Holocene Advisors
Any opinions on this fund in terms of performance, culture, compensation, career trajectory, etc.?
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Personally think they are pretty killer. A Citadel spin-off that has managed to scale to the attractive economics of large SM-type investors with better risk management. According to most recent 13F looks like they’re running 26bn gross (probably with some turns of leverage), and with only what seems to be about 50-60 investment professionals according to LinkedIn. Comp, which will obviously be performance dependent, should be top of the line versus other similar shops (obviously taking a base discount to the best SMs).
It seems like they offer MM style of risk mgmt but SM process in terms of duration of ideas.
You call this "SM duration of ideas?"
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Solid fund with quality people at every level. I hear great things about culture too. Brandon (the founder) has an excellent reputation.
Smart people - very down to earth and very thoughtful. Seems like the preferred place to work for L/S equity if I was ever capable of landing there.
To the other person commenting about their holding period, they do a bit of everything, which makes it somewhat awesome. Not just pair trades like a pod shop, and have the flexibility to take some duration if they want, whilst also having a proper risk model. Anything that makes money, as long as you keep risk in check, but with roots in classic pod shop inflection / relative value stuff. Probably one of the places taking advantage of current environment that some people like Brett have written about on twitter (if I had to guess).
HR there is close with Dynamics so I'm guessing they prob use Dynamics Search for recruiting.
Comp also seems to be top tier.
Kind of weird structure with sector heads and then lead analysts who run the sectors in the best ideas portfolio?, also a children's fund for longer duration ideas? So yea they do a bit of it all, which I think is where you want to be. Good luck getting in, seems like they really focus on both pedigree and also really meshing super well with their somewhat down to earth but still intense culture.
any insights into comp #s?
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Curious how much holocene manages, not inclusive of the leverage
prolly somewhere between 8 and 10 yards assuming they’re running a bit looser (still tight) on positioning and central risk. Puts them at about 3.5x max leverage (probably less in most cases). My impression is Citadel’s equities franchises run about 4-5x at the PM level, with overlays in the central book probably adding a turn or so. Idk leverage is pretty confusing to me so AUM could be up to the teens range
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