More importantly though, the funds returns have been partially negatively correlated with the market (correlation = -0.41). It is one of the largest federal tax disputes in history. WebHedge Fund Portfolio Manager Performance 22Q4 AUM # of Holdings Performance Rank Allocation ; Renaissance Technologies: Jim Simons: 9.01%: $73060918000: 4069: Top Holdings Largest Trades Portfolio Structure Sector Allocation Performance History. WebRenaissance's three public hedge funds delivered negative returns in 2020, while its private Medallion strategy generated positive returns of 76%. But Funds Open to Outsiders Tanked. But it was a different story for outsiders who are only able to invest in other RenTec funds two of which had their worst years ever. There is nothing wrong with the models. Meanwhile, the S&P 500 gained about 27% last year. our Subscriber Agreement and by copyright law. Later Renaissance did start new funds in which outsiders could invest. It also uses more leverage than RIEF, which boosted returns as markets bounced back. Other Renaissance Funds Still Arent. Nonetheless, he stated that taken over millions of trades that percentage allowed the firm to make billions. For investment scholars and practitioners, the most interesting part of the book is Appendix 1 where Zuckerman provides Medallions performance data. That Strongly Suggests to Us that Wall Street Banks Had a Serious Problem Independent of the Virus Outbreak. for taking so long to change its rules and start investigating the trading practice, including at Renaissance. Using monthly returns, it grows to a remarkable $331,288. If you're happy with cookies click proceed. In this article, we discuss 10 defensive stocks that quant billionaire Jim Simons loves. It was there that he attracted some of the top mathematicians to work alongside him at the university. Turning to time series of gross returns, the results are unprecedented. In his book, The Man Who Solved the Market, Zuckerman (2019) describes how James Simon built his firm, Renaissance Technologies, and its premier fund, Medallion. Returns of this magnitude over such an extended period far outstrip anything reported in the academic literature. A yearslong dispute between a pioneering hedge fund and the Internal Revenue Service ended Thursday with an enormous bill for taxes and penalties: as much as $7 billion. Total assets were $2.1 billion and the Tier 1 leverage ratio was 16.43% at March 31, 2023. That fund got the biggest chunk of the redemptions. You'll also receive an extensive curriculum (books, articles, papers, videos) in PDF form right away. Senator Carl Levin, the Michigan Democrat who headed the Senate committee in 2014 and died in July, said the I.R.S. The billions in payments to the I.R.S. 15929. The bank would then deposit into the same account $9 for every one dollar the hedge fund deposited. At the end of 2019, the Wall Street Journal reported that the flagship fund had annualized at 39 percent. Renaissance is best known for pioneering a data-intensive form of stock trading called quantitative strategy, which has been adopted by many other hedge funds and trading platforms on Wall Street. While those returns weren't enough to recoup losses from 2020, they did outperform the HFRI hedge fund benchmark's return of 7.5% in 2021. Renaissance launched RIDA in February of 2012, and 2020 was its worst year since then, the report said. INFORMATION PRESENTED IS FOR EDUCATONAL PURPOSES ONLY AND DOES NOT INTEND TO MAKE AN OFFER OR SOLICITATION FOR THE SALE OR PURCHASE OF ANY SPECIFIC SECURITIES, INVESTMENTS, OR INVESTMENT STRATEGIES. Renaissance Technologies previously came under scrutiny by the U.S. Senates Permanent Subcommittee on Investigations in 2014. The settlement centers on the firms Medallion fund, which manages about $15 billion, mostly for employees and former employees of the firm and their family members. The deal ends a standoff that led to a congressional investigation and involved two politically connected financiers: Mr. Simons, a longtime patron of Democratic candidates with an estimated net worth of $25 billion, and Robert Mercer, a former Renaissance executive whose advocacy for conservative causes included helping to found Cambridge Analytica. its just the world is wrong., [II Deep Dive: The Medallion Fund, Skepticism, and a Failure to Comprehend]. 