Mar 18, 2023
Millennium, ExodusPoint Post Small Losses Amid March Tumult
(Bloomberg) -- ExodusPoint Capital Management and Millennium Management were among multistrategy hedge funds that posted small losses amid this week’s market volatility.
Michael Gelband’s ExodusPoint fell almost 2% in March through Wednesday, leaving it up about 0.5% this year, according to people familiar with the results. Much of the firm’s focus is on fixed-income trades. Izzy Englander’s Millennium, meanwhile, lost 1.3% this month through Thursday, bringing declines for the year to 0.8%, other people said. This week alone wiped out nominal gains the fund had earlier in the month.
Multistrats, which use multiple trading pods to wager across asset classes, fared far better than their macro and quant counterparts. This week’s bond market swings caught many traders flat-footed as the failure of three US banks fueled speculation that the Federal Reserve would pause interest rate hikes. Many funds had been positioned for further tightening. Graham Capital Management’s biggest hedge fund slumped 8.4% this month through March 13. Rokos Capital Management fell about 12.5% so far in March, the FT reported Friday.
Read more: Quant, Macro Hedge Funds Hit After SVB Collapse Causes Turmoil
Meanwhile, Balyasny Asset Management lost 0.5% in March, leaving it down 0.3% for the year, people said. Citadel was about flat this month through the 15th, and up 2.8% for the year, another person said.
Representatives for all of the firms declined to comment.
(Updates to include Citadel returns in fourth paragraph.)
©2023 Bloomberg L.P.