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Ken Griffin’s Citadel Beats Steve Cohen’s Point72 With 19% Gain in 2019

Hema Parmar
Ken Griffin’s Citadel Beats Steve Cohen’s Point72 With 19% Gain in 2019

(Bloomberg) -- Ken Griffin’s $30 billion Citadel saw its main multistrategy hedge fund soar 19.4% last year, topping rivals including Steve Cohen’s Point72 Asset Management.

Citadel’s Wellington fund gained across all five of the firm’s strategies after besting peers for most of the year, a person familiar with the returns said. Its Tactical Trading fund, a separate multistrategy fund that uses equity and quantitative approaches, rose about 20%. Point72 advanced about 16%, people said.

Citadel and Point72’s performance stands in contrast to the industry. Hedge funds returned 9% last year rebounding from a decline the year before, according to preliminary figures from the Bloomberg Hedge Fund Indices. Hedge Fund Research reported a 7.7% gain for the year on an asset-weighted basis. Meanwhile, the S&P 500 Index rallied 29%, extending the longest bull market in history.

Equities were the best performing fund strategy.

Sculptor Capital Management, formerly called Och Ziff, was up almost 15% return for the year. Dmitry Balyasny’s namesake firm returned 12% in its Atlas Enhanced fund, another person said. Meanwhile, Izzy Englander’s Millennium Management gained 9.8% and ExodusPoint Capital Management, run by Michael Gelband, ended 2019 up 6.8%.

Citadel’s Wellington fund rose 2.3% last month. Citadel also returned 2019 profits in full to investors, amounting to more than $6 billion.

Multistrategy funds trade across assets from company stocks and bonds to currencies and interest rates.

Representatives for the firms declined to comment.

(Adds Hedge Fund Research data in third paragraph)

To contact the reporter on this story: Hema Parmar in New York at hparmar6@bloomberg.net

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