- Big hedge funds like Millennium and Citadel continued to eke out small gains in July.
- Bobby Jain’s new fund, which started trading last month, fell slightly.
- The S&P gained just 1.1%, its smallest monthly gain in a decade.
Bobby Jain’s new hedge fund fell slightly in its first month of trading amid a disappointing month for the larger stock market.
Jain Global, which started trading on July 1 with $5.3 billion in commitments, ended the month down roughly 0.65%, according to people with knowledge of the firm’s results.
Rival multistrategy funds like Ken Griffin’s Citadel and Izzy Englander’s Millennium Management eked out small gains in what was largely a lackluster month for stocks. The benchmark S&P 500 returned 1.1% last month, its worst July performance in a decade.
Citadel’s flagship Wellington fund posted the biggest monthly gain, up 0.7%, bringing the fund’s year-to-date results to 8.8%, according to people with knowledge of the returns. Steve Schonfeld’s namesake hedge fund posted smaller monthly returns but continues to lead the pack in terms of annual performance: It’s up by 11.2% in its fundamental equity fund and by 10.6% in the flagship fund.
The hedge funds listed either declined to confirm the performance figures seen by Business Insider or didn’t return requests for comment.
Jain Global’s launch has been closely watched as it represents one of the largest startups in hedge-fund history. A person with knowledge of the firm’s operations said that it launched across several regions and six strategies but was still deploying the billions of dollars it raised. Some portfolio managers are still working through noncompetes or pretrading processes, this person said.