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Alternative Market Briefing

Izzy Englander's Millennium hedge fund up around 5% YTD

Monday, August 29, 2011

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From the Opalesque Team: With just three trading days left in August, Israel (Izzy) Englander's Millennium hedge fund is down 1% so far in August but up around 5% up YTD, according to information obtained by Opalesque. Last Friday, Opalesque reported (via SeekingAlpha) that Englander's hedge fund increased a position of the Market Vectors Gold Miners ETF (GDX) by 439% during the last quarter. According to updated information obtained by Opalesque, Englander's $12bn fund owns 12,900 shares of GDX. Since hitting a low for the year in June, GDX has risen over 20% until Friday, August 26th.

Englander's fund continues to receive substantial inflows and commitments from institutional investors. Earlier in August it was reported Mr. Englander would be in talks to sell a minority stake in Millennium Management to the private equity company Foundation Capital Partners. Over the past years, Englander has taken steps to "institutionalize" his firm by strategically expanding Millennium's management team, investing into infrastructure and reporting, and offering more transparency and accessibility to his investors.

Izzy Englander's career began in 1970 as a specialist clerk on the floor of the American Stock Exchange. In a rare video interview with Opalesque's Matthias Knab, Englander pointed out that his "immediate introduction into the business was of a transactional (and hedged) nature, opposed to fundamental analysis based or d......................

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