HeyJaredRupak's Substack
Hedge funds, trading firms, financial market structure and fintech
- Indexed issues, last 90 days
- 15
- Latest publication
- Sep 30, 2026
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- Earliest in this view
- Jul 25, 2026
Latest issues
Not Your Father’s Man Group (opens the original)
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SMAs, Millennium and an interconnected industry (opens the original)
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Last week I wrote about one of Millennium’s largest external managers, which has received $5bn from Millennium…I discussed the significant underperformance of the fund versus its peer group in 2026 and my channel checks showing further struggles through September. I noted:“Taula’s recent run of poor investment performance and how Millennium reacts will be interesting for all Millennium watchers but also from the start-up hedge fund side in terms of how much money and under what terms should you
Taula: Choppy waters for fixed income hedge funds (opens the original)
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It’s been a tough year for most fixed income hedge funds. Headline macro hedge fund index returns are decent, but the devil is in the details. Macro funds that spread into equities, emerging markets and systematic strategies have done better. But your bread-and-butter discretionary relative value or macro fixed income manager has struggled. Millennium cub Taula is one of those firms. Taula launched in mid 2024 at around the same time as Jain Global, a fund I have written about a lot here already
Dimensional – the trillion-dollar factor king (opens the original)
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The Citadel and Millennium Cubs (opens the original)
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Julian Robertson was shutting shop when I was starting my career as a sell side equity analyst. But over the next decade and a half I got to know a lot of Tiger Cubs as clients. They were fundamental and often more thorough and long-term with their research than long only investors I came across. The Tiger Cub alumni of funds are starting to feel a little long in the tooth – the old tigers are losing their stripes!The media has picked up the theme of Citadel and Millennium cubs before. This is f
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