Year End Performance Numbers?

With the year coming to a close, let's compile some YE numbers across the industry. I'll start:

Tudor +5%

Brevan Howard +0%

Balyasny +7%

Citadel Wellington +20%

Marshall Wace +24%

Winton +9%

Alphadyne and Rokos both down double digits.

Anyone have others to add?

Comments (76)

Dec 26, 2021 - 12:12am
  • Associate 1 in IB-M&A
Dec 28, 2021 - 2:27am

Is D1 net long and curious how much of that is privates vs public equities? The privates business is a great way to mask the public side.

  • Investment Manager in HF - Other
Dec 30, 2021 - 6:16am

Many of these (rokos, brevan Howard, element, alphadyne, etc) are macro funds. So they generally will have more bond and maybe FX bets. Unlike funds that invest within equities (L/S, etc) that may have a net long US equity position, these funds may not even invest in US equities. That's not to say they couldn't have loaded up on equities, but generally not their speciality (and not something they would have net exposure to). 

  • Investment Analyst in RE - Comm
Dec 30, 2021 - 10:47am

are these only for their public book or do they incorporate private valuations as well? i believe lone pine and viking do crossover investing out of the same funds

Dec 30, 2021 - 11:50am

Lone pine does crossover investing out of the same find although its a very small amount of assets, something like 5 percent i think and viking has a separate fund for investing in privates. I also believe that vikings returns posted here are public and private combined and I know that they returned something like 25 percent in their public hedge fund last year. Besides with the kind of tight ship they run and with the kind of leverage they use, would be close to impossible to return 50+ in their public markets vehicle.  In fact apart from their founding year they've never had more than 22 percent returns up until now

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  • Investment Analyst in RE - Comm
Dec 30, 2021 - 12:42pm

very interesting that the three firms that WSO users likely wet dream over the most have had these returns (two in the red!) when the S&P's up 28%. mindboggling

Dec 30, 2021 - 1:03pm

Thats what you get for being overly reliant on tech for returns

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  • Principal in PE - LBOs
Jan 14, 2022 - 4:49pm

In one year. What's their AUMs and long and medium term returns again?

The schadenfreud towards the firms at the absolute top of the food chain is so comically transparent.

There's tons of arm chair quarterbacks falling all over themselves whenever Tom Brady throws a 15 yard pass that thunks off the turf. He's still Tom Brady and you're still… no body.

Most Helpful
  • Analyst 3+ in HF - EquityHedge
Dec 30, 2021 - 11:52am

Ytd through nov

Senvest Equity 75%

Impala** Equity 55.5%

SRS Equity 46%

Third Point Event driven 25.7%

Citadel Wellington*** Multistrategy 24.3%

Heard Capital Equity 23%

Pershing Square Equity 20.1%

Voleon Investors* Quant 19%

Citadel Tactical Trading Multistrategy 18.1%

D1 Capital Equity 17%

Hudson Bay International Multistrategy 14.1%

Renaissance Institutional Equities* Quant 13.7%

Schonfeld Strategic Partners Multistrategy 12.6%

Millennium Management Multistrategy 12.1%

Renaissance Institutional Diversified Alpha* Quant 11.3%

Voleon Institutional Strategies International* Quant 11%

Carlson Double Black Diamond Multistrategy 10.1%

Two Sigma Compass Macro 8.8%

Coatue Qualified Partners Equities 8.8%

Verition* Multistrategy 8%

Point72 Multistrategy 7.4%

Renaissance Institutional Diversified Global Equities* Quant 7.4%

Balyasny Atlas Enhanced Multistrategy 7.3%

Carlson Black Diamond Arbitrage Event driven 7%

Voloridge Trading Aggressive Quant 5.9%

Sculptor Master Multistrategy 4.8%

ExodusPoint Multistrategy 3.2%

Tiger Global Equity 3%

Two Sigma Spectrum Quant 3%

Bridgewater Pure Alpha II Macro 0.3%

Lone Pine Cypress Equity -1.9%

Voloridge Quant -3.9%

Viking Global Equities Equity -6.1%

Brevan Howard AS Macro -7.4%

Element Macro -8.1%

Alphadyne Macro -22%

Rokos Macro -25%

Melvin Capital Equity -41.5%

Jan 3, 2022 - 12:17pm

Holocene up roughly 2.5%, Woodline up a little over 9%.

EDIT: these are YTD figures through November.

