Ken Griffin's Citadel loses 8% YTD

(Bloomberg) -- Ken Griffin's Citadel posted declines of 8 percent in its main hedge funds this year through March 11, as the $25 billion firm lost money in a unit that has helped drive profits in recent years, according to people familiar with the firm's performance.

The Surveyor arm, which trades equities across 29 teams, accounted for about three-quarters of Citadel's losses during the first two months of the year, said one of the people.

Citadel's early 2016 woes echo those at some other prominent multimanager funds, which typically farm out cash to dozens of individual teams, stay market neutral and are quick to cut losses. Senfina, the multimanager fund run by Blackstone Group LP, slid 17 percent last month, erasing much of its 2015 gain, Hedge Fund Alert reported last week. Izzy Englander's $34 billion Millennium Management fell 2.7 percent in February, its third-worst month ever, according to people briefed on the matter.

Years of growth and top returns have built these firms into some of the biggest in the industry. Since the financial crisis, Citadel's assets have more than doubled as the firm posted gains of more than 10 percent each year. Millennium pulled in $3.8 billion in 2015, or almost one-tenth of the net inflows coming into all hedge funds.

'Challenging Liquidity'

Investors say multimanager firms, some of which held similar positions, were hit hard at the start of the year because their tight risk controls forced them to sell at the same time, further driving down prices.

Surveyor head Jon Venetos left Citadel in January after 10 years. His replacement, Todd Barker, who has been at the firm for 12 years, cut about 15 investment professionals from the unit the following month. Surveyor, formed in 2009, has about 200 employees.

Barron’s Best Hedge Funds (2015)

Once again, Larry Robbins’ Glenview Offshore Opportunity fund claimed the No. 1 spot, with an impressive three-year annualized gain of 57%.

Larry Robbins, head of No. 1 ranking hedge fund, Glenview Offshore

Brian Gonick and Richard Mashaal, managers of No. 2 Senvest Partners

Barron's Top 100 Hedge Funds

(Barron's, May 17, 2014) Barron's 100 best funds, many of them equity-related, returned an annualized 17.01%, net of fees, over three years, beating the BarclayHedge Index Average by a comfortable 13 percentage points and the Standard & Poor's 500 by a point. Leading the way was Glenview Offshore Opportunity, up 32.61% per year over three years, and distressed investor Hildene Opportunities, up 30.64%.

He's No. 1. Larry Robbins' Glenview Offshore Opportunity fund parlayed Obamacare beneficiaries into Barron's top position

