Millennium

Management
BY: Group 5

Aayushi Sinha 120001

Kajal Kumari 120018
Saket Kumar 120037
Shilpa Kumari 120045
Nitish Kr Mishra 120090
Puja Patel 120095
Shivadhatri 120103
Tanu Singh 120115
ABOUT THE COMPANY
 Millennium Management is a global alternative investment management firm, founded in 1989
with a multi-strategy hedge fund offering.
 It is one of the world's largest alternative asset management firms with $48.3 billion assets under
management as of February 28, 2021.
 The firm operates in America, Europe and Asia.
 Its Head Quarter is in New York (USA), Israel Englander & Ronald Shear is the founding members
of the company.
 The company allocate capital across more than 230 entrepreneurial portfolio managers that invest
in a diverse set of strategies.
 The company goal is to help the global investors to meet their investment objectives by achieving
absolute returns with minimal risk over the long-term.
 The organization is empowering the portfolio managers through proprietary technology and
resources at scale, to create a uniquely diversified investment platform. 
 At present it has more than 3,300 employees with offices in the United States, Europe and Asia.
HISTORY
 Millennium Management LLC is a privately owned hedge fund sponsor.
 The company started out with $35 million in seed money. However, the firm began
with a rough start, prompting Shear to leave in 1990.
 Englander the founder then turn Millennium Management around, turning it into a
large enterprise through investment strategies that utilized statistical arbitrage,
fundamental long short pairing, merger arbitrage, and convertible arbitrage.
 In early 1990s the companies was in the growing phase and transformed into a
“sustainable and advanced investment platform capable of attracting and retaining the
world’s top trading talent.
 The company today has largely kept to its original functions, launching and managing
hedge funds for its clients.
MANAGEMENT OF THE COMPANY
• Israel Englander
Israel Englander is Chairman, Chief Executive Officer, and Co-Chief Investment Officer of Millennium,
the firm he founded in 1989 with $35 million.
• John Anderson
John Anderson is Co-Head of Fixed Income & Commodities, based in London, and is responsible for
the daily oversight and management of the Firm’s commodities and fixed income portfolio managers.
• Ross Garon
Ross Garon is Global Head of Quantitative Strategies and is responsible for all aspects of that business,
including managing portfolio managers, hiring and growing new teams, managing risk and capital
allocation, and developing resources for investment professionals.
• Bobby Jain
Bobby Jain is Co-Chief Investment Officer and is responsible for managing the Firm’s investment
process, including capital allocation, risk, and strategy.
• Ajay Nagpal
Ajay Nagpal is Chief Operating Officer and is responsible for overseeing key global strategic business
activities in addition to orchestrating corporate functions across the organization.
AREA OF OPERATION
 Millennium Management invests in public equity and fixed income markets on a global scale,
emphasizing a focus on liquid asset classes.
 The company seeks to achieve absolute returns to prioritize capital preservation, seeking
opportunities in diversified portfolios while minimizing risk.
 Its investment strategy is broadly diversified, global in scope and opportunistic, focusing on the
strategies that Englander originally developed that helped the company get past its rough start.
 The company does not make firm-wide concentrated investments but have its operating trading
teams each focus on specialized opportunities and strategies.
 However, although each trading team has a great deal of autonomy, the executive team and risk
management teams oversee certain concentrations and allocations.
 As of 2015, the company has more than 1650 employees spread across its offices in its
headquarters of New York City and other office locations in Old Greenwich, London, and Paris.
 The company has recently crossed the $30 billion mark in total assets under management. The
executive team consists of 18 members that have an average of approximately 25 years of
experience each with Israel Englander, the founder, acting as the current CEO.
INVESTMENT
PHILOSOPHY
Millennium is designed to enable investment professionals to perform. Company believe that
empowering entrepreneurial portfolio managers and their teams within the operating system attracts
leading professionals and positions them to perform at their highest level. So company maintain a
unique investment environment, delivering optimal resources with a high level of service. The
followings are:

• Unique Partnership
Company investment platform is based on independence and focus. It offer portfolio managers the
autonomy to manage their teams and investment processes. company provide economics driven by each
individual team’s performance within the framework.

