A winning hedge fund for Jim Simons

You probably know Jim Simons as the man, regularly described as "reclusive," who runs Renaissance Technologies, a quant shop. The firm's Medallion fund, the oldest of its three hedge funds, is on a tear right now. The New York Post reports it was up 48 percent as of the end of July. It was up 7 percent in July alone, a month in which most hedge funds faltered. That's net of some hefty fees--a 5 percent management fee and a 44 percent incentive fee. Who would agree to those terms? Mainly a lot of Renaissance insiders--not a bad perk if you can handle the risk. Last year, Medallion generated 85 percent returns. All in all, this helps make up for some of the bad news from the previous year. The Renaissance Institutional Equities Fund, launched in 2005, now manages around $15 billion in assets, down from around $28 billion a year ago, the Post notes.  

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