The Medallion Fund is only open to Renaissance Technologies employees. The fund employs a short-term, quantitative trading strategy across multiple asset classes, including global equities, futures, commodities, and currencies. It also tends to have high turnover and significant leverage. The fund has delivered 39% net CAGR since 1998. It makes small trades and tries to lose or gain 1% on each trade. Medallion Fund makes millions of trades per day. It makes money if more than 50% of trades are profitable. Historically, 52% are profitable.