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1 trick ponies are self evident. They present that way, they present as narrow specialists & there’s no mystery for the LPs that they’re done when the strategy sunsets, e.g. merger arb in late 90s, convert arb in early 2000s. I consider elite vol generalists to be evergreen.
I agree with this except I would say “big multi strats” instead of “big quant funds”. If you are doing equity l/s, fixed income rv, vol arb, convert arb etc as well as quant you have a much more diversified revenue stream and better opportunities to pivot when one stops working.
To first approximation there are only two funds doing this at the top level (citadel and millennium) and half a dozen below that (eg Point72, balyasny)
Ok. It’s a nice Sunday morning & I’m not going off on the stupidity of the bigger is best multi strat fund. No. You’ve done that for us, thank you. It is Citidel. That’s it. Millennium is a loose confederation of independent contractors as bookrunners. That’s not the same thing.
Where are people drawing the line on what is and isn't a "quant fund" these days?
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