Aug 21 (Reuters) – Billionaire investor Ken Griffin’s Citadel has shed more than 80% of bets from the original portfolio of Leopold Aschenbrenner’s Situational Awareness that it recently purchased, according to a letter to investors seen by Reuters on Friday.
Situational, an AI-focused hedge fund run by former OpenAI researcher Aschenbrenner, sold the bulk of its stock bets to Citadel last month after heavy losses in its tech holdings forced it to unwind most of its public equities portfolio.
Citadel has since completed nearly 100 block trades totaling over $4 billion in market value as it shed positions in the portfolio, which Griffin said included the largest intraday block trades of the year in 10 different names. The firm, which has about $77 billion of assets under management, declined to comment.
“Our ability to distribute this risk was central to our investment thesis. These moments highlight our ability to quickly evaluate complex risks, deploy capital with speed and conviction, and execute with precision,” Griffin said in the letter.