Two Sigma Investments’s flagship hedge funds delivered strong returns in March, outpacing many multi-strategy peers despite internal management upheaval and market volatility throughout the month, according to a report by Bloomberg.
The report cites unnamed sources familiar with the figures as revealing that firm’s Spectrum fund rose 2.5% last month, while the Absolute Return fund gained 3%, bringing year-to-date performance to 3% and 3.7%, respectively. This contrasted with broad losses across other multi-strategy funds as the S&P 500 fell around 5% in March.
Two Sigma’s funds largely rely on algorithmic stock investing with some macro exposure. Their strong showing came even as Co-CEO Scott Hoffman departed after less than two years in the role, citing “ongoing governance challenges” following co-founder John Overdeck’s return to the management committee. Overdeck and co-founder David Siegel have long been at odds over the firm’s strategic direction.
A spokesperson for Two Sigma Investments reportedly declined to comment.
