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5. Depending on how smart/centralised you are you can try to juice your returns by hedging common risk (eg equity factors) and applying leverage, afaik Citadel does this aggressively, Millennium bit so much
6. You are taking netting risk because you need to pay the winners but can’t claw back from the losers. This requires you to keep drawdowns small, and there are some other ways to mitigate it for example by passing on larger execution and financing fees to the pods
than what you are seeing (eg pod A wants to be long and pod B short, you can charge both of them 25bps in financing and clip the spread). Creates a buffer that partially pays for your netting risk.
MLP also has really good set ups to trade a broad array of products cheaply and has internal crossing so potential offset for t costs. Pod models like citadel are far less appealing bc you’re an input into citadel securities and are executed “low urgency” by default
Why is there netting risk? Isnt the pool of capital self contained in the pod?
They have investors cover netting (and costs incl pm bonuses!) and take less on the perf, like 15%, to compensate
Yes sorry, was writing this from the perspective of the fund not the GP (you do want the fund to have positive returns!) that wasn’t that clear
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