Hedge fund Millennium gains 15% in 2024

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Izzy Englander’s Millennium Management gained 15 percent last year, outperforming the broader hedge fund industry in a year dominated by a rising U.S. stock market.

The firm, which manages $72.1 billion for more than 320 investment teams, gained 2.5 percent in December, according to investors, even as global stock markets pulled back somewhat.

Millennium pursues a market-neutral strategy that aims to make money regardless of market direction.The company declined to comment.

It appears to have outperformed the broader $4.5 trillion hedge fund industry last year, with hedge funds up an average of 2.4 percent in November and up 10.2 percent in the first 11 months of 2024, according to Hedge Fund Research. The data provider has not yet released December figures.

Last year the S&P 500 index of American blue-chip companies increased by 23.3 percentin the wake of major acquisitions by several technology companies.

Along with Ken Griffin’s Citadel, Millennium, which Englander founded in 1989 with $35 million in assets, pioneered the multi-manager hedge fund model.These funds sell a wide range of strategies in equities, fixed income, commodities, currencies and other markets. between

Sometimes known as platforms or pod shops, multi-managers typically use a centralized risk system designed to hedge large losses. , such as pension funds and sovereign wealth funds.

According to HFR, multi-managers rose 6.8 percent in the first 11 months of last year, led by equity hedge funds, which rose 3.1 percent in November and 13.1 percent in the first 11 months of the year was the victory of Donald Trump in the US presidential election, as managers and investors positioned themselves for more business-friendly policies from the incoming administration.

Millennium is one of the big hedge funds that posted double-digit profits last year.

Balyasni Asset Management, another multi-manager hedge fund, gained 1.8 percent in December to end the year at 13.6 percent, according to a person familiar with the situation, who declined to comment.

DE Shaw’s flagship multi-strategy Composite hedge fund gained 18 percent in 2024, while its second-biggest fund, Oculus, which makes mostly macro bets, rose 36 percent, its best year ever, according to a person familiar with the situation , that the $65 billion company will return half of last year’s profits from two funds to clients, the person said.

DE Shaw declined to comment on the figures, which were first reported by Bloomberg.

Dan Loeb’s Third Point Offshore Fund, which focuses on event-driven and value strategies, lost 1.4 percent in December and ended 2024 up 24.2 percent, according to investors.Third Point declined to comment.