Just remember: it's not a lie if you believe it.

  • Associate 1 in IB-M&A
Dec 31, 2021 - 1:31am

Would be very interested in hearing if people know which funds are net long (and by how much) versus market neutral. If not it seems tough to compare returns. Eg: Citadel vs Pershing at 20%+ each. Surely Citadel's returns are higher quality given the beta neutral product (just my view).

  • Investment Analyst in HF - Event
Dec 30, 2021 - 4:35pm

Would be interested in Biotech fund returns (i.e. Perceptive, Cormorant, Orbimed, etc.) after seeing the WSJ article. Rumor has it couple are down 70%+ YTD after record breaking 2019/2020 returns. Been a brutal market for anyone with small cap healthcare exposure, and a couple of fund liquidations. Expect more to come in 2022…

  • Investment Analyst in RE - Comm
Dec 30, 2021 - 7:17pm

when a SM like lone pine returns -3% for the year, how do bonuses generally work? would it just come out of the mgmt fees? assuming they're fugal with their expenses. doubt anyone would just be taking home their base salaries ($100k).

  • Associate 1 in IB-M&A
Dec 30, 2021 - 9:33pm

Management fees and the company's balance sheet. You can't be frugal with expenses and still pay employees well if people's comp is the number 1 expense by far. Probably not getting paid just 100k but it's simple economics - if there's no PnL, there's no money to go around this year and people don't get paid big money. Lone Pine employees don't get paid a shit ton because they work at Lone Pine. They get paid a shit ton because they make money at a lean fund. 

  • Investment Manager in HF - Other
Dec 30, 2021 - 10:35pm

In general management fees are enough to pay out "standard" bonuses for all junior/mid tenured people. As someone mentioned, you don't want to lose talent over a few 100k. The people that get hit harder (relative to normal years, since they'll still make solid $) during the down years are those with large equity stakes (so the senior people who are aiming to take down 7-8 figures) and the people with high comp packages

  • Associate 1 in PE - LBOs
Dec 30, 2021 - 10:48pm

So downside case (0% or less), analyst at a lone pine type fund clips $500-700k, base case (10% return or more) $1-2mm, and upside case (25%+) 3mm+?

  • Investment Analyst in RE - Comm
Dec 30, 2021 - 11:21pm

Lol the better question is how melvin's bonuses will work this year when they're down 42%

  • Investment Manager in HF - Other
Jan 3, 2022 - 12:44pm

Problem is less this year and more next (although clearly a problem in the current year as far as having enough capital to reverse losses, etc). On a big down year like that you are lucky if the fund survives the redepemtions, it'll depend on how convincing they are that they can turn it around and maybe more importantly what lock up agreements (if any) they have. Year end tends to be a time when clients can redeem, so the down 40 isn't the problem, it's the 90% of the clients pull their money. 

  • Research Analyst in HF - Other
Jan 6, 2022 - 11:12pm

they have a bunch of deferred comp from prior years right?

  • Investment Manager in HF - Other
Jan 7, 2022 - 1:25am

Depends on the fund, mostly likely, yes, there is some deferred. Not all funds structure it this way, but if they have a structure where you defer payouts (for that year's performance) then that helps keep people around. The problem is the forward looking bonuses when there are very bad years, which 3% down isn't a huge deal (unless a new plan is in place to deal with the high water mark). The other thing to note is that almost always competitors will pay that off if they want you. 

  • Principal in PE - LBOs
Jan 14, 2022 - 4:54pm

when a SM like lone pine returns -3% for the year, how do bonuses generally work? would it just come out of the mgmt fees? assuming they're fugal with their expenses. doubt anyone would just be taking home their base salaries ($100k).

A fund like Lone Pine has massive scale on a mgmt fee/fte basis. People are still getting paid well, just not a big year. Finger in the air, maybe 400-600k for a relatively junior analyst and prob atleast a million bucks or more for more tenured sr analyst/partner level folks.

The smaller firms that don't have this sort of scale are where this gets much trickier. In that case the founders do what they can to keep people they value. Pay out of their pocket, pay with titles, give incremental points in incentive fee in future years, etc.

Jan 17, 2022 - 11:59am

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  • Investment Analyst in RE - Comm
Jan 17, 2022 - 1:54pm

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Jan 18, 2022 - 3:45am

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  • Investment Analyst in RE - Comm
Jan 22, 2022 - 10:10pm

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