10%? Its now part of Morgan Stanley. will be made by current and former investors in a small group of Renaissance funds, but principally its Medallion fund. Jim Simons and Josh Resnick might not be familiar names to many investors, but both hedge fund managers have beaten the S&P 500 over the past three years. the consistently jaw-dropping performance of its Medallion fund. One of their algorithms determines whether a very large order is executed and front runs it. To date, there is no adequate rational market explanation for this performance. However, thats the point! Mr. Simons will make a payment of $670 million on top of his obligation as part of that group, according to the letter. The Medallion fund has been restricted to just insiders since the end of 2005. How do I update this listing? Facebook eventually said as many as 87 million users mostly in the United States had their data harvested by the firm. The fact that the reported gross returns are after trading costs, makes Medallions performance even more extraordinary. In this blog post, well delve into the history of the Medallion Fund, examine its outstanding returns, and explore the investment strategies that made it the greatest money-making machine of all time. The key provision accomplished that objective by specifying a loss threshold sometimes called a barrier or knockout amount which if reached would cause the option to cease to exist, or knockout, and trigger the ability of the bank to liquidate the account assets.. Think about that. Renaissance is still reeling from one of its worst periods on record in 2020. In fact, it is difficult to speak of risk regarding Medallion because the fund never experienced a negative annual return. As Greg Zuckerman highlighted, when co-CEO Robert Mercer was asked how the firm made so much money with its models he responded: Sometimes it tells us to buy Chrysler, sometimes it tells us to sell. Over the period from The only thing they have in common is that they are operated using the same software and have the same senior management team. However, Renaissances other three funds are available to outside investors. This content is from: Even a $1 investment in Warren Buffetts Berkshire Hathaway would have only grown to $152 during this time. It wrote the following on February 7: This serious type of discrepancy between internally managed funds and capital run for outside investors is truly unprecedented. Renaissance founders fortune grew by $2.6 billion last year. Steve Cohen's Point72 Has Gone Long GME: Point72 is a fund managed by Steve Cohen, who also owns the New York Mets. Over the years, Medallions spectacular returns, as well as fees on the other funds, have made founder Jim Simons, who is now retired, a multi-billionaire and a perennial member of Institutional Investors Rich List. Despite its success, the fund remains shrouded in secrecy, with little known about the inner workings of its investment strategy. One of these former colleagues in particular, James Ax, was instrumental in getting the firm off the ground. In ahearing held by the Subcommittee on July 22, 2014, Steven M. Rosenthal, a Senior Fellow at the Urban-Brookings Tax Policy Center in Washington, D.C., explained the scheme as follows: I have been asked to evaluate the character of the gains of the Renaissance hedge funds based on my review of materials provided by the Subcommittee staff. There is just no reason for Medallion and RIEF to be in any way correlated, he said. The I.R.S. The fund grew 76% last year, and continued its momentum going into 2021, gaining 9.7% in the first quarter. Nick Maggiulli is the Chief Operating Officer for Ritholtz Wealth Management LLC. The quant hedge fund's models were thrown off by the COVID-19 pandemic, which led to subpar performance for all three of its public funds available to investors. For non-personal use or to order multiple copies, please contact To further minimize the gap risk, the option contract contained several provisions designed to limit trading losses in the account to the 10% premium provided by the hedge fund. According to documents released as part of theSenate investigation, the trading structure worked like this: The hedge fund would make a deposit of cash into an account at the respective bank. Sept 15 (Reuters) - Billionaire Ray Dalio, founder of one of the world's biggest hedge funds, has predicted a sharp plunge in stock markets as the U.S. The most dramatic way to appreciate Medallions extraordinary performance is to calculate the growth of wealth. The Feds Emergency Loan Operations to Wall Streets Trading Firms Began on September 17, 2019 Months Before the Coronavirus COVID-19 Had Emerged in China or Anywhere Else in the World. Still, some senators were critical of the I.R.S. All rights reserved. Will the U.S. Securities and Exchange Commission (SEC) investigate?. Unfortunately for those seeking to capitalize on Medallions success, the sad news is that the fund is only open to current and former employees of Renaissance Technologies. NEW YORK, NY This year, Medallion is outdoing both the S&P 500 index, which gained 6.2 percent for the quarter, and HFRs quant index, which rose 5.39 percent. Mr. Martens' career spans four decades in printing and publishing management. The I.R.S. Hedge Funds Insiders Agree to Pay as