Citadel climbs to top as big winner at 2012 Absolute Return Awards

By Rob Copeland

Wed Feb 13, 2013

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D. E. Shaw, Pine River, SPM, Third Point among other honorees.


  
  Rajiv Sobti, founder of Karya Capital, accepts his award for New Fund of the Year. Homepage image: Katie Spring of Citadel. (Photos: Axel Depeux)
Ken Griffin's Citadel emerged as the runaway winner at the 2012 Absolute Return Awards last night picking up three trophies including the coveted Fund of the Year prize.

The Chicago multistrategy firm, which last won an Absolute Return accolade in 2007, erased any lingering memories of its financial crisis struggles by beating out D. E. Shaw, Metacapital, Third Point, Tiger Global and Tilden Park for the evening's top honor.

Pine River Capital Management waltzed into its fourth Absolute Return Award in style, accepting Management Firm of the Year for the first time.

Returns for funds in the Fixed Income and Mortgage-backed category were so close that the final accounting of nominees resulted in a rare tie win, with Metacapital Management and Tilden Park Capital Management both receiving trophies.

And in one of the evening's biggest surprises, newcomer Karya Capital Management beat out recent offerings from big name firms Canyon Capital Advisors, GoldenTree Asset Management and Lombard Odier Asset Management for New Fund of the Year.

This year's gala ceremony and dinner was held at New York City's Gotham Hall, where the 300+ attendees mingled and witnessed the presentation of 18 awards recognizing the best in risk-adjusted performance. See the judging methodology here.

The evening was sponsored by BNY Mellon, Credit Suisse, Newedge, J.P. Morgan and SEI.

A complete list of nominees and winners (bolded) follows. Returns are for calendar year 2012:

Nominated Fund Management company
ARBITRAGE & CONVERTIBLES  
Alphabet Partners Saiers Capital
Capstone Volatility Capstone Investment Advisors
Parallax Parallax Volatility Advisers
Paulson International Paulson & Co
Waterstone Market Neutral (+11.20%; Sharpe 2.72) Waterstone Capital Management
Wolverine Flagship Wolverine Asset Management
   
CREDIT & HIGH YIELD  
400 Capital Credit Opportunities (+34.10%; Sharpe 7.15) 400 Capital Management
BlueMountain Credit Alternatives BlueMountain Capital Management
Brevan Howard Credit Catalysts Brevan Howard Asset Management
Candlewood Structured Credit Candlewood Group
King Street Capital King Street Capital Management
Marathon Securitized Credit Marathon Asset Management
MKP Credit MKP Capital Management
Waterfall Eden Waterfall Asset Management
   
DISTRESSED  
Candlewood Special Situations Candlewood Group
Contrarian Capital Contrarian Capital Management
Hildene Opportunities (+45.45%; Sharpe 4.00) Hildene Capital Management
Knighthead Knighthead Capital Management
Marathon Special Opportunity Marathon Asset Management
Palomino Appaloosa Management
York Credit Opportunities York Capital Management
   
EVENT DRIVEN  
ECF Value Gates Capital Management
JANA Offshore JANA Partners
Litespeed Partners Litespeed Management
Pentwater Event Pentwater Capital Management
Third Point Ultra (+33.67%; Sharpe 3.04) Third Point
Venor Capital Offshore Venor Capital Management
   
FIXED INCOME & MORTGAGE BACKED (TIE)  
Axonic Credit Opportunities Axonic Capital
LibreMax Partners LibreMax Capital
Metacapital Mortgage Opportunities (+41.27%; Sharpe 7.46) Metacapital Management
Pine River Fixed Income Pine River Capital Management
Rimrock High Income Plus Rimrock Capital Management
Seer Capital Partners Seer Capital Management
SPM Structured Servicing Holdings Structured Portfolio Management
Tilden Park (+41.34%; Sharpe 6.89) Tilden Park Capital Management
   
GLOBAL EQUITY  
1798 Fundamental Strategies Lombard Odier Asset Management (USA) Corp
Citadel Global Equities (+16.86%; Sharpe 7.42) Citadel
Pacific & General Investments Dalton Investments
Tiger Global Tiger Global Management
Wells Street Partners Brookfield Investment Management
   