2013 Ranking	Fund Name	Fund Assets	Fund Strategy	3yr Compound Annual Return (Ending Dec 2013)	2013 Return	Firm Name / Location	Total Firm Assets
1	Glenview Offshore Opportunity	2,026	Opportunistic, Concentrated Equity L/S	32.61	101.74	Glenview Capital Mgmt / New York	7,706
2	Hildene Opportunities Fund, LP	1,004	Distressed Securities	30.64	35.33	Hildene Capital Mgmt / Stamford, CT	1,809
3	Chenavari - Toro Capital IA Class A EUR	383	Asset Backed Securities	29.96	32.93	Chenavari Investment Managers / London	4,429
4	Children's Investment Fund Ltd	7,830	Equity / Activist	27.00	47.22	TCIF Mgmt / London	12,100
5	Tiger Global	6,000	Equity Long/Short	26.68	14.00	Tiger Global Mgmt. / New York	14,500
6	Quantedge Global Fund	710	Global Macro	26.47	9.16	Quantedge Capital / Singapore	710
7	Napier Park European Credit Opportunities Ltd	331	Credit Long/Short	25.90	30.73	Napier Park Global Capital / New York	5,500
8	STS Partners Ltd	962	Asset Backed Securities	25.66	25.63	Deer Park Road Corp / Steamboat Springs, CO	1,100
9	Tiger Ratan	503	Equity Long/Short	25.41	46.80	Ratan Capital Mgmt. / New York	503
10	Asgard Fixed Income Fund I Ltd (EURO)	400	Fixed Income - Arbitrage	24.93	16	Moma Advisors / Copenhagen	400
11	Matrix Capital Management ^	1,346	Equity Long/Short	24.46	56.00	Matrix Capital Mgmt. / Waltham, MA	1,600
12	Marlin Fund LP	433	Equity Long-Bias	24.37	77.47	Masters Capital Mgmt / Atlanta	474
13	Danske Invest Hedge Fixed Income Strategies	1,373	Fixed Income - Arbitrage	23.56	18.83	Danske Capital / Copenhangen	132,626
14	Tilden Park Investment Master	1,639	Multi-Strategy / Fixed-Income	23.31	20.53	Tilden Park / New York	1,935
15	ZAIS Opportunity Ltd Series B	419	Long/Short Credit	22.13	9.75	ZAIS Group / Red Bank, NJ	4,300
16	Conventum Lyrical, SICAV [UCITS]	534	Equity Long Only	22.00	53.30	Lyrical Asset Mgmt / New York	1,582
17	Palomino Ltd Class B	7,986	Credit Long/Short	21.34	42.36	Appaloosa / Short Hills, NJ	20,000
18	Citadel Kensington	8,246	Multi-Strategy	21.18	18.55	Citadel / Chicago	16,100
19	Adage Capital Partners LP	25,300	US Equity Long/Short ex Small Cap	21.00	38.70	Adage Capital Mgmt. / Boston, MA	25,300
20	Barnegat Fund	649	Fixed Income - Arbitrage	20.55	6.82	Barnegat Fund Mgmt / Hoboken, NJ	649
21	Metacapital Mortgage Opportunities LTD	1,230	Mortgage-Backed Securities	20.51	0.53	Metacapital Management / New York	1,685
22	Renaissance Institutional Equities LLC Series B	7,924	Equity Long-Bias	20.02	17.62	Renaissance Technologies / New York	23,399
23	Tiger Eye Master Ltd	1,058	Equity Long/Short	19.41	38.15	Tiger Eye Capital / New York	1,058
24	BloombergSen Partners LP	910	Equity Long Only	19.39	38.78	BloombergSen / Toronto	935
25	JANA Nirvana Offshore	2,909	Event Driven	19.10	31.40	JANA Partners / New York	7,373
26	Candlewood Structured Credit Ltd	901	Structured Credit	19.04	12.05	Candlewood Investment Group / New York	2,231
27	Pine River Fixed Income	3,381	Fixed Income Relative Value	18.53	10.12	Pine River Capital Mgmt / Minnetonka, MN	13,934
28	Quantitative Tactical Aggressive Ltd	774	Equity Long/Short	18.29	12.52	Quantitative Investment Mgmt / Charlottesville, VA	3,304
29	VR Global Offshore	2,141	Emerging Markets / Distressed	18.27	32.32	VR Advisory Services / London	2,141
30	Marwyn Value Investors LP	400	Equity Long Only	18.25	39.93	Marwyn Asset Mgmt / London	400
31	Camden Equity Overlay	366	Convertible Arbitrage	18.02	34.17	Camden Asset Mgmt / Los Angeles	3,611
32	Silver Point Capital LP	3,300	Distressed Credit	17.23	18.28	Silver Point Capital / Greenwich, CT	8,200
33	HG Vora Special Opportunities Fund LP	1,100	Event Driven / Opportunistic	17.22	17.60	HG Vora Capital Mgmt / New York	1,300
