What is the Medallion fund?

After trading in futures markets for the firm for a few years, Ax and Simons launched the Medallion Fund in 1988. The fund was named after the prestigious awards both had received in mathematics. However, the early years of Medallion weren’t easy.

How exceptional were the Medallion fund's returns over time?

Now that we have covered the history of the Medallion Fund, let’s look at just how exceptional the Medallion Fund’s returns have been over time. What Were the Medallion Fund’s Returns? Renaissance’s flagship Medallion Fund generated 62% annualized returns (before fees) and 37% annualized returns (net of fees) from 1988-2021.

How much money was invested in the Medallion Fund in 1998?

Figures are based on net returns, which factor in fund and performance fees: As the above table shows, the value of $100 invested in the Medallion Fund in 1998 would have grown to over $2.1 million by 2018 net of fees. It’s worth noting these fees were significant. They included a 5% fixed fee and a 44% performance fee after 2002.