In October, some funds with under $15 billion in assets managed delivered higher returns performance for their investors than “larger funds”. But on a year to date basis the “larger funds” appear to be more evenly matched, with Bill Ackman’s Pershing Square literally performing off the chart.
Renaissance Institutional Equities top performing hedge fund in October
The top performing fund on the month studied in a Bloomberg Briefs report is Renaissance Institutional Equities, founded by Jim Simons, and boasts a 6.4 percent October performance. This makes up a large percentage of the fund’s 9.4 percent year to date performance. Renaissance, with near $23 billion under management, is known for its algorithmic managed futures strategies, with its lead offering, the Medallion Fund, trading in commodity futures, interest rate derivatives and foreign exchange products and dates back to the 1980s. The Renaissance Institutional Equities Fund was founded in 2005 and trades primarily equities and was among a group of algorithmic traders who entered into equities trading near the 2008 financial crisis.
Elliott International and Elliott Associates slightly struggled in October, with negative performance near -1 percent in each fund. On the year, however, they are up near 6 to 7 percent respectively, according to the Bloomberg charting.
Pershing Square top performing hedge fund YTD
At the top of the list, and literally off the chart, is Bill Ackman’s Pershing Square Capital Management, which is having a charmed year. Not so charmed is Saba Capital Management, operated by well known hedge fund manager Boaz Weinstein. The fund had difficulty with October’s volatility, posting losses of 2.8 percent October in its main fund, Saba Capital Master Fund, which is down 6.8 percent this year, Bloomberg is reporting, making it among the most negative funds year to date, but just above the worst performer, Claren Road Credit Master fund.
After a much publicized wrong way bet on the direction of U.S. interest rates, the $3.2 billion Goldman Sachs Global Opportunities Fund posted a loss of 5.6 percent last month, proving that even the yield curve masters have occasional difficulty. The Goldman offering had delivered 9.1 percent annualized returns since its 2001 inception, according to the report.
Graham Capital Management LP saw just slight gains in its largest offering, its systematic fund gained 0.1 percent last month through Oct. 28, Bloomberg reported, but then by Oct. 31, it had returned 4 percent and as of Nov. 11, the systematic fund climbed 9.2 percent year-to-date.