Our Investment Strategies

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Strategies for a Range of Market Opportunities

Ideas are not enough in the pursuit of successful investments. Our team members share more than a quarter-century commitment to pursuing superior returns, applying their talents to fundamental research and advanced quantitative analysis to bring their insights to market.  Operating in a culture of excellence, and leveraging long-term relationships with thousands of companies and institutions, we move swiftly and deliberately to capitalize on opportunities having the greatest potential.

Citadel’s investment strategies focus on all major asset classes across the world’s capital markets. Within a broad range of investment strategies, we deploy our capital with the objective of generating  market-leading investment returns.

Recent Awards

In-House System of the Year
Hedge Fund of the Year
Institutional Hedge Fund Manager of the Year

Equities

Who we are

Citadel’s equities teams employ their deep expertise to invest in the equity and equity-linked securities of companies across the globe. We seek to generate alpha by combining fundamental stock selection with proprietary analytical methodologies, grounded in rigorous risk management.

Partnering with Investor Relations

Citadel invests in companies in the Communications, Consumer, Energy, Financials, Healthcare, Industrials, Media and Entertainment, and Technology sectors. Participating in thousands of company meetings annually across the globe, we believe in engaging with the companies we analyze and invest with.

What we do

Our equities platform supports four different businesses:

Citadel Global Equities

Established in 2001, Citadel Global Equities (CGE) is Citadel’s founding fundamental equities business. CGE brings together the leading minds from across six primary investment sectors ranging from Consumer to Energy to Healthcare.

Within CGE, our Primary Strategies team supports corporate capital formation by investing in initial and follow-on issuances of stock.

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Surveyor Capital

Established in 2008, Surveyor Capital is a global, multi-manager equities strategy and is one of Citadel’s four fundamental equities businesses. At the core of the Surveyor investment process, sector-aligned investment teams focus on understanding each company’s strategy, management team, drivers of performance, and cyclical and secular industry trends over the medium and long term.

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Aptigon Capital

Established in 2016, Aptigon Capital is a fundamental equities business at Citadel operating on the firm’s leading-edge technology and risk management platform. The portfolio management teams, which have decades of investment experience, combine deep industry knowledge and a rigorous investment process to formulate a differentiated view of the performance of companies.

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Ashler Capital

Established in 2017, Ashler Capital is a value-oriented equity business with long-term holding periods. The team seeks to take positions across two sub-strategies:

  • Deep Value – Investments in companies that are either cyclically depressed, experiencing significant change, have hidden value or are underfollowed.
  • Constructive Engagement – Investments in companies where the team identifies an opportunity to engage with existing management teams pursuing opportunities to improve operating performance and strategic focus.

Sector of focus: Industrials, Healthcare

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Fixed Income & Macro

Who we are

Citadel’s Fixed Income and Macro team seeks to generate alpha by investing in fixed income securities in global markets using macro and relative value strategies. As one of Citadel’s longest standing strategies, our team’s investment process blends quantitative analysis, fundamental research, and experienced judgment.

How we do it

Citadel’s Fixed Income and Macro team works collaboratively, integrating a disciplined investment process within a rigorous analytical framework. Leveraging its in-depth understanding of central banks and partnerships with leading economists, our expertise spans macro views, monetary policy, and the intersection of public and proprietary data. Our trading and research team constantly originates, analyzes, and evaluates new opportunities, using qualitative and quantitative methods. Areas of focus include rates, currencies, sovereign bonds, and inflation.

Leadership

Edwin Lin
Head of Global Fixed Income

Edwin Lin is Head of Global Fixed Income at Citadel and is a member of Citadel’s Portfolio Committee. He first joined Citadel in 2011 as a Senior Portfolio Manager focused on global linear relative value strategies. Prior to joining Citadel, he was at Credit Suisse for 10 years where he most recently served as Head of USD Short-end and Basis Trading and as Head of Canadian Rates. Mr. Lin received a bachelor’s degree from Harvard College.

Colin Lancaster
Head of Macro Strategies

Colin Lancaster is Head of Macro Strategies at Citadel, one of two macro strategies at the firm.

Prior to joining Citadel, he was Head of Macro Strategies and Co-Head of the London office at Balyasny Asset Management. Previously, he was President and Chief Operating Officer of Stark Investments. Earlier in his career, he served as General Counsel of Deephaven Capital Management.

