http://www.nypost.com/p/news/business/rentec_fund_has_rebirth_2zTo4cZGpjEFBIYE7gVBeK?CMP=OTC-rss
What a beast. Destroying the market with 1/3rd the volatility. Medallion doing the same. The folks at Renaissance would like to thank ET for taking the other side of their trades.
RenTec fund has rebirth
By KAJA WHITEHOUSE
Last Updated: 11:45 PM, November 3, 2011
Posted: 11:45 PM, November 3, 2011
Renaissance Technologies, the super-secretive $19 billion hedge fund started by math whiz Jim Simons, is doing just fine without its founder.
Almost two years after Simons stepped back from day-to-day operations, the firmâs most troubled fund, the Renaissance Institutional Equities Fund, is staging a major comeback.
RIEF, with assets of $6.1 billion, is up 31 percent this year, notching returns of nearly 5 percent last month, sources said.
Equally impressive in a roller-coaster market, the fundâs volatility is just one-third that of the Standard & Poorâs 500 index, one source said.
A spokesman for RenTec declined to comment.
Simons, a former math professor who regularly makes Forbesâ billionaire list, launched RIEF in 2005 with dreams of growing it to a whopping $100 billion in assets.
Instead, the fund struggled with disappointing returns starting in 2007, when assets dropped from $28 billion to just $3.9 billion in June 2010.
Now, after Simons stepped aside, RIEF is taking off while the S&P is flat and the average hedge fund is in negative territory.
Ironically, the stellar returns finally place RIEF in the same rank as its older, more famous fund sibling, the Medallion fund, which is up 32 percent this year net of fees, one investor said.
Read more: http://www.nypost.com/p/news/business/rentec_fund_has_rebirth_2zTo4cZGpjEFBIYE7gVBeK#ixzz1ckZWluPA
What a beast. Destroying the market with 1/3rd the volatility. Medallion doing the same. The folks at Renaissance would like to thank ET for taking the other side of their trades.
RenTec fund has rebirth
By KAJA WHITEHOUSE
Last Updated: 11:45 PM, November 3, 2011
Posted: 11:45 PM, November 3, 2011
Renaissance Technologies, the super-secretive $19 billion hedge fund started by math whiz Jim Simons, is doing just fine without its founder.
Almost two years after Simons stepped back from day-to-day operations, the firmâs most troubled fund, the Renaissance Institutional Equities Fund, is staging a major comeback.
RIEF, with assets of $6.1 billion, is up 31 percent this year, notching returns of nearly 5 percent last month, sources said.
Equally impressive in a roller-coaster market, the fundâs volatility is just one-third that of the Standard & Poorâs 500 index, one source said.
A spokesman for RenTec declined to comment.
Simons, a former math professor who regularly makes Forbesâ billionaire list, launched RIEF in 2005 with dreams of growing it to a whopping $100 billion in assets.
Instead, the fund struggled with disappointing returns starting in 2007, when assets dropped from $28 billion to just $3.9 billion in June 2010.
Now, after Simons stepped aside, RIEF is taking off while the S&P is flat and the average hedge fund is in negative territory.
Ironically, the stellar returns finally place RIEF in the same rank as its older, more famous fund sibling, the Medallion fund, which is up 32 percent this year net of fees, one investor said.
Read more: http://www.nypost.com/p/news/business/rentec_fund_has_rebirth_2zTo4cZGpjEFBIYE7gVBeK#ixzz1ckZWluPA
