Griffin's Citadel Is Said to Lead Multi-Manager Hedge Fund Gains

(Bloomberg) -- Ken Griffin’s flagship multi-strategy funds gained in February and they weren’t alone.

Many of the hedge fund industry’s biggest multi-manager firms advanced, with Citadel’s Kensington and Wellington rising 1 percent, according to a person with knowledge of the matter. That pushed their showing for the first two months of the year to 4.55 percent. Citadel oversees about $29 billion in assets.

Like Citadel, Izzy Englander’s Millennium Management counts on small teams of traders to manage money independently from one another. Millennium rose about 0.4 percent in February, bringing its performance for the year to about 1.7 percent, people familiar with the matter said. ExodusPoint Capital Management, which was started last year by Englander’s one-time heir apparent, Michael Gelband, has returned 1.61 percent this year through February after rising about 0.7 percent last month.

More broadly, hedge fund managers are beginning to see relief after taking a beating in 2018. They’re up 2.2 percent this year through February on an asset-weighted basis, according to preliminary estimates from Eurekahedge. The S&P 500 Index returned 11.5 percent in the first two months of the year, with dividends reinvested.

Positive Numbers

Steve Cohen’s Point72 Asset Management, which also began trading outside capital for the first time last year, was among other multi-manager platforms that made money. It has rallied 3.05 percent this year through February, after advancing about 0.3 percent last month.

Balyasny Asset Management’s Atlas Enhanced Fund rose 0.12 percent in February, while Carlson Capital’s Double Black Diamond fund gained 0.9 percent. For the first two months of this year, they have returned 3.58 percent and 1.82 percent, respectively.

Another large multi-strategy hedge fund with strong performance was the flagship at publicly-traded Och-Ziff Capital Management Group LLC. It soared 3.1 percent, according to a regulatory filing. The fund, which isn’t a multi-manager platform like Citadel, is up about 7 percent this year.

Representatives for the firms declined to comment.

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