Renaissance Funds Down In April

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.


In Depth

An Interview With Harvest Volatility Management's Rick Selvala

Mar 23 2017 | 5:39pm ET

Several years of extremely low interest rates have pushed some investors into equities...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

SEI: Private Debt Coming Into Its Own

Mar 8 2017 | 9:24pm ET

The explosive growth of private debt over the past few years has caused the lines...

 

From the current issue of