Citadel founder and CEO Ken Griffin told investors on Aug. 21 that the firm has unwound more than 80% of the original portfolio risk tied to the AI fund Situational Awareness through nearly 100 block trades. The portfolio involved had a total market value of more than $4 billion, and Griffin said Citadel also exited most of its vega exposure quickly. In a Friday letter to clients, Griffin credited the trading and prime brokerage teams at the banks serving the two companies involved, saying the transfer could not have been completed at that scale without their close coordination. He thanked them for the focused effort that allowed the portfolio transition to be completed quickly. Griffin also confirmed that Citadel’s flagship multi-strategy Wellington fund returned 5.94% in July. CNBC had earlier reported that the result was the fund’s best monthly performance since 2022.
Citadel founder and Chief Executive Officer Ken Griffin said in an Aug. 21 letter to investors that the firm has unwound more than 80% of the original portfolio risk tied to the AI fund Situational Awareness through nearly 100 block trades. The portfolio carried a total market value of more than $4 billion, and Griffin said Citadel also moved quickly to exit most of its vega exposure.
Investor letter details the portfolio transfer
In a Friday letter to clients, Griffin wrote: 「Without the cooperation of the trading and prime brokerage teams at the banks serving the two companies, a transaction of this scale would not have been possible. I am deeply grateful for their focused efforts to complete the portfolio transfer quickly.」
Wellington fund posted a 5.94% return in July
Griffin also confirmed that the firm’s flagship multi-strategy Wellington fund returned 5.94% in July. CNBC previously reported that this was the fund’s best monthly performance since 2022.
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