GLOBAL MACRO  
Alphadyne International Master Alphadyne Asset Management
Bridgewater All Weather Bridgewater Associates
D. E. Shaw Heliant D. E Shaw
D. E. Shaw Oculus (+21.11%; Sharpe 4.28) D. E Shaw
MKP Opportunity MKP Capital Management
PIMCO Absolute Return Strategy Pacific Investment Management Company
   
MANAGED FUTURES  
Black River Commodity Trading Black River Asset Management
Campbell Global Assets Campbell & Company
Crabel (+15.15%; Sharpe 2.36) Crabel Capital Management
Eclipse Global Monetary Program Eclipse Capital Management
Quantitative Global Program Quantitative Investment Management
   
MULTISTRATEGY  
Beach Point Total Return Beach Point Capital Management
Canyon Value Realization Canyon Capital Advisors
Citadel Wellington Citadel
Hudson Bay Hudson Bay Capital Management
Pine River Master (+21.70%; Sharpe 5.90) Pine River Capital Management
SPM Core Structured Portfolio Management
   
SPECIALIST  
Caduceus Capital OrbiMed Advisors
Citadel Tactical Trading Citadel
Coatue Offshore Coatue Management
Dorsal Capital Partners Dorsal Capital Management
JANA Nirvana (+33.31%; Sharpe 3.09) JANA Partners
Perceptive Life Sciences Perceptive Advisors
Renaissance Institutional Equities Renaissance Technologies
Visium Balanced Visium Asset Management
   
U.S. EQUITY  
Corsair Capital Partners Corsair Capital Advisors
Force Capital II Force Capital Management
Lakewood Capital Partners Lakewood Capital Management
Marcato International (+28.80%; Sharpe 2.64) Marcato Capital Management
Stelliam Stelliam Investment Management
   
NEW FUND OF THE YEAR  
1798 Consumer Equity Long Short Lombard Odier Asset Management (USA) Corp
Cambrian Global Atlantic Investment Management
Canyon Structured Assets Canyon Capital Advisors
GoldenTree CLO Debt Investment GoldenTree Asset Management
Hildene Opportunities II Hildene Capital Management
Karya (+34.78%; Sharpe 4.13) Karya Capital Management
PCM Provident MBS Provident Advisors
Pine River Liquid Rates Pine River Capital Management
   
EMERGING MANAGER & SMALLER ($100m - $500m)  
Bowery Opportunity Bowery Investment Management
HG Vora Special Opportunities (+39.09%; Sharpe 4.44) HG Vora Capital Management
Kerrisdale Partners Kerrisdale Advisers
LJM LJM Partners
Midway Market Neutral The Midway Group
Mudrick Distressed Opportunity Mudrick Capital Management
   
LONG TERM PERFORMANCE (5 years)  
BlueMountain Credit Alternatives BlueMountain Capital Management
Citadel Tactical Trading (+32.37%; Sharpe 4.67) Citadel
Halcyon Offshore Asset Backed Value Halcyon Asset Backed Advisors
Hudson Bay Hudson Bay Capital Management
Millennium International Millennium International Management
Providence MBS Providence Investment Management
SPM Structured Servicing Holdings Structured Portfolio Management
   
LONG TERM PERFORMANCE (10 years)  
King Street Capital King Street Capital Management
Millennium International Millennium International Management
MKP Credit MKP Capital Management
Sandler Associates Sandler Capital Management
SPM Structured Servicing Holdings (+24.53%; Sharpe 1.53) Structured Portfolio Management
York Credit Opportunities York Capital Management
   
MANAGEMENT FIRM OF THE YEAR  
Citadel  
D. E Shaw  
JANA Partners  
MKP Capital Management  
Pine River Capital Management  
   
FUND OF THE YEAR  
Citadel Wellington Citadel
D.E. Shaw Heliant D.E. Shaw
Metacapital Mortgage Opportunities Metacapital Management
Third Point Ultra Third Point
Tiger Global Tiger Global Management
Tilden Park Tilden Park Capital Management