Ken Griffin’s Citadel continues to neatly navigate through the market’s recent volatility.
The Chicago hedge fund manager’s main funds—Kensington and Wellington—were up 0.85 percent in June during a month when many of its rivals lost money, according to knowledgeable sources.
As a result, it is now up 11 percent for the year, making it one of the better performing hedge fund firms, especially among the multi-strategy set.
Perhaps even more importantly, it has moved with 10 percentage points of the much coveted high water mark.
Those familiar with the funds’ results say the firm is profitable across all sectors this year. But in June, equities and energy performed especially well.
As we chronicled earlier, many multi-strategy funds are struggling so far this year.
However, at least two others that have already reported June results are also currently in the black. Even so, both lost modest sums in June.
For example, the dollar shares of Brevan Howard’s BH Macro Ltd. fund lost 0.53 percent in June. However, for the year they are up 2.46 percent.
And Dan Och’s OZ Master Fund fell 0.74 percent in June. However, for the year it is still up 3.31 percent.
In addition, OZ Europe Master Fund, Ltd. lost 2.24 percent in June, pushing down its gain for the year to 1.84 percent.
Och-Ziff’s best performing fund this year is the OZ Global Special Investments Master Fund, L.P., up 6.61 percent for the first six months.
Even so, the firm reported a total of $29.3 billion in assets as of July 1, down $700 million.
As a result, Tuesday morning Citi Investment Research & Analysis reduced its estimates for distributable earnings for 2011 through 2013 and trimmed its target price by a buck, to $19.
In response, investors Tuesday knocked down Och-Ziff’s stock by 1.26 percent, to $14.08.