Citadel, Saba blueprint in January as market plunge left many hedge funds with losses

By Svea Herbst-Bayliss

BOSTON (Reuters) -Hedge funds Citadel and Saba Capital Management sidestepped January’s stock market selloff to post gains as many assorted corporations started the three hundred and sixty five days off within the crimson, merchants within the funds acknowledged on Thursday.

Ken Griffin’s Citadel advised merchants that its multi-technique flagship Wellington fund obtained 4.71% closing month. The company’s international mounted earnings fund returned 4.91%. A spokesman declined to observation.

Boaz Weinstein’s Saba performed even better. The fund, which generally delivers huge gains one day of times of market turmoil, returned roughly 7% in January, an investor acknowledged. A spokeswoman could perhaps well well no longer be reached for observation.

Israel Englander’s Millennium Management additionally ended the month with gains, posting a 1.72% return, an investor acknowledged. A representative did no longer straight acknowledge to a ask for observation.

January marked a fancy initiate to the three hundred and sixty five days with many hedge funds, especially ones that invested heavily in technology stocks, posting double digit losses for the month.

Fears of passion charge hikes and geopolitical tensions between Russia and Ukraine weighed on buying and selling, leaving the broader down 5.3% for the month, its worst monthly performance since losing 12.5% in March 2020 at the initiate of the pandemic.

Corporations like Citadel and Millennium which fill groups of merchants that give consideration to assorted investments can typically weather these roughly declines better.

But Steve Cohen’s Point72 Asset Management, which additionally employs groups of merchants, ended January with a 1.26% loss, an investor acknowledged. A representative did no longer acknowledge to a ask for observation.

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