NEW YORK, Aug 5 (Reuters) – Hedge fund Citadel’s three large portfolios boasted gains last month when many industry rivals suffered losses amid a technology stock selloff fueled by worries about artificial intelligence spending.
The firm’s flagship Wellington fund gained 6% in July, leaving it up 12% for the year, while Citadel’s tactical trading fund, which is a mix of long/short equities and quantitative strategies, gained 11%, leaving it up 27% for the year to date, an investor said. Its stock focused equities fund climbed 14.2% last month and is now also up 27% for the year to date.
The numbers were released to investors less than a week after Citadel, which oversees some $71 billion in assets, purchased AI stocks from hedge fund Situational Awareness when the San Francisco-based firm faced margin calls.
Many other hedge funds that bet big on chip makers and other AI stocks suffered last month with losses in the double digit range, Reuters previously reported.
(Reporting by Svea Herbst-Bayliss, Editing by Louise Heavens)
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