Good gRIEF
Renaissance Technologies’ Medallion fund, which since 2005 has been closed to external investors, remains the stuff of legend. But the hedge funds it offers to outsiders have collapsed in size. FT Alphaville understands that the Renaissance Institutional Equities Fund currently manages about $19.6bn, down from about $35.8bn at the start of 2020.
declined 19.9 per cent in 2020, while returned 14.6 per cent and 20.1 per cent respectively that year. What’s interesting is that while performance has steadied, money has continued to seep out since then. The last two years were middling-to-poor for ’s assets are up from the 2023 low of about $16.8bn, the gains appear to have been all or virtually all thanks to performance, not flows. Renaissance’s internal vs external funds issue came up in FTAV’s conversation with AQR’s Clifford Asness last year.
’s results stayed solid and
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