New York City
Verified
The Millennium International Fund is a multi-strategy hedge fund that was founded by Israel Englander in June 1989. Millennium is structured as an aggregation of many underlying portfolios, with the firm allocating capital across a diverse set of strategies.
Key areas include Statistical Arbitrage, Fundamental Long/Short, Merger Arbitrage and Fixed Income Arbitrage. The aim of the approach is to build a highly diversified group of uncorrelated underlying traders, each of whom has a track record of strong risk-adjusted returns. The pooling of transactions and assets also results in fewer transactions and lower costs. The goal is to achieve absolute returns with minimal risk and/or volatility and low correlation with any given asset class. Almost all underlying strategies are market neutral - or very close to - in nature, including the equity focused strategies. This enables Millennium to apply fairly high levels of leverage to the aggregate portfolio, typically in the 5-6x range.
Millennium is an incredibly strong institution in terms of the wealth of resources at their disposal. The firm employs over 1000 professionals, over half of which are focused on the investment / trading functions. The strategy has been consistently strong since launch, with an annualized return of over 14% on less than 5% annualized volatility.
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