Medallion operates a concentrated book of cutting-edge options strategies — volatility surfaces, gamma-hedged structures, and calendar dispersion — run by a team of six principals for a closed circle of friends and family. We do not accept outside capital.
| Year | Q1 | Q2 | Q3 | Q4 | Medallion | S&P 500 | Vol Env. |
|---|---|---|---|---|---|---|---|
| 2017 | +6.2 | +5.1 | +7.3 | +8.4 | +29.8% | +21.8% | Low |
| 2018 | +3.1 | -1.2 | +9.8 | +12.4 | +25.7% | -4.4% | Moderate |
| 2019 | +11.6 | +6.2 | +4.8 | +7.4 | +33.4% | +31.5% | Low |
| 2020 | -6.4 | +22.1 | +14.9 | +12.3 | +47.5% | +18.4% | Extreme |
| 2021 | +8.2 | +6.9 | +5.4 | +9.1 | +33.0% | +28.7% | Low |
| 2022 | +10.4 | +7.2 | +11.8 | +4.6 | +38.4% | -18.1% | Elevated |
| 2023 | +7.1 | +8.4 | +6.2 | +9.8 | +35.4% | +26.3% | Moderate |
| 2024 | +9.2 | +7.8 | +8.1 | +10.6 | +40.7% | +25.0% | Low |
| 2025 | +8.8 | +7.1 | +9.4 | +8.6 | +38.4% | +14.2% | Moderate |
| Cumulative | 8 years · 34 quarters | +1459% | +245% | Net, audited | |||
Our strategies do not attempt to forecast markets. They monetise persistent asymmetries in the options surface — the premium paid for convexity, the shape of the vol term structure, and the drift of skew around events — where the mathematics permits tight risk bounds.
An in-house pricer covering 240+ underliers, a realised-vol engine that updates every 200ms, and a portfolio solver that trades off gamma, vega, and correlation risk simultaneously. We co-locate at three exchanges and write our own execution infrastructure.
Every position carries an ex-ante loss budget and a written unwind. We run stress books against 2008, 2020, and synthetic gap scenarios daily. When a strategy's realised edge falls below threshold for two consecutive quarters, it is retired.
We are not, by temperament, volume traders. The book turns, on average, once a fortnight. A typical month sees us in roughly forty positions, most of them structured two or three deep.
The conceit of the fund is almost boring: we have persuaded ourselves that a small set of ideas, executed without lapse over a long period, is more valuable than novelty. The performance bears this out.
— J. Hollister, Chief Investment Officer
Medallion has not accepted external subscriptions since June 2019. The partnership's capacity is sized to the strategy — not to the other way around. We believe a small book, patiently run, is the thing that produces our results, and we decline to compromise it.
If you have arrived here by private introduction and believe you meet the criteria opposite, you are welcome to request consideration. All enquiries are reviewed by the partners. Most are declined.
Enquiries are read by a partner and answered within three weeks. We regret that we cannot respond to requests that do not meet the criteria listed under Access.
A quiet fund,
a long horizon,
an almost-closed door.