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NEW YORK (Reuters) -D.E. Shaw’s largest hedge fund gained 24.7% last year after fees, outperforming average gains for the industry in a high-volatility environment, according to a source familiar with the matter.
D.E. Shaw, one of the industry’s biggest managers, saw gains in its D.E. Shaw Composite Fund driven by systematic, discretionary and hybrid investment strategies, the source added. The multi-strategy fund’s performance last year surpasses an 18.8% return the fund posted in 2021.
The firm’s macro-oriented fund, the Oculus Fund, ended 2022 up 20%, also beating its own performance a year earlier.
Both of D.E. Shaw’s biggest funds are closed for new money. The New York-based hedge fund firm, which manages $60 billion in assets, did not comment on the matter.
Industry data compiled by HFR shows that on average hedge funds were down 4.1% last year through November, mainly due to poor performance of equities hedge funds. The benchmark S&P 500 ended 2022 with the biggest annual drop since 2008, down 19.4%.
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Performance data for the hedge fund industry is likely to be published later this week.
Bloomberg reported earlier on D.E. Shaw biggest funds’ annual gains.
(Reporting by Carolina Mandl in New York; Editing by Cynthia Osterman)