34	Lansdowne Developed Markets Strategic Investment Ltd	1,644	Equity Long/Short	17.17	55.70	Lansdowne Partners /London	17,194
35	Omega Overseas Partners Class B	2,540	Equity Long/Short	17.01	32.11	Omega Advisors/New York	10,267
36	Man AHL Evolution	2,646	Diversified Systematic	16.87	16.90	Man Group / London	54,100
37	Senvest Partners Ltd	550	Equity Long/Short	16.82	79.44	Rima Senvest Mgmt / New York	915
37	400 Capital Credit Opportunities	655	Structured Credit	16.82	15.23	400 Capital Management /New York	906
39	Bloom Tree Partners LP	311	Equity Long/Short	16.75	13.10	Bloom Tree Partners / New York	765
40	NWI Emerging Market Fixed Income Master Ltd	3,300	Emerging Market / Macro	16.50	6.75	NWI Management / New York	4,900
41	FrontFour Capital Partners LP	341*	Event Driven	16.33	28.70	FrontFour Capital Group / Greenwich, CT	340
42	Citadel Global Equities	3,411	Equity Market Neutral	16.25	11.55	Citadel / Chicago	16,100
43	Waterfall Eden Fund Ltd	564	Asset Backed Securities	16.23	12.74	Waterfall Asset Management / New York	2,944
44	North MaxQ Macro Fund (A) USD	513	Global Macro	16.12	8.19	North Asset Management / London	609
45	Pine River Liquid Mortgage	775	Liquid Mortgage / Relative Valie	16.05	0.72	Pine River Capital Mgmt / Minnetonka, MN	13,934
46	ECF Value Fund II LP	2,624	Event Driven	16.04	19.47	Gates Capital Mgmt / New York	2,624
47	Marcato International	2,018	Event Driven	15.87	25.9	Marcato Capital Mgmt./San Francisco	2,700
47	Tiger Legatus	335	Equity Long/Short	15.87	22.40	Tiger Legatus Capital Mgmt. / New York	335
49	ChapelGate Credit Opportunity Ltd	453	Structured Credit	15.84	17.36	Orchard Global Asset Mgmt / London	2,250
50	III Credit Opportunities Fund LP *	1042 **	Fixed Income - Long-Only Credit	15.76	13.79	III Associates, Boca Raton, FL	3,092
51	EJF Debt Opportunities LP	1887	Securitized Credit	15.70	18.46	EJF Capital / Arlington, VA	4,900
52	Drawbridge Special Opportunities LP	5,215	Distressed Securities	15.68	18.40	Fortress Investment Group / New York	61,800
53	Litespeed Offshore	2,486	Event Driven	15.55	21.48	Litespeed Management / New York	2,486
54	Marshall Wace Global Opportunities Ltd	2,024	Equity Long/Short	15.47	13.37	Marshall Wace/London	14,807
55	Black Ant Value Ltd	750	Equity Long Bias	15.15	23.58	Black Ant Group / London	750
56	Teton Capital Partners LP	752	Equity Long/Short	15.08	22.85	Ancient Art / Austin, TX	752
57	Discovery Global Opportunity Ltd	5,700	Global Macro / Equity Long/Short	14.99	27.57	Discovery Capital Mgmt. / South Norwalk, CT	15,000
58	NZC Guggenheim Fund	2,375	Opportunistic Credit	14.87	13.11	Guggenheim Investments / New York	171,837
58	Third Point Offshore	13,900	Event Driven	14.87	25.25	Third Point/New York	13,900
60	Horseman European Select Ltd -- USD	659	European Equity Long/Short	14.77	32.40	Horseman Capital Mgmt / London	1,421
61	Greylock Global Opportunity Ltd	675 ***	Emerging Markets Fixed Income	14.70	5.14	Greylock Capital Mgmt / New York	825
61	Seer Capital Partners LP	1,900	Structured Products	14.70	12.18	Seer Capital Mgmt / New York	2,100
63	Blue Harbour Strategic Value Offshore	1,200	Activist	14.60	24.90	Blue Harbour Group / Greenwich, CT	1,900
64	Tremblant Concentrated Fund Ltd	400	Equity Long/Short	14.57	28.81	Tremblant Capital Group / New York	2,400
65	Tyrian Global Opportunities Offshore	600	Equity Long/Short	14.50	24.28	Tyrian Investments / New York	767
66	Ellington Credit Opportunties Ltd	504	Mortgage-Backed Securities / Credit	14.47	15.27	Ellington Mgmt Group / Old Greenwich, CT	5,600
67	Axonic Credit Opportunities Overseas	1,360	Structured Credit	14.29	12.10	Axonic Capital / New York	1,666
