How transparent is your PM about PnL?
My PM only tells us what our performance is YTD on a quarterly basis at best. Is this common? It hasn't really bothered me too much since I could try to track it based on our holdings, but I was under the impression that most funds were very transparent about this. I work at a relatively small hedge fund with a single digit employee headcount for context.
At Citadel I knew everyone's pnl in commodities
PM here is transparent on a weekly basis
Why does it matter to you? Get your models and calls done if you are an analyst.
Bro just wants to know if he needs to start looking for another gig 😭
full transparency.
Daily P&L + trade blotter
It is uncommon but not unheard of. Also, in my view, it's a red flag that suggests you need to find yourself a new boss.
Agree with above poster. Uncommon but not unheard of. Some PMs don’t like analysts worrying about things at a portfolio level as it’s just a distraction against your real job which is to manage your coverage. And some PMs just don’t like you seeing how much $ they’re losing. I think transparency across all positions is the way to go.
Truly tough one for me, since as mentioned I prefer transparency. That said I do not like when analysts start to spend their time worrying about "path risk" that is my job. I want analysts to have a unbiased view and truly seek the catalyst or find the alpha they seek. So for that reason I do not think its truly a "red flag" always.
That all said, transparency is better if the analyst is able to separate it from their job as mentioned above.
Additionally, being at a small fund vs large platform I think this is even more key. Since the larger platforms depend on some kind of constant reporting, pressure to always be doing X. The whole point people stay at smaller funds is to not concern themselves with that noise and focus on making sure they have all research/models/etc down.
Of course you don't want analysts to be all distracted. But you can treat people as adults and trust they will remain focused, or treat them as children. Over time, doing the former helps attract and retain a quality team, while the latter leads to the opposite. Good people want to be empowered, not to be "protected".
You guys have transparent PMs?
Huge red flag, regardless SM or MM, not sure in LO land but imagine it applies as well.
The best fund I know only looks at PnL on a quarterly basis, in every other case imo less transparency has been a huge red flag
Citadel? Otherwise any other answer is wrong for best fund
Citadel is the best hedge fund now? Let me update my ranking table - gotta update this more frequently than some PMs share PnL it appears!
I have complete transparency. I can see P&L at all times for the book, not just my positions. I prefer it this way.
I worked at a distressed credit HF (one of the only distressed strategies across all the pod shops, had wider risk limits) and the PM didn't share performance with me... he wouldn't even share performance with the sub PM running $100mm in comingled book. I didn't know until end of the year when he said: "no P&L, no bonus" ---- i gtfo
I thought it was full transparency at every fund, because that's how my experience has been. But then my friend who runs a fund explained that he didn't want his analysts distracted by the PnL on a daily basis. I can see the merits of that, actually.
Complete transparency.
zero transparency on holdings or PnL. After a while, I feel like I was working against the PM trying to replace him. One of the largest multistra HF at APAC
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