A few weeks ago, Steve Cohen had a message for the people who had kindly dumped $5 billion into his hedge fund: Don’t expect much for the next few years. Turns out he had more than an inkling of what was to come.
Cohen’s Point72 Asset Management dropped about 5 percent, largely wiping out its 2018 gains, according to people familiar with the firms.
That’s got to hurt, given how well things seemed to be going in his big comeback year. On the bright side, putting your money with any of the other big boys wouldn’t have helped much, at least not in November.
Griffin’s Citadel lost about 3 percent last month, its poorest showing since the first quarter of 2016. Englander’s Millennium Management slid 2.8 percent, its third-worst month on record…. This year, Citadel is still up 8.5 percent and Millennium has gained 4.2 percent….
Balyasny Asset Management, another multi-manager firm, lost 3.9 percent last month in its Atlas Global fund. Dmitry Balyasny’s Chicago-based firm is down 5.3 percent for the year.