Who is making money at MM in 2020

With most MM platforms handily outperforming the market and other HFS posting double digit returns in 1H 2020, I'm curious where the bulk of the profits are coming from.

There was an FT article that reported that Citadel Global Equities (their original stock picking unit) was down 6% YTD and their Fixed Income unit up 9% YTD. Other chatter is that quant generally has been a laggard so far this year at MM.

Anyone please share if you know sub strategy level performance. From the sound of it majority of profits have been coming from stock picking units

Comments (18)

 
  • Analyst 3+ in HF - Other
Jul 4, 2020 - 11:18pm

Does that mean fixed income recovered completely from the lows in March and became a strong net positive at most shops? That's interesting because I heard LMR is still down YTD and they are mostly fixed income - but could be because they took gross down before the fed saved the day

Apparently Baly is driven by mostly consumer and healthcare. Last I heard their macro hasn't been doing well and the head of macro in London left

 
Most Helpful
Jul 5, 2020 - 12:00am

LMR is a special case. I know they shut down a smaller fund, was not aware everything is down.

LMR basically only does futures basis which blew up in March. If they are down, they were too big and stopped out on risk. Those who were too levered are in trouble, those who could hold on are alright, and anyone who could add is killing it - Citadel FI lost like 400mm on like 3bn AUM in March but raised 1bn quickly for long end basis at the depths, so that bailed them out. Draghis son works at LMR so conspiracy theory that they are doing poorly with the madame.

 
Jul 25, 2020 - 11:10am
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