The new issue of Hedge Fund Alert reports that Renaissance Technologies will launch a managed-futures vehicle in October with a staggering $25 billion of investment capacity, clearly posing a threat, or the threat of a threat, to the field. James Simons, founder of Renaissance said that the trading strategy will be somewhere between the Medallion vehicle (mostly futures with some stocks) and the Renaissance Institutional Equities Fund (only US stocks). Simons noted that “The planned fund will take a longer-term approach to investing than Medallion, which whips money in and out of futures positions.”