Renaissance Institutional Equities Fund's -12.6% return in the first half this year sharply lagged behind the S&P 500's 3.19% for the same period. The second quarter was especially bad: The long-short equity fund returned -4.73%, versus the index's 15.93%, according to performance data from eVestment Alliance LLC.
The RIEF strategy is designed to outperform the S&P 500, gross of fees, by 400 to 600 basis points over a rolling three-year period, with lower volatility (10.5, versus the S&P 500's historical volatility of 15 to 16).
RenTech — best known for its fabulously successful $10 billion Medallion Fund, a hedge fund that reportedly returned 80% last year and has been closed to external investors for years — simply didn't have to offer investors transparency.
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