Much as $7 Billion to I.R.S. Although Medallion is closed, Renaissance Technologies does have funds that are open to outside investors. A three-factor regression adding the Fama and French (1996) variables SMB and HML reveals that loadings on both factors are also negative, though neither is statistically significant. Elise Bean, a former aide to Mr. Levin, said she wished her former boss had lived to see the settlement. One strategy they use takes advantage of the inefficiencies in the Furthermore, during the entire 31-year period, Medallion never had a negative return despite the dot.com crash and the financial crisis. or to simply have an email sent to you whenever we receive a new He allocated the trades to clients after the market had closed, knowing at that point if the stock had popped or dropped on its first day of trading. Renaissances board ultimately concluded that the interests of our investors from the relevant period would be best served by agreeing to this resolution with the I.R.S., rather than risking a worse outcome, including harsher terms and penalties, that could result from litigation, Peter Brown, the firms chief executive, wrote. The funds returns are so spectacular that Jim Simons became one of the richest people on the planet. Over the years, Medallions spectacular returns have made the now-retired Simons a multi-billionaire and a perennial member of IIs Rich List. Over the course of the 31 years from 1988 through 2018, the fund never had a negative return. While all three public Renaissance hedge funds posted double-digit returns in 2021, much of that came in the last month of the year. The perfect foresight returns are the returns that would be earned by investing in the market whenever the subsequent return exceeded that on Treasury bills and buying Treasury bills when it did not. Millennium Management LLC is an American hedge fund that is headquartered in New York. Financhill just revealed its top stock for investors right now so there's no better time to claim your slice of the pie. The Institutional Diversified Alpha fund dropped 32% and the Institutional Diversified Global Equities fund fell 31%. Were expecting to hear about new Senate hearings into these matters. He also reportedly invested $10 million in Breitbart News, and was a key supporter of Stephen K. Bannon, who was Breitbarts chairman before becoming Mr. Trumps chief strategist. https://www.wsj.com/articles/renaissance-s-10-billion-medallion-fund-gains-24-year-to-datein-tumultuous-market-11587152401. Medallion, on the other hand, has a much shorter holding time and adapts more quickly to market changes as a result. The fund was launched as a way for outsiders to partake of RenTecs special sauce, as Medallion had only been available to insiders for several years by then. of Renaissance was estimated at between $125 million and $135 million by the financial media is his political opposite. Over the period from the start of trading in 1988 to 2018, $100 invested in Medallion would have grown to $398.7 million, representing a compound return of 63.3%. Renaissance's RIEF, RIDA, and RIDGE funds returned a positive 20%, 15%, and 10% in 2021, according to Bloomberg. https://www.nytimes.com/2021/09/02/business/renaissance-irs-robert-mercer-james-simons.html. The filing was for a pooled investment fund: hedge fund The notice included securities offered of Pooled Investment Fund Interests. The performance is thanks in part to a 9.9% gain in March, a brutal month for global stock markets. In fact, the Medallion Fund could have charged a maximum annual management fee of 49% and still beaten the S&P 500 through the end of 2021! The letter reveals that the two Senators are probing the potential for political interference from Trumps Justice Department and/or White House in the Renaissance matter as well as one involving Caterpillar. Yes, you know that Medallion will do well going forward, but maybe 40% is too steep of a fee to pay for this performance. Other Renaissance Funds Still Arent. After seeing this, would you stick with Medallion? The net returns, which are still extraordinary, are reduced by the fees that management can charge for its skill. Jim Simons Medallion Fund is the best hedge fund that Insider Monkey has come across. But the funds open to outside investors havent done nearly so well. He called Berlekamp constantly with different ideas on how to increase the funds returns. placed more than 9 percent of its total investment portfolio, Providences Troubled Pension System Bet Big on Renaissance Technologies And Lost, The Flight to Crypto Quality: Risk Management at Center Stage, Modern Slavery Act Transparency Statement. As large as this is, it still less than 10% of the ending wealth produced by the same $100 investment in Medallion. No investor in their right mind would ever be