Mr. Lancaster received a J.D., summa cum laude, from Marquette University Law School and a bachelor’s degree from Princeton University.

Commodities

Who we are

Citadel’s commodities team seeks to generate alpha through directional and relative value strategies across both physical and financial commodities markets. We evaluate opportunities in natural gas, power, crude, and refined products, and agriculture, primarily in North America and Europe.

How we do it

Citadel uses fundamental research, proprietary analytical methodologies, and quantitative analysis to drive our views. We join these techniques with an intense focus on understanding each market we trade, reflected in our ability to generate supply and demand balances for each commodity or product. A key part of this process is our advanced technology platform that allows us to quickly and deeply understand patterns within a market or product, conduct scenario analysis and improve the overall accuracy of our views.

Leadership

Sebastian Barrack
Head of Commodities

Sebastian Barrack is Head of Commodities at Citadel and is a member of Citadel’s Portfolio Committee. Mr. Barrack leads the investment teams trading natural gas, power, crude and refined products, agriculture and other commodity products.

Prior to joining Citadel, Mr. Barrack was at Macquarie Group Ltd. for more than 20 years, where he built and led the agriculture, energy and metals teams across the US, Europe and Asia, and most recently served as Global Head of Metals, Mining & Agriculture.

Mr. Barrack received a bachelor’s degree from Australian National University.

Credit

Who we are

Citadel’s credit team seeks to generate alpha by focusing on the relationships that connect corporate bonds, convertible bonds, bank debt, credit derivatives, credit indices, and equities.

How we do it

Operating primarily across the U.S. and European corporate universe, the group’s core strategies integrate structural, statistical, and fundamental approaches to investing across the corporate capital structure.

Leadership

Eric Felder
Head of Aptigon Capital, Fundamental Strategies and Global Credit

Mr. Felder has nearly 25 years of industry experience. Prior to joining Citadel, he served as Head of Fundamental Strategies at Magnetar Capital. Previously, he led global sales and trading across equities, fixed income, currencies and commodities as Head of Global Markets at Barclays Capital. Mr. Felder joined Barclays in 2008 following its acquisition of Lehman Brothers and spent 14 years in a series of increasingly senior roles, including Co-Head of Global Fixed Income.

He serves on the Board of Venture for America, a charity focused on cultivating new entrepreneurs and revitalizing US cities.

Mr. Felder received a bachelor’s degree from The Wharton School of the University of Pennsylvania.

Abe Shulman
Head of U.S. Convertible Arbitrage

Mr. Shulman joined Citadel in 2013. Prior to assuming his current role, he served as a Portfolio Manager in the Global Credit group focused on convertible bonds and capital structure arbitrage. He began his career at Goldman Sachs where he worked for more than ten years, most recently as a Vice President on the Equity Derivatives trading desk. Mr. Shulman serves on the board of SketchPad, a nonprofit focused on providing operational support and promoting collaboration among Jewish nonprofit organizations.

Mr. Shulman received a bachelor’s degree from Columbia University.

Quantitative Strategies

Who we are

Citadel’s quantitative strategies team seeks to generate alpha by combining rigorous fundamental research with mathematical and statistical models to identify and execute on investment opportunities.

How we do it

With more than two decades of experience, Citadel’s team stands at the forefront of data analysis and modeling. We analyze historical and current information through statistical and quantitative modeling, as well as predictive analytics, to identify and capture opportunities. We focus on the equity, fixed income, commodities and currency markets globally, concentrating on the United States and European equity markets.

Leadership

James Yeh
Head of Global Quantitative Strategies

James Yeh is Head of Global Quantitative Strategies at Citadel and is a member of Citadel’s Portfolio Committee. Mr. Yeh joined the firm in 1993 and was the original architect of Citadel’s quantitative businesses. He has held a number of senior leadership roles across quantitative and fundamental strategies, including serving as Head of Global Equities. He serves as a Charter Trustee of Princeton University and as a Director of the Princeton University Investment Company. Mr. Yeh received an A.B. from Princeton University and a Ph.D. in Physics from the University of California, Berkeley.

Risk Management

Seeing Over the Market's Horizon

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