Citadel's flagship fund Wellington up 0.74% in July, source says

By Carolina Mandl

NEW YORK (Reuters) -Citadel's flagship hedge fund Wellington posted a gain of 0.74% in July, a source familiar with the matter told Reuters, in a month some investors started to reduce their exposure to megacap technology stocks.

In the year through July, Wellington is up 8.82%, the source added.

Ken Griffin's multi-strategy hedge fund Citadel, which manages roughly $63 billion in assets, declined to comment on its performance.

Amid concerns about the resilience of U.S. economy, some hedge funds started to de-risk last month, selling mainly megacap technology stocks.

Morgan Stanley said computer-driven macro hedge funds sold $20 billion in equities last week and were set to shed at least $25 billion more this week, marking one of the largest risk-unwinding events in a decade.

Jain Global, another multi-strategy hedge fund, ended its first month of trading down 0.65%, two sources familiar with the matter said.

Launched by former Millennium co-chief investment officer Bobby Jain, the fund started to partially deploy the $5.3 billion it raised in investment commitments last month, according to one of the sources.

(Reporting by Carolina Mandl in New York; Editing by Mark Porter, Kirsten Donovan)

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