Friday, 30 January 2015
Last updated 13 hours ago
Apr 26 2013 | 10:55am ET
The arrival of spring has been anything but welcome at Renaissance Technologies.
Two of the firm's three hedge funds open to outside investment have taken a hit this month, burned by market volatility generally and the limping Japanese yen particularly, The Wall Street Journal reports.
The quantitative firm's Institutional Futures Funds fell more than 6% during the first two weeks of April and hasn't recovered, leaving it down 2% on the year. The $740 million fund lost 3.2% last year.
Renaissance's Institutional Diversified Alpha Fund also lost ground last month, dropping 3.4% through April 12. That fund, which manages about $5.5 billion, remains up about 5% on the year.
The one bright spot for Renaissance clients is its $7.3 billion Institutional Equities Fund, which is up almost 12% on the year after rising 0.5% in the first half of April. Renaissance's flagship Medallion fund, which is open only to the firm's employees, is up 10% this year.
All told, the losses this month add up to about $220 million, less than 1% of Renaissance's $23 billion in total assets. But with $10 billion of that sum in Medallion, outside investors have been harder hit; Renaissance manages just $6 billion for clients.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…