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Death, Taxes... and Balyasny and Exoduspont at the bottom of the rankings
Funny part is returns don't matter that much in mutli-strat world with pass through fee structure - or at least from the perspective of this forum, ya know?
I mean I guess eventually it becomes harder and harder to attract + retain talent, or maybe other places might be more "sought after." But very different than looking at a SM and wondering what their returns are like and how it translates into comp. As long as % of PnL payouts exist, and pass through fees that translate into 40%-50% of all profits going back to the firm, you can still get rich working at the multi-strats.
That stuff aside, lets be real. It sounds great to say "hey this product's return is all uncorrelated and all alpha", and then I've even seen someone say "if you want you can lever it again at the LP level!". But 50% effective fees is a shitty deal for LPs, and for LSD to MSD returns, even if uncorrelated... seems like a pretty product for LPs. Citadel and MLP etc. are great, and believe me I have pitched the argument for investing in these strategies, but idk how LPs sit there paying out that much to the lower tier MMHFs and justify it.
Another day, another novel long response from this guy
Don’t think any LPs are complaining about a 5-6% NET return in 1 qtr, where quality of said return is not comparable to non-multi strat funds…
agreed
lol thats a tough one
FTR my comment wasn't saying LPs would be upset at 5%-6% net in one quarter; we get why that's quite good. Seeing the list just got me thinking about the bottom performers... some of whom have been putting up closer to MSD returns annually more recently. And so I shared some of my thoughts on that group. I guess I've been due for someone to tell to me to piss off given my posts here. Thats my b I can go bugger off for a while.
Anyways, don't worry, you don't need to convince me how grateful LPs are for their 6%-9% of alpha. BUT just maybe, we can also recognize that at the end of the day, LPs are giving away a fortune for that. AND just maybe, its ok to question if it's really that good of a deal if you're investing in an exodus point?
what does pass through fee structure mean?
It’s literally 1 quarter. Do people really care all that much? Seems like Bloomberg just running out of things to talk about. Kind of like how ESPN constantly recycles content on GOAT conversations.
Bloomberg tends to report YTD returns pretty regularly. We're just a quarter in so they're reporting Q1 returns, but their standard practice is to report YTD numbers.
Can anybody shed color on which of these places is strongest in equities, particularly for a junior?
PM PM PM.
Ceturis Paribas, Citadel's good L/S biz units (i.e not International Equities)
Am at a podshop outside of the US, but not C. Is International Equities that bad? Is it because they don't trade US markets as much and basically the L/S scene outside of the US is a lot worse? Can't seem to find much about them but funds in APAC generally don't seem to do well.
Eureka has to be the most baller flagship fund name hands down
Two Sigma Spectrum is at least aptly named
How do we explain Jain’s performance?
They have no edge
To me, they hired T2 guys. But if we look at those T2 funds, they perform pretty well. That’s weird
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