willing to give up half of their capital annually in fees. This is post 151. Renaissance has always told its investors that its public funds employ a different trading strategy than its private Medallion fund, but not all clients believed them, according to comments to Bloomberg from former Renaissance executive Nick Patterson. In those days, before trades were entered on the computer, paper trade tickets were usually written out quickly by hand by the licensed broker, then time-stamped, and quickly submitted to the wire operator to make certain that the broker was complying with stock exchange rules. The total loan portfolio grew 26.4% from March 31, 2022 to $1.9 billion as of March 31, 2023. Unfortunately, this paper cannot offer a convincing explanation for Medallions performance. Do Billionaires Keep Their Money in Banks? Anyone can read what you share. On a gross basis, the fund returned an average of 66.1% gross before fees from 1988 until 2018. Tensions mounted internally and Ax was bought out of the firm in 1989. Furthermore, during the entire 31-year period, Medallion never had a negative return despite the dot.com crash and the financial crisis. The firm last filed a Form D notice of exempt offering of securities on 2022-08-23. As a subscriber, you have 10 gift articles to give each month. The author has no position in any of the stocks mentioned. It also implies that Renaissance was apparently particularly effective in minimizing such costs. Shaw & Co. raised more than $450 million for its first dedicated private equity fund, just shy of the $500 million target it set a year ago. Altogether, Renaissance has seen losses and redemptions total about $50 billion, with most of it being internal cash, according to the report. I believe the hedge funds stretched the derivatives beyond recognition for tax purposes and mischaracterized their profits as long-term gains.. It turned out that this is how her boss handled allocations of Initial Public Offerings (IPOs). These instruments involved baskets of stocks put together by a bank. The performance of Renaissance Technologies Medallion Fund is one of the wonders of the modern financial world. Renaissance's RIEF, RIDA, and RIDGE funds returned a negative 19%, 31%, and 31% in 2020, while the hedge fund's Medallion strategy generated positive returns of 76% over the same time period. guidance would stop banks and hedge funds from using dubious structured financial products that had cost taxpayers billions. All of the stock trades were executed in the name of the bank and held in the banks proprietary trading account. That reflects a respectable compound return of 9.98%. Renaissance Technologies hired aggressive lawyers to fight the matter out in tax court for years. The Best Hedge Fund Performance in History; Now Clients Cant Get Access to their Money, wrote the following eyebrow-raising analysis, hearing held by the Subcommittee on July 22, 2014, Dow Jones Industrial Average Intraday Trading Level, Stock Quotes and Breaking Market News, JPMorgan Chase, Officially the Riskiest Bank in the U.S., Is Allowed by Federal Regulators to Buy First Republic Bank, Banks that Put Up $30 Billion to Rescue First Republic May Have Been Trying to Rescue their Own Exposure to $247 Trillion in Derivatives, Jamie Dimons Deeply Conflicted Role as Rescuer of First Republic Bank Requires a Credible Investigation, The Warning Bell at the Federal Agency Created to Monitor Systemic Bank Risk Failed to Ring, First Republic Bank, Without the $30 Billion in Rescue Funds, Lost $102 Billion in Deposits in One Quarter or 58 Percent, Ahead of First Republic Banks Earnings Report Today, Moodys Paints a Bleak Outlook, Feds Beige Book: The Credit Crunch Has Arrived in New York, California and Texas, Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show Its the Third, Liquor Sales Will Be Brisk on Wall Street Ahead of First Republic Banks Earnings Report on Monday, Apple Is Loaning Its Brand to the Great Vampire Squid to Offer FDIC-Insured Savings Accounts, JPMorgan Chases Deposits Declined by 57 Times that of Citigroup Over Past 12 Months, New Bombshells Filed in Court in the Jeffrey Epstein/JPMorgan Child Sex Trafficking Case, First Republic Banks Rescuers Had Underwritten $3.6 Billion of its Preferred Shares, Which Have Lost 65 to 70 Percent of their Value Year-to-Date, Fed Report: Largest 25 U.S. Banks Have Shed $700 Billion in Deposits Over Past Year, First Republic Bank: Dark Pool Trading by Rescuers Exploded in Volume as FRC Tanked, A Growing Lack of Confidence in the Fed Is Spilling Over into a Lack of Confidence in U.S. Banks, After Pushing the Wall Street Scheme to Repeal Glass-Steagall, the New York Times Returns to Puff Pieces on Rodge Cohen and Jamie Dimon, After Being Criminally Charged for Rigging Precious Metals, JPMorgan Chase Controls 53 