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Castle, Saba enjoy in January as market descend left many hedge funds with losses

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Economy7 hours ago (Feb 03, 2022 05: 10PM ET)

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© Reuters. FILE PHOTO: The Castle Securities brand is displayed on a display on the flooring of the Recent York Stock Replace (NYSE) in Recent York City, U.S., January 12, 2022. REUTERS/Brendan McDermid

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By Svea Herbst-Bayliss

BOSTON (Reuters) -Hedge funds Castle and Saba Capital Administration sidestepped January’s inventory market selloff to post beneficial properties as many assorted firms started the year off within the red, investors within the funds acknowledged on Thursday.

Ken Griffin’s Castle told investors that its multi-approach flagship Wellington fund won 4.71% closing month. The firm’s global mounted earnings fund returned 4.91%. A spokesman declined to comment.

Boaz Weinstein’s Saba conducted even greater. The fund, which in most cases delivers abundant beneficial properties for the length of cases of market turmoil, returned roughly 7% in January, an investor acknowledged. A spokeswoman could well not be reached for comment.

Israel Englander’s Millennium Administration also ended the month with beneficial properties, posting a 1.72% return, an investor acknowledged. A manual didn’t all of a sudden acknowledge to a ask for comment.

January marked an advanced starting up to the year with many hedge funds, especially ones that invested closely in skills stocks, posting double digit losses for the month.

Fears of passion price hikes and geopolitical tensions between Russia and Ukraine weighed on shopping and selling, leaving the broader down 5.3% for the month, its worst monthly efficiency since losing 12.5% in March 2020 initially of the pandemic.

Companies admire Castle and Millennium which enjoy teams of merchants that be conscious of assorted investments can in most cases weather these extra or less declines greater.

But Steve Cohen’s Level72 Asset Administration, which also employs teams of merchants, ended January with a 1.26% loss, an investor acknowledged. A manual didn’t acknowledge to a ask for comment.

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