“Jim Simons has the highest investing returns (net of fees) of any investor in history.”

Renaissance Technologies’ Medallion fund, the firm’s flagship vehicle, generated roughly 39% annualized returns after fees over long periods, according to historical reporting and firm disclosures cited in the article. The piece also states that before fees the fund’s average annual return was about 66%.

The Medallion Fund is closed to outside investors, and its reported results have been extraordinary. The article states that from 1988 to 2018 the fund produced about 66.1% average annual gross returns and about 39.1% average annual net returns after fees.

Currently open only to RenTech's employees and a few other people connected to the firm, it's generated average annual returns of close to 70% before fees since 1988 without ever suffering a yearly loss.[14] After fees, it's had one down year.[14]

Since 1988, his flagship Medallion fund has generated average annual returns of 66% before charging hefty investor fees—39% after fees—racking up trading gains of more than $100 billion. By 2000, the computer-driven Medallion fund had an average annual return of 34% after fees from its 1988 inception. From 1994 through mid-2014, it averaged a 71.8% annual return, before fees.

Simons has achieved breathtaking returns of 62% per year over 33 years, a track record like no other. Net of substantial fees, he still generated 37% annualized returns over 33 years.

Renaissance’s flagship Medallion Fund generated 62% annualized returns (before fees) and 37% annualized returns (net of fees) from 1988-2021.[9] To put this performance in perspective, $1 invested in the Medallion Fund from 1988-2021 would have grown to almost $42,000 (net of fees) while $1 invested in the S&P 500 would have only grown to $40 over the same time period.[9] Even a $1 investment in Warren Buffett’s Berkshire Hathaway would have *only* grown to $152 during this time.[9]

According to Renaissance Technologies and industry data compiled over decades, the Medallion Fund has generated a staggering 39.9% compound annual growth rate since its March 1988 launch after fees. Before fees, returns climb to 66.1% annually. Medallion delivered 40% net annual returns since 1988, charging a 5% management fee and 44% performance fee, yet never recorded a single losing year.

Coverage of Simons’ career in major business reporting described Medallion as producing about 39% annualized net returns after fees, with gross returns around 66% annually. The reporting framed this as one of the strongest long-term records in investing history.

Guys like Warren Buffett and George Soros get the limelight, but when it comes to returns, no one tops Jim Simons.[11] Starting in 1988, his flagship Medallion fund has racked up average annual returns of 66%, generating trading gains of more than $100 billion.[11] Medallion delivered 40% net annual returns since 1988, charging a 5% management fee and 44% performance fee.[11]

David: During the entire lifetime so far of Medallion from 1988 to 2022—that’s 34 years—the total net annual return number is 40%. It’s 68% before fees, which equates to total lifetime carry dollars for the whole firm of $60 billion just in carry by our calculations. In 1990 the first full year after that, the fund gains 77.8% gross, which, after fees and carry was 55% net. During the post-Jim era, the Peter and Bob era from 2010 to 2022 was when we were able to get the latest data, IRRs are 77.3% gross and 40.3% net.

Between 1988 and 2018, Renaissance Technologies’ Medallion Fund generated average annual returns of 66% before fees and 39% after fees — the most successful track record in investing history. 66% average gross annual returns (1988–2018): Confirmed across Wikipedia, Cornell Capital analysis, Institutional Investor, and Zuckerman’s book. 39% average net returns after fees: Confirmed across multiple sources.

Over its illustrious history, the Medallion Fund has generated over $100 billion in trading gains, achieving an impressive net return of 39% annually after fees from 1988 to 2018. These returns are net of fees, meaning investors received this performance after all management and performance fees were deducted. The Medallion Fund boasts an unprecedented average annual return of 66% before fees over 30 years, achieving a net return of 39% after fees.

Figures are based on net returns, which factor in fund and performance fees.[5] When accounting for these factors, the fund averaged 39% in annual returns.[5] As the above table shows, the value of $100 invested in the Medallion Fund in 1998 would have grown to over $2.1 million by 2018 net of fees.[5]

Its flagship Medallion Fund — closed to outside investors since 1993 — has averaged roughly 66% annual gross returns (39% net of its steep 5-and-44 fee structure) from 1988 through 2018, turning an initial $1 invested in 1988 into over $27,000 by 2018.[5] The Medallion Fund charges a 5% management fee and a 44% performance fee — the highest in the industry.[5]

The article says that Medallion averaged 39.1% annualized returns from 1988 to 2018, net of fees, and notes that these returns were extraordinary even after accounting for a 5% management fee and a 44% performance fee.

