Multistrategy funds delivered mixed results in November, but the two top performers added to their already strong gains for the year.
It was a month in which several profitable strategies — including betting that interest rates would rise, stocks would fall, and the dollar would strengthen — reversed course.
Even so, Ken Griffin’s Wellington fund tacked on another 0.86 percent gain in November, boosting its gain for the year to 31.70 percent, according to a person who has seen the results. With one month remaining in the year, Wellington is in a good position to record its strongest results since 2009.
It’s not clear what drove November’s returns. According to the source, all five of Wellington’s core strategies — equities, fixed income and macro, commodities, credit, and quant — are profitable for the year.
Several of Citadel’s other funds were also profitable in November.
Citadel Global Fixed Income gained 1.78 percent last month and is now up 28.13 percent for the year. The single-strategy fund uses a combination of macro, relative value, and technical styles, according to the firm.
Citadel Tactical Trading gained 0.6 percent last month and is now up 22.4 percent for the year. The fund invests in each of Citadel’s four equities businesses — Global Equities, Surveyor Capital, Ashler Capital, and International Equities — along with the equities portion of Citadel’s Quantitative Strategies business, according to the firm.
Citadel Equities was up 0.28 percent in November, extending its gain for the year to 17.81 percent. With all four of its market-neutral businesses profitable in 2022, the fund has now outperformed the S&P 500 by more than 45 percentage points for the year.
Meanwhile, D.E. Shaw Composite, which has been on Citadel’s tail all year, added 40 basis points last month and is now up 23.7 percent for the year, according to a person who has seen the results.
Elsewhere, Carlson Capital’s Double Black Diamond gained 1.32 percent for the month and is up 6.5 percent for the year; Steven Cohen’s Point 72 Asset Management gained 0.45 percent in November and is now up 8.20 percent for the year; ExodusPoint gained 0.30 percent for the month and is up 4.78 percent for the year; and HBK Capital Management was up 1.50 percent for the month as well as for the year. All of these figures come from people who have seen the results.
Other prominent multistrat funds, however, lost money last month.
Izzy Englander’s Millennium USA declined by 0.24 percent, trimming its gain for the year to 10.16 percent; Balyasny’s Atlas Enhanced declined by 1.20 percent in November and is now up 6.6 percent for the year; Marshall Wave Eureka fund dropped 1.85 percent for the month and is up just 2.48 percent for the year; and Schonfeld Fundamental Equity declined by 0.40 percent, cutting its gain for the year to 1.8 percent. These figures also come from people who have seen the results.
Meanwhile, Sculptor Master Fund was able to eke out a small 0.11 percent gain in November, but it remains solidly in the red for the year, down 13.2 percent.