• Scale Advantages
As one of the leading alternative investment management firms, company support teams with a variety
of investment strategies. They provide competitive advantages through access to financing, liquidity,
data, and research, as well as execution across global markets and asset classes.
• Comprehensive Robust Platform
Millennium continually seeks to maintain and enhance its operating system, providing the
resources, technology, and infrastructure, adaptable to the needs of the investment teams.
This allows the investment professionals around the globe to focus on investing, not
operations.

• A Powerful Franchise
The company provide institutional stability with over 30 years of experience, a stable
investor base, and investment in capabilities critical to maintaining our position as an
industry leader for the long term.
GEOGRAPHICAL
SPREAD
The company has geographical spread across:
• USA
• Europe
• Asia

 As the companies Head Quarter situated in USA. So, it has maximum number of offices
is in USA. In the New York it has principal office. It also operates from Greenwich & San
Francisco etc.

 In Europe it has offices in Geneva, London & Paris.

 In Asia company mostly operates its business from Hong Kong, Singapore & Tokyo.
STRATEGY USED
The company pursue a diverse array of investment strategies across industry sectors, asset classes, and
geographies. There are four primary strategies are:
• Relative Valuation(RV) Fundamental Equity
Company members perform fundamental research on companies both as generalists and as specialists
within a particular sector or sub-sector.
• Equity Arbitrage
The teams pursue a variety of systematic and fundamental arbitrage strategies across different parts of a
firm’s capital structure and a variety of derivatives, such as merger arbitrage, event-driven strategies,
convertible arbitrage, option-volatility trading, and others.
• Fixed Income Strategies
The teams manage a number of different strategies including rates, macro, credit, mortgages and asset-
backed securities, and commodities.
• Quantitative Strategies
Company teams build and enhance investment processes that are primarily quantitatively driven and
focused on a variety of asset classes, including global equities, interest rates, foreign exchange
instruments, and commodity-linked derivative instruments.
 Millennium Management’s portfolio is diversified across 13 sectors. Currently, their
heaviest sector is Health Care making up 13.4% of the total portfolio value.
 The fund focuses on investments in the United States as 52.5% of the portfolio
companies are based in the United States.
 The majority of the companies in the fund’s portfolio are large-cap stocks. Stocks
with a size of more than $10 billion in market cap make up 14% of the total holdings
value.
 On the other hand, small-cap stocks make up only 5.4% of the portfolio. The average
market cap of the portfolio companies is close to $15.3 billion.
 COMPANY
ACHIEVEMENTS
30 Biggest Holdings in Millennium

 Millennium Management is an
investment fund managing more
than $40.2 billion ran by Gil Raviv.
 There are currently 3136 companies
in Mr. Raviv’s portfolio. The largest
investments include JPMorgan
Chase Co and Intel, together worth
$676 million.
 Biggest holdings compared to the S&P 500

 As of 7th October 2020, Millennium Management’s

top holding is 3,599,998 shares of JPMorgan Chase
Co currently worth over $339 million and making up
0.8% of the portfolio value.
 In addition, the fund holds 5,635,882 shares of Intel
worth $337 million, whose value fell 11.3% in the
past six months. The third-largest holding is Lowes
Cos Inc. worth $274 million and the next is PayPal
worth $242 million, with 1,387,535 shares owned.

 Currently, Millennium Management's portfolio is

worth at least $40.2 billion. The total portfolio value
may be much higher due to cash assets that are not
publicly disclosed such as fixed income, real estate,
or cash equivalents.
Recent Trades
• Millennium Management revealed that it had
opened a new position in Global Pmts Inc. and
bought 1,008,446 shares worth $171 million.
• The investment fund also strengthened its position
in JPMorgan Chase Co by buying 2,246,911
additional shares. This makes their stake in
JPMorgan Chase Co total 3,599,998 shares worth
$339 million.
• On the other hand, there are companies that
Millennium Management is getting rid of from its
portfolio. Millennium Management closed its
position in Allergan Plc. on 14th August 2020. It
sold the previously owned 3,869,196 shares for
$685 million. Gil Raviv also disclosed a
decreased stake in Apple by approximately 0.1%.
This leaves the value of the investment at $229
million and 628,957 shares.
The two most similar
investment funds to
Millennium Management
are Federated Hermes, Inc.
and State Board Of
Administration Of Florida
Retirement System. They
manage $40.1 billion and
$40.5 billion respectively.
The complete list of Millennium
Management trades, These positions were
updated on August 14th Feb 2021. we can
Quickly find out what the most recently Sold List
closed or increased positions are
Thank You