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Griffin, Cohen Lead Macro, Multi-Strat Crowd
Ken Griffin and Steve Cohen, of Citadel and SAC Capital respectively, have had good starts to the year. In fact, their gains far exceed those of most macro and multi-strategy managers, who have had trouble navigating through the enormous volatility in the numerous global markets.
Ken Griffin is off to a good start this year.
The Citadel founder was up 1 percent in March and is now up 7.5 percent for the year. Sources say he made gains across his various strategies.
The strong showing also placed Citadel within 7 or 8 percentage points of its high water mark.
You may recall, in 2008, Citadel lost 55 percent. In 2009 it rebounded sharply, surging 62 percent and last year followed up with roughly 11 percent gains in both the offshore Wellington fund and domestic Kensington fund.
Meanwhile, Stevie Cohens SAC Capital was up more than 2 percent in March and is up around 5 ½ percent for the quarter. Investors say his gains are especially impressive since Cohens net exposure is very low. One investor says Cohen seems to make money every week.
In fact Cohen, who personally has been known for his long-short equity trading, has personally been incorporating more of a global macro approach.
Griffins and Cohens gains far exceed those of most macro and multi-strategy managers, who have had trouble navigating through the enormous volatility in the numerous global markets.
For example, Izzy Englanders Millennium, which is known for its less volatile, steadier returns, is up a little more than 3 percent for the first quarter.
Louis Bacons Macro Managers fund is only up around 0.40 percent for the year.
However, Remington, which Bacon himself heads up, lost 0.17 percent in March and was off 0.60 percent for the quarter.
Others high-profile funds were also in the red.
Through March 29, Bruce Kovners Caxton Global Investment was down 2.31 percent for the month and off 2.37 percent for the quarter.
Through March 25, Paul Tudor Jones IIs Tudor BVI was down 0.47 percent.
Altogether, the average macro fund followed by HFR was down 1.3 percent in the first quarter while the average commodity trading advisor (CTA) lost 1.7 percent.