Toronto-based hedge fund Castle Ridge Asset Management made 2.6% in March when well-known quants like Bridgewater, Renaissance Technologies and Schonfeld Strategic Advisors were slammed.
Big-name managers like Bridgewater, Schonfeld Strategic Advisors, Point72's Cubist, and Renaissance Technologies were slammed in March, and some quants that spoke to Business InsiderCastle Ridge was able to avoid the pain, as its "self-evolving" system that trades large-cap equities even made money on two of three big sell-offs last month, according to a letter the firm sent to investors.
The strategy, which currently runs roughly $100 million, made 17.9% and 15.7% in 2019 and 2018, respectively, and is up 3.6% through March for 2020. That is compared to the average losses of 9.4% for the first quarter, according to Hedge Fund Research, while the overall equity market shed roughly a fifth of its value during the same stretch.
The expectation from the firm's founders is for machine-learning and artificial intelligence to grow across finance and break away from how it is currently being used. "It's time to differentiate the static models from the super adaptive."
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