Percent of All Precious Metals Contracts Held by Banks, Congress Sweats the Small Stuff as Four Wall Street Mega Banks Have a Combined $3.3 Trillion in Uninsured Deposits, Weird Things Are Happening at Silvergate Bank and First Republic Bank, As Senate Banking Committee Convenes Hearing on Exploding Banks, an FDIC Chart Shows the Banking Crisis Is Far from Over, The Banking Crisis Knock-On Effect Has Been a Stampede into Government Money Market Funds Foiling the Feds Effort to Raise Market Interest Rates, Powell and Yellen Say the Banking System Is Sound as Another Global Bank Teeters, Citigroups Citibank Took the Largest Amount of Loans from the FHLB of NY in 2022, Reminiscent of FHLB Loans Taken by Silvergate, SVB, Signature, and First Republic Bank, At Year End, JPMorgan Chase Held Over $1 Trillion in Uninsured Deposits Versus $119 Billion at First Republic, UBS Was Quietly Bailed Out in 2008; Now Its Getting a $173 Billion Backstop to Buy Credit Suisse at 82 Cents a Share, JPMorgans High Risk Footprint; Bloomberg News as PR Agent for Jamie Dimon; and the Untold Story of the Failed Rescue of First Republic by the Mega Banks, The Next Bomb to Go Off in the Banking Crisis Will Be Derivatives, Moodys Downgrades Entire U.S. Banking System; Credit Suisse Plummets. Nonetheless, it is interesting to note that as the fund grew from $20 million to $10 billion, as shown in Table 1, the returns did not fall off. Medallion Fund employs high frequency trading and exploits inefficiencies in the stock market. Some of the hedge funds investors had voiced concerns about Mr. Mercers political activities. It finds individual patterns in data and exploits each pattern just enough to turn a small profit. Investors are dealing with pain this year, but Jim Simons and Renaissance Technologies LLC are racking up such huge gains that 2020 could be one of the hedge-fund firms best years ever. Where Will Realty Income Stock Be In 1 Year? Mailing Address C/O RENAISSANCE TECHNOLOGIES LLC 800 THIRD AVENUE NEW YORK NY 10022. Business Address C/O RENAISSANCE TECHNOLOGIES LLC 800 THIRD AVENUE NEW YORK NY 10022 212-829-4460. Thats why they charge a 5% fixed fee. Insiders at Renaissance Technologies, one of the worlds largest and most famous hedge funds, are still making bank. Whatever the source of Medallions returns, it is not a reward for risk bearing. Jim Simons investment strategy entails analyzing large amounts of data to identify signals in the market, which then enable his team to gain a slight edge in the market which allows them to arbitrage the market and make other profitable trades. #47 Reflections on Investing : Back to the Future The Automotive Industry, Investor Memo Q1 2023: Banks, Interest Rates, and Debt, #46 Reflections on Investing : Dont Forget The Debt, #45 Reflections on Investing : The Pricing Game with 0DTE Tesla Options. Remarkably, the fund had an excellent 2020, despite the COVID headwinds. Put the above paragraph together with the paragraph below from a Bloomberg report on February 8 and you can see why tongues are wagging across Wall Street: RIEF [ Renaissance Institutional Equities Fund], lost 19% in 2020, the letters show. As impressive as their performance was, comparing the Medallion Funds annual returns (net of fees) to the S&P 500 takes their accomplishment to another level: Since inception, the Medallion Fund has only lost money in a single year net of fees (1989). Still, the earlier losses dragged down its annualized return, which is now only 8.05 percent. Registration on or use of this site constitutes acceptance of our. Zuckerman, Gregory, 2019, The Who Solved the Market, Penguin Random House, New York, NY. This funny anecdote illustrates just how reliant the Medallion Fund was on its quantitative models as opposed to underlying business fundamentals. So whats it going to be? One possibility is that Medallion is simply a better market maker than any of its competitors and that over millions of trades that advantage translates into the observed returns. In 1990, the Medallion Fund returned 55% net of fees. With such a monumental achievement, I started to wonder: how much was this performance worth? Are you in or out? Of Dollars And Data focuses on personal finance using data analysis. Annualized ROA and ROE were 4.36% and 28.38%, respectively, compared to 4.82% and 28.55% for the prior year period. Click on this Text to Read Our Full Series of Articles as the U.S. The IRS released a memo in 2015indicating that the basket option was an improper maneuver to convert short term capital gains into long term gains. The Medallion Fund, Skepticism, and a Failure to Comprehend, Renaissance Posts Middling Gains This Year. It invests in shipping rates, and dry bulk shipping is a very important sector of the global economy, says Kartsonas. This copy is for your personal, non-commercial