Citadel Hedge Fund Down 26%-30% This Year
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Reports top hedge fund Citadel Investment Group, run by Kenneth Griffin, has seen losses of 26%-30% this year. Losses on convertible bonds are said to be a big contributing factor to the significant under-performance at Citadel.
Despite rumors, Citadel said it has not seen its borrowing lines cut or the terms of its borrowings altered. The firm said September was its, "single worst month, by far, in the history of Citadel."
Ken Griffin said, "In the weeks to come, I expect we will continue to see significant volatility in our earnings as the world manages through the unfolding crisis." Griffin said his main mistake was not being pessimistic enough about the unfolding financial crisis. By the end of September, Citadel's Kensington fund was down 22.5% YTD. The fund was up 30% last year.
Despite rumors, Citadel said it has not seen its borrowing lines cut or the terms of its borrowings altered. The firm said September was its, "single worst month, by far, in the history of Citadel."
Ken Griffin said, "In the weeks to come, I expect we will continue to see significant volatility in our earnings as the world manages through the unfolding crisis." Griffin said his main mistake was not being pessimistic enough about the unfolding financial crisis. By the end of September, Citadel's Kensington fund was down 22.5% YTD. The fund was up 30% last year.
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