After paying its extraordinarily high costs, Medallion has compounded at a rate of 35%-40% over almost three decades since its 1988 inception. It charges a 5% expense ratio followed by 44% of the remaining profits. Five percentage points off the top of 71.8% leads to 66.8%, which after the performance fee becomes 37.4%.

The article states that the Medallion Fund returned on average 66.1% gross before fees from 1988 to 2018, and about 39% net after fees. It also notes that the fund charged a 5% fixed fee and a 44% performance fee after 2002.

This fund is infamous on Wall Street for delivering average annual returns of around 39% (after fees) over more than two decades.[10] The fund averaged a 66% annual return, consistently delivering returns that outpaced even legendary investors such as Warren Buffett and George Soros.[10]

Jim Simons and the Medallion Fund of Renaissance Technologies represent the most successful sustained record in quantitative trading history, with reported annualized returns of roughly 66 percent before fees and 39 percent after fees over a multi-decade period. The fund’s reported returns, net of substantial fees, are widely cited as the most consistent and highest sustained returns in hedge fund history. Medallion has reported approximately 66% / 39% annualized returns before / after fees.

The article says the firm’s flagship Medallion Fund achieved an average annual return of about 40% net over more than three decades, calling this one of the most extraordinary records in hedge fund history.

When combining data between 1988 and 2018, the average gross returns of Jim Simons fund were 66.1% before fees.[14] From 1988 to 2018, Medallion (after fees) shows 30 years annualized of 39.30%, compared with Berkshire Hathaway’s 11.85% and the S&P 500’s 9.29%.[20] Over 20 years, Medallion (after fees) annualized 39.47% versus Berkshire’s 8.96% and the S&P 500’s 8.41%.[20]

Renaissance Technologies, often just referred to as RenTec, is reputed as the highest-performing investment firms ever, with its Medallion Fund having returned a net 90,129x to investors between the years 1988-2022 leveraging a quantitative investment approach. It’s returned on average – net – 39.9% to investors since 1988, significantly outperforming the S&P 500’s 10.7% during the same timeframe and becoming one of the best performing funds in history. This performance has turned Renaissance Technologies’ Medallion Fund into a legend in investing circles.

A profile of Simons said that his flagship Medallion fund had amassed annual returns of 35.6% since inception, and explicitly noted that these were net numbers. The article also stated that he charged a 5% management fee plus 20% of profits.

According to the returns comparison above, the Medallion Fund exhibits the highest annualized returns when compared to other funds and investment vehicles, surpassing even Berkshire Hathaway, led by Warren Buffett.[13] The Medallion Fund demonstrated outstanding performance, returning more than 66 percent annualized before fees and 39 percent after fees over a 30-year span from 1988 to 2018.[13] This performance surpassed those of other renowned funds, such as those managed by Warren Buffet, Peter Lynch, Ray Dalio, or George Soros.[13]

With average net returns of nearly 40% annually for more than three decades, this fund has outperformed every major investor — Warren Buffett, George Soros, Ray Dalio — and yet, remains almost entirely hidden from public view. From 1988 to 2018, the fund reportedly returned over 66% per year before fees and 39% after. In 1990, it returned over 55% net of fees.

From 1988 to 2018, the fund delivered: • 66% average annual returns before fees • 39% average annual returns after fees.[6] Jim Simons’ Medallion Fund at Renaissance Technologies is legendary for charging the highest fees in the hedge fund industry 5% management and 44% performance, far above the traditional “2 and 20.”[6]

Start with the impossibility—Renaissance Technologies' Medallion fund has generated 66% annual returns before fees for 34 years straight. 39% annual returns after a 44% performance fee. Zero losing years in 34 attempts. In 2020, while the world melted down, Medallion generated 149% gross returns. After Renaissance took its 5% management fee and 44% performance fee, investors still netted 76%.

Welcome to the world of Jim Simons and the Medallion Fund, the most successful hedge fund in history, averaging an astonishing 66% gross and ~39% net annualized return over more than three decades.[2] “66% gross annual returns over decades and 39% after fees, right?” the presenter says while summarizing Medallion’s track record.[2]

With an average annual net return of 39.1% after fees. Founded by math genius Jim Simons, its flagship fund Medallion has an average annual gross return of 66.1% since 1988. In 2008, a return (after these monstrous fees) of 82.4%. To make us all feel terrible, if you had invested $1000 into Medallion in 1988 you would have today, after fees, around $23MM.