68	Platinum Partners Value Arbitrage	761	Multi-Strategy	14.26	10.32	Platinum Mgmt / New York	1,280
69	SAB Overseas	320	Equity Long/Short	14.20	23.46	SAB Capital Mgmt / New York	NA
70	Strategos Deep Value Ltd	482 ****	Mortgage Backed Securities	14.16	12.67	Strategos Capital Mgmt / Philadelphia	506
71	Altum Credit Ltd	423	Distressed Structured Credit	14.01	15.52	Altum Capital Mgmt / New York	438
72	Viking Global Equities III Ltd	19,800	Equity Long/Short	14.00	22.50	Viking Global Investors / Greenwich, CT	27,300
73	Lone Kauri	4,283	Equity Long/Short	13.96	14.39	Lone Pine Capital / Greenwich, CT	27,000
74	Cambrian Fund Ltd	973	Equity Long-Only	13.81	38.34	Atlantic Investment Mgmt / New York	1,897
75	Pine River	3,460	Multi-strategy / Relative Value	13.69	9.61	Pine River Capital Mgmt / Minnetonka, MN	13,934
76	Parus Fund--USD	595	Equity Long-Short	13.66	26.36	Parus Finance / London	595
77	Echo Street Capital Partners QP, LP	519	Equity Long/Short	13.59	17.11	Echo Street Capital Mgmt / New York	788
78	Trian Partners Ltd	3,030	Activist	13.58	39.95	Trian Fund Mgmt / New York	8,170
79	Premium Point Offshore Mortgage Credit Ltd	841	Mortgage-Backed Securities	13.54	11.22	Premium Point Investments / New York	1,880
80	AG Mortgage Value Partners LP	1,080	Structured Credit	13.30	13.20	Angelo, Gordon / New York	25,000
81	Solus Sola Ltd	1,681	Event Driven / Distressed Credit	13.25	32.06	Solus Alternative Asset Mgmt / New York	3,590
82	Segantii Asia-Pacific Equity Multi-Strategy	748	Multi-Strategy	13.23	-1.58	Segantii Capital Mgmt / Hong Kong	748
83	BlackRock 32 Capital Master Ltd	1,080	Equity Long/Short	13.22	6.81	BlackRock/New York	4,300,000
84	Oculus ^	9,000	Discretionary Macro	13.00	2.00	D.E. Shaw / New York	32,000
85	SPM Core	1,175	Mortgage-Backed Securities	12.94	-2.62	Structured Portfolio Mbmt / Stamford, CT	3,000
86	BTG Pactual Global Emerging Markets and Macro	5,508	Emerging Market / Global Macro	12.94	9.65	BTG Pactual / New York	8,200
87	Contrarian Capital Fund I	2,700	Distressed Securities	12.87	17.00	Contrarian Capital Management/Greenwich, Conn.	3,880
88	Eminence Ltd	3,831	Equity Long/Short	12.85	14.60	Eminence Capital / New York	4,849
89	Senator Global Opportunity LP	6,400	Event Driven	12.80	26.36	Senator Investor Group / New York	6,500
90	Providence MBS Ltd	1,492	Mortgage-Backed Securities	12.77	3.12	Providence Investment Mgmt / Providence, RI	1,492
91	Varde Investment Partners	1,060	Credit	12.74	22.81	Varde Partners / Minneapolis, MN	8,080
92	Chilton Flagship LP	900	Equity Long/Short	12.70	18.51	Chilton Investment Co / New York	9,500
93	Sensato Asia Pacific Master	1,291	Equity Long/Short	12.65	10.22	Sensato Investors / San Francisco	3,444
94	Perella Weinberg Partners Asset Based Value LP	926	Distressed Securities	12.55	14.23	Perella Weinberg Partners Capital Mgmt / New York	10,800
95	ING Mortgage Investment Master	397	Mortgage-Backed Securities	12.53	6.22	ING Investment Mgmt / New York	204,000
96	Pelham Long/Short Ltd	3,202	Equity Long/Short	12.48	34.23	Pelham Capital Mgmt. / London	3,202
97	Visium Global Offshore Fund, Ltd	885	Multi-Strategy	12.45	16.92	Visium Asset Management / New York	4,226
98	Bestinver Hedge Value	364	Equity Long-Only	12.40	39.21	Bestinver Asset Mgmt / Madrid	12,260
99	GSO Special Situations Ltd	4,289	Credit Opportunities	12.35	18.30	GSO Capital Partners / New York	65,000
100	Joho Ltd	2,725	Equity Long/Short	12.25	29.46	Joho Capital/New York	5,000
	Barron's Top 100 Hedge Fund Average			17.01	22.97
	Barclayhedge Fund Index Average			4.37	11.12
	S&P 500 Total Return Average			16.15	32.38
	Barclay US Aggregate Bond Index Average			3.26	-2.02