There are some interesting MMs that get less coverage in the US. Any firms worth discussing that have performed, grown AuM (min 4-5bn) and decent set-up including tech/culture? Some MMs have hiring freezes on PM level and other smaller ones have closed down, so curious to hear about names outside the big 3/4.
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Didn't the Bloomberg article say there were like 30-40 pod shops? These are the ones I hear about aside from big 4, Exodus, and the Jain launch.
Schonfeld
Verition
Cinctive
Hudson Bay
Walleye
North Rock
LMR
I'm sure the quality of infrastructure etc. will determine whether the firm as a whole does well. But from the perspective of an individual PM/team of analysts, is there much difference in being at one vs another (aside from contractual terms)? They are plug-and-play prop traders so doesn't really matter who gives you the capital, no?
Research and corporate management access etc def can make the difference.
As an aside, I would love to know if there are a good number of PMs at these sub-scale pod shops who do decently (say 50th-75th percentile) despite not having access to expensive research/data/infra or mgmt access.
The value is more clearly attributable to the PM (and I would think more valuable because it's portable). Rather than needing top franchise resources, where I'd question whether the value is more from the franchise seat or from the individual.
"As of midyear, there were 55 so-called pod shops -- multi-strategy and single strategy -- overseeing $368bn, with about half of that amount controlled by the five biggest firms, according to a September Goldman Sachs Group Inc. report. That's up from 29 firms running a combined $149 billion in 2018."
Single strategy pod shop? Odd definition. Doubt it’s 55, unless including every coffee shop out there.
Did they publish the list?
Can you give some examples of funds with freezes or have closed down?
Anyway some other ones-
Greenland
Polymer
Symmetry
AB Arya
Hudson Bay
BHS shut eg, some others obviously had their difficulties which was widely reported. Some have never managed to scale, you listed at least one of them.
Should add that the freezes are also strategy related. Arb has had torrid years now, for instance.
Does Symmetry do discretionary equity? I thought they were only fixed income rv, macro, quant stuff. But haven't checked in a while.
I thought symmetry was a millennium pod
Sounds like Passaic
Didn’t AB Arya almost shut down? Heard not even 2bn in assets? Hudson is more a multi strat than a MM, hearing good things.
freestone grove
Interesting, never come across.
Doesn't look like they've even launched yet or are just starting to deploy now.
Any other names worth noting?
Would people consider Marshall Wace a MM?
Less so, they started building it, but to a different degree.
How do people view them in terms of their long/short groups then?
Any lists of MMs with half way accurate AuM stats out there? Surprisingly little compiled.
Feel free to add
Here are some other hedge fund returns:
Fund Strategy 2023 % Return SoMa Partners Equity 62.1 Whale Rock Long Only Equity 59.3 Discovery Macro 48 Light Street Long Only Equity 58 Light Street Hedge Fund Equity 45.7 Cadian Equity 44 TCI Activist 33 Whale Rock Equity 31.8 Viking Long Fund Equity 29.3 Tiger Global Hedge Fund Equity 28.5 Pershing Square Equity 26.7 Lakewood Capital Equity 23.4 Greenlight Equity 22.1 Selwood Liquid Credit Credit 22 Coatue Hedge Fund Equity 21.5 Tiger Global Long Only Equity 20.4 Anson Investments Equity 18.2 Alphadyne Global Rates Macro 17.1 CastleKnight Event-driven 16.5 Voleon Composition Quant 16.5 Citadel Wellington Multistrat 15.3 Citadel Tactical Trading Quant Equity 14.8 Viking Global Equities Equity 13.8 Garda Fixed Income 13.2 Woodline Partners Equity 13.1 Sculptor Multistrat 12.5 Citadel Equities Equity 11.6 Mudrick Capital Distressed Credit 11.1 Citadel Global Fixed Income Fixed Income & Macro 10.9 Point72 Multistrat 10.6 Winton Diversified Macro CTA 10.1 Millennium Multistrat 10 Tekmerion Macro 9.8 D.E. Shaw Composite Multistrat 9.6 Rokos Capital Macro 8.8 Verition Multistrat 8.2 D.E. Shaw Oculus Macro 7.8 Marshall Wace Tops Equity 7.7 ExodusPoint Multistrat 7.3 Winton Multi-Strategy Multistrat 5.6 Schonfeld Fundamental Equity Equity 4.8 Marshall Wace Eureka Equity 4.6 D1 Capital* Equity 3.6 Schonfeld Strategic Partners Multistrat 3.1 Balyasny Multistrat 2.7 Brevan Howard Alpha Strategies Macro 2.4 Brevan Howard Master Macro -2.1 Bridgewater Pure Alpha II Macro -7.6 Haidar Jupiter Macro -43.5Source: Bloomberg reporting
*Returns are for a share class with 35% exposure to venture capital
how's capstone doing?
bump
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