Renaissance and Citadel Tell the SEC Their Employee Funds Are Zero Percent Independently Valued

Renaissance's own filing reports 0% of Medallion independently valued. The same filing reports 99% for the funds that take outside money.

I’ve spent enough time inside Form ADV filings to know most of what Item 26 and Item 27 turn up is boring. An adviser either pays an administrator or it doesn’t, and plenty of funds answer “doesn’t” every filing cycle with nothing interesting behind the answer. Renaissance Technologies is one of the advisers that answers “doesn’t” for at least one of its funds. What makes its answer worth an article isn’t that Medallion Holdings LLC has no administrator. It’s that Renaissance’s own Form ADV, filed July 1, 2026, on the same schedule, in the same section, under the same signature, tells the SEC something completely different about the two funds that hold outside money.