New York (HedgeCo.Net) – Chicago-based Citadel Investment Group lost 13 percent in November, according to a report published by the Wall Street Journal.  This brings the hedge fund firm’s total losses to 47 percent for the year.

The losses stem in part from the company’s two largest funds, the Kensington and Wellington, which together manage about $10 billion in assets.  Investor redemption requests totaling around $1 billion and plummeting values of bonds were the catalysts behind the losses. 

This is the first year since 1994 that Citadel will post a loss.  It is only their second loss since CEO Kenneth Griffin launched the firm in 1990.  All is not grim, however.  Bloomberg News reports that three other Citadel funds, who together manage about $3 billion, have climbed about 40 percent this year. 

Hedge funds as a whole have posted their worst record to date this year.  According to data by Chicago-based Hedge Fund Research, hedge funds have lost an average of 22 percent this year. 

Julie Scuderi
Senior Editor for HedgeCo.Net
Email: julie@hedgeco.net

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