Thursday, 24 July 2014
Last updated 2 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.
Jul 8 2014 | 10:48am ET
The surge in derivatives regulation is among the most complex challenges facing the financial services industry today. Northern Trust’s Joshua Satten recently spoke with FINalternatives to share insights into the challenges presented by new regulation and explore how the industry is responding. Read more…