Funds
Millennium Management suffered significant losses in its index rebalance strategy in November, according to a report by Business Insider, weighing on performance at the $81bn multi-strategy hedge fund. At one point during the month, teams led by senior portfolio managers Glen Scheinberg and Pratik Madhvani were reportedly down hundreds of millions of dollars, although some losses were recovered toward month-end.
Two Sigma Investments has launched three new hedge funds this year and brought in more than $1.1bn in fresh capital, as investors remain largely unfazed by ongoing internal tensions between its billionaire founders, according to a report by Bloomberg. Assets under management have reportedly risen to a record level of more than $70bn, up from about $60bn in January.
Hedge funds are running near-record leverage as managers amplify equity and debt-backed strategies to lift returns in markets supported by the AI boom, according to a report by Reuters. Prime brokerage data from Goldman Sachs, JPMorgan, and Morgan Stanley shows gross leverage across equity long/short portfolios at or near all-time highs.
Quantitative firm Two Sigma Investments has rolled out a new hedge fund, the Two Sigma Beacon Fund, designed to tap into rising investor appetite for tax-efficient strategies, according to a report by Bloomberg citing people familiar with the matter.
Saba Capital has moved to block the proposed merger of the Baillie Gifford US Growth Trust and the Edinburgh Worldwide Investment Trust, according to a report by Reuters.
Former Citadel portfolio manager Takeo Serizawa is joining Invictus Investment Partners as chief investment officer, following the expiry of his one-year non-compete with the firm. The Hong Kong-based manager is preparing to launch a Japan-focused fund in early 2026, according to a report by Bloomberg.
Citadel’s flagship Wellington fund returned 1.4% in November, bringing year-to-date performance to 8.3%, according to a report by Reuters citing people familiar with the matter.
London-based activist manager Asset Value Investors (AVI) is preparing to deploy an additional JPY38bn ($243m) into Japanese small- and mid-cap companies after completing the merger of two listed investment trusts, according to a report by Bloomberg.
Hedge funds and institutional investors stepped in to buy last week’s market pullback even as outflows from the technology sector hit multi-year lows, according to a report by Investing.com, citing Bank of America’s latest client-flow report.
Ukraine has reopened negotiations with holders of its GDP-linked warrants as the government seeks to revise $3.2bn of growth-linked debt, according to a report by Bloomberg citing people familiar with the matter.
