A new hedge fund, founded by a former Citigroup executive, is being touted as the best hedge fund in the world.
In its first three years of operation, the firm has outperformed the benchmark S&P 500 500 index by an average of 3.4%, according to data from S&P Capital IQ.
The fund’s fund manager, James Simons, said that despite the large size of the fund, the returns of its funds have exceeded the returns the index returns for many years.
Simons said he is confident that the fund is well positioned to meet the market’s expectations in the coming years.
The firm has been founded by former Citicorp executives, including former CEO and chairman Gary Cohn, and has raised more than $25.7 billion.
It is the largest of several hedge funds created by hedge funds founded by Citicor.
Citigroup bought the firm for $4.5 billion in 2016.