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

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

February 13, 2013   Rob Copeland

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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 FundManagement company
ARBITRAGE & CONVERTIBLES 
Alphabet PartnersSaiers Capital
Capstone VolatilityCapstone Investment Advisors
ParallaxParallax Volatility Advisers
Paulson InternationalPaulson & Co
Waterstone Market Neutral (+11.20%; Sharpe 2.72)Waterstone Capital Management
Wolverine FlagshipWolverine Asset Management
  
CREDIT & HIGH YIELD 
400 Capital Credit Opportunities (+34.10%; Sharpe 7.15)400 Capital Management
BlueMountain Credit AlternativesBlueMountain Capital Management
Brevan Howard Credit CatalystsBrevan Howard Asset Management
Candlewood Structured CreditCandlewood Group
King Street CapitalKing Street Capital Management
Marathon Securitized CreditMarathon Asset Management
MKP CreditMKP Capital Management
Waterfall EdenWaterfall Asset Management
  
DISTRESSED 
Candlewood Special SituationsCandlewood Group
Contrarian CapitalContrarian Capital Management
Hildene Opportunities (+45.45%; Sharpe 4.00)Hildene Capital Management
KnightheadKnighthead Capital Management
Marathon Special OpportunityMarathon Asset Management
PalominoAppaloosa Management
York Credit OpportunitiesYork Capital Management
  
EVENT DRIVEN 
ECF Value Gates Capital Management
JANA OffshoreJANA Partners
Litespeed PartnersLitespeed Management
Pentwater EventPentwater Capital Management
Third Point Ultra (+33.67%; Sharpe 3.04)Third Point
Venor Capital OffshoreVenor Capital Management
  
FIXED INCOME & MORTGAGE BACKED (TIE) 
Axonic Credit OpportunitiesAxonic Capital
LibreMax PartnersLibreMax Capital
Metacapital Mortgage Opportunities (+41.27%; Sharpe 7.46)Metacapital Management
Pine River Fixed IncomePine River Capital Management
Rimrock High Income PlusRimrock Capital Management
Seer Capital PartnersSeer Capital Management
SPM Structured Servicing HoldingsStructured Portfolio Management
Tilden Park (+41.34%; Sharpe 6.89)Tilden Park Capital Management
  
GLOBAL EQUITY 
1798 Fundamental StrategiesLombard Odier Asset Management (USA) Corp
Citadel Global Equities (+16.86%; Sharpe 7.42)Citadel
Pacific & General InvestmentsDalton Investments
Tiger GlobalTiger Global Management
Wells Street PartnersBrookfield Investment Management
  
GLOBAL MACRO 
Alphadyne International MasterAlphadyne Asset Management
Bridgewater All WeatherBridgewater Associates
D. E. Shaw HeliantD. E Shaw
D. E. Shaw Oculus (+21.11%; Sharpe 4.28)D. E Shaw
MKP OpportunityMKP Capital Management
PIMCO Absolute Return StrategyPacific Investment Management Company
  
MANAGED FUTURES 
Black River Commodity TradingBlack River Asset Management
Campbell Global AssetsCampbell & Company
Crabel (+15.15%; Sharpe 2.36)Crabel Capital Management
Eclipse Global Monetary ProgramEclipse Capital Management
Quantitative Global ProgramQuantitative Investment Management
  
MULTISTRATEGY 
Beach Point Total ReturnBeach Point Capital Management
Canyon Value RealizationCanyon Capital Advisors
Citadel WellingtonCitadel
Hudson BayHudson Bay Capital Management
Pine River Master (+21.70%; Sharpe 5.90)Pine River Capital Management
SPM CoreStructured Portfolio Management
  
SPECIALIST 
Caduceus CapitalOrbiMed Advisors
Citadel Tactical TradingCitadel
Coatue OffshoreCoatue Management
Dorsal Capital PartnersDorsal Capital Management
JANA Nirvana (+33.31%; Sharpe 3.09)JANA Partners
Perceptive Life SciencesPerceptive Advisors
Renaissance Institutional EquitiesRenaissance Technologies
Visium BalancedVisium Asset Management
  
U.S. EQUITY 
Corsair Capital PartnersCorsair Capital Advisors
Force Capital IIForce Capital Management
Lakewood Capital PartnersLakewood Capital Management
Marcato International (+28.80%; Sharpe 2.64)Marcato Capital Management
StelliamStelliam Investment Management
  
NEW FUND OF THE YEAR 
1798 Consumer Equity Long ShortLombard Odier Asset Management (USA) Corp
Cambrian GlobalAtlantic Investment Management
Canyon Structured AssetsCanyon Capital Advisors
GoldenTree CLO Debt Investment GoldenTree Asset Management
Hildene Opportunities IIHildene Capital Management
Karya (+34.78%; Sharpe 4.13)Karya Capital Management
PCM Provident MBSProvident Advisors
Pine River Liquid RatesPine River Capital Management
  
EMERGING MANAGER & SMALLER ($100m - $500m) 
Bowery OpportunityBowery Investment Management
HG Vora Special Opportunities (+39.09%; Sharpe 4.44)HG Vora Capital Management
Kerrisdale PartnersKerrisdale Advisers
LJM LJM Partners
Midway Market NeutralThe Midway Group
Mudrick Distressed OpportunityMudrick Capital Management
  
LONG TERM PERFORMANCE (5 years) 
BlueMountain Credit AlternativesBlueMountain Capital Management
Citadel Tactical Trading (+32.37%; Sharpe 4.67)Citadel
Halcyon Offshore Asset Backed ValueHalcyon Asset Backed Advisors
Hudson BayHudson Bay Capital Management
Millennium InternationalMillennium International Management
Providence MBSProvidence Investment Management
SPM Structured Servicing HoldingsStructured Portfolio Management
  
LONG TERM PERFORMANCE (10 years) 
King Street CapitalKing Street Capital Management
Millennium InternationalMillennium International Management
MKP CreditMKP Capital Management
Sandler AssociatesSandler Capital Management
SPM Structured Servicing Holdings (+24.53%; Sharpe 1.53)Structured Portfolio Management
York Credit OpportunitiesYork 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 WellingtonCitadel
D.E. Shaw HeliantD.E. Shaw
Metacapital Mortgage OpportunitiesMetacapital Management
Third Point UltraThird Point
Tiger GlobalTiger Global Management
Tilden ParkTilden Park Capital Management

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