.6%
Coatue: ~20% (through Nov)
Viking: ~14% (through Nov)
Tiger Global: ~27% (through Nov)
Anyone willing to share returns from any of the large pod spin outs, or smaller market neutral/multi-strats (potentially last few years as well as I am curious). Ex: Woodline, Holocene, Candlestick, etc.?
Would love to know how market makers like Jane Street, SIG, etc did?
Woodline had a solid year with 13% performance.
LOL at Baly making similar mistakes as they did in 2018 - not a big 4 anymore.. not that it ever really was..
Yeah, I never understood why people here think Baly is somehow one of the "top four" funds. It's a good fund, sure, but I don't see how they're any different than lots of others. And trying to put them in the same group as Citadel or Millennium seems silly.
Interested in credit/distressed
Per bbg
Fund 2023 return Shiprock Capital Master Fund 32% Arini Credit Master 32% Selwood Liquid Credit 22% Sona Credit Master 20% GoldenTree Master 15% Axebrook 11% Diameter Master 9%baly had one guy that had a 100mm loss in 2023. Sure other pods got blown up too, but don't know for sure. Do know some people that have popped up at other firms starting this year, but not sure if that was voluntary or because they got the axe.
100m loss is 0.5% on 20bn. Doesn't nearly explain the 800bps of underperformance. Almost certainly there existed other PMs at Citadel, MLP, P72 had similar levels of losses in 2023.
Anyone know anything about Eisler Capital +9.8%?
Apollo Credit HF: +12%
Anyone have numbers for Brevan, Rokos, Capula, Symmetry, Caxton, Tudor?
I know Caxton recouped some of the 20% loss they experienced in H1 23 from the bond rally EOY 23 but not sure if they ended in profit or not.
For Brevan, heard mixed results for each fund. Their master fund was down 2.1% but their digital asset fund was up 44%
From @sadvalueinvestr on twitter:
Wish we could clarify which of these numbers are before fees and which are after fees. I'm pretty sure they're not all apples-to-apples comparisons.
Always assume the number they put out there will be the highest number. E.g., pods putting out levered return before fees.
Interesting. I can understand that for like a whale rock long only or something, that they may disclose the gross instead, but what would the pod returns look like after fees then when dealing with a pass through model? For example what do you think the net returns are like for millenium and citadel this year?
At least for millennium, they are net of fees. So it os what the investor got. Now if you think of gross returns they will probably be much higher.
This is not true. It’s net of fees for the big MMs at least
As has already been called out the numbers you see (in almost all cases) are net of fees numbers. Not the self serving numbers.
…..
brevan + bluecrest from bbrg articles
bluecrest
Billionaire investor Michael Platt's BlueCrest Capital Management gained 20.3% last year, sources say.
brevan howard
Brevan Howard Asset Management’s digital currency fund surged last year, while two of its largest hedge funds posted mixed results in a tough trading market for macro money pools.
The $13 billion flagship Master Fund lost 2.1% while Alpha Strategies, which also oversees $13 billion, gained 2.4%, according to a person with knowledge of the matter. The BH Digital Multi-Strategy Fund gained 44%, the person said, asking not to be identified because the details are private.
Anyone got the download on nut tree?
What happened at schonfeld?
In %: HBK 8.5, DK 5, Baupost 1.5, Sculptor 13, Elliot 8, Empyrean 11, Bluecrest 21, AQR 18.5, BW -8
Surprised Baupost did that bad relative to some of the other credit oriented shops given they typically have a higher equity mix. Must have a ton of Chinese developers or something . . .
Must be new to baupost return history
That explains why Mr Secretive klarman is pulling out all the marketing stops and doing podcasts/masterclass
Baupost returns haven't been consistently above MSD for over a decade
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