use only. WebMedallion Bank has a specialized deposit model. However, the hedge fund is more famous for its Medallion funds, which averaged 40% annual returns after fees from 1988 through 2018. The Medallion Fund has been closed to outside investors since 1993. That fee had been 20%, but after 2000 it increased initially to 36% and then to 44%. The man who had the most magnificent investing track record of the modern era would gladly be lifted out of the history books if he could have his boys back. Access your favorite topics in a personalized feed while you're on the go. Mr. Simons was one of Mrs. Clintons biggest supporters during the 2016 presidential elections; in the last election cycle, he gave millions to a super PAC focused on winning a Democratic majority in the Senate. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. The Medallion Fund is one of the most successful hedge funds in history. Experiencesthe Third Banking Crisis Since 2008. Total assets were $2.1 billion and the Tier 1 leverage ratio was 16.43% at March 31, 2023. At this point, all the funds profits and underlying capital are owned by Jim Simons and other Renaissance Technologies employees. So, the funds 44% performance fee is a little bit irrelevant. Renaissances outside clients, who include wealthy individuals, pensions and other investors, are not expected to be affected by the settlement. The Subcommittee concluded that it had avoided paying $6.8 billion (yes, billion) in taxes to the IRS as a result of a trading scheme with mega banks on Wall Street. For 30 years from 1988, the Medallion Fund averaged returns of 66% per annum. In 1978 he left academia to found a trading firm which eventually became Renaissance Technologies. This, according to the scheme, allowed the hedge fund to characterize millions of trades which were held for less than a year, many for just minutes, as long-term capital gains (which by law require a holding period of more than a year). MEDALLION FUND L.P. Fund Type: Hedge Fund Private Fund ID: 805-5297474322 Form D File Number: 021-122141 Owners: 332 Minimum Investment: 10000 It takes a while for the to sink in. WebContact & Corporate office Medallion Financial Corp. 437 Madison Ave. 38th Floor New York, NY 10022 Tel: (212) 328-2100 or (877)-MEDALLION Fax: (212) 328-2121 This content is from: Sorry, no results has been found matching your query. Conversely, Medallions prospects are on the up: the fund is reported to be expanding its total capacity by 10%, increasing its current assets under management of $34.8 billion. Basket options have been criticized for having allowed hedge funds to borrow money more easily and allowing them to make bigger and potentially riskier trades. Support Us Share Follow. Web[1] [12] [17] The fund has $165 billion in discretionary assets under management (including leverage) as of April 2021. Only through absurdity can we understand just how outlandish Renaissance Technologies results really were. However, as the fund became more successful, Simons became more obsessed with making it even better. Premium. The strong start to 2021 for Medallion follows its bang-up year of 2020, when the fund rose 76 percent, as Institutional Investor previously reported. As a result Medallion experiences high transaction costs and high expenses. Investors decided to retreat from the three funds in December, taking out $1.85 billion, and continued to exit in 2021, removing a further $3.55 billion. Renaissance Technologies double-digit returns in 2021 weren't enough to prevent the nearly $15 billion in outflows it experienced over the past 14 months, according to a Bloomberg report. The contrast is striking, but insiders say theres an explanation. This means that the Medallion Fund outperformed one of the best asset classes of the last few decades by 1,000x and one of the best investors of all time by 250x! Lastly, you may be wondering how you can invest in the Medallion Fund. Here, we take a closer look at the Jim Simons headline Medallion Fund and examine some of the reasons behind its phenomenal success. 29th April 2021. There was a written side agreement called a basket option. The side agreement specified that the hedge fund would collect all the profits made in the account in the banks name after a year or longer. Last year he came in second on the list, earning $2.6 billion. __CONFIG_colors_palette__{"active_palette":0,"config":{"colors":{"cf6ff":{"name":"Main Color","parent":-1},"73c8d":{"name":"Dark Accent","parent":"cf6ff"}},"gradients":[]},"palettes":[{"name":"Default","value":{"colors":{"cf6ff":{"val":"var(--tcb-color-0)","hsl":{"h":183,"s":0.33,"l":0.01}},"73c8d":{"val":"rgb(83, 143, 147)","hsl_parent_dependency":{"h":184,"l":0.45,"s":0.28}}},"gradients":[]}}]}__CONFIG_colors_palette__.

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