Cinctive Capital, the new $1 billion fund from Diamondback founders Richard Schimel and Larry Sapanski, lost money in its first quarter of trading, sources tell Business Insider. The fund, which is still putting money to work and hiring its team, posted -2% net returns and -1% gross returns for the fourth quarter. The firm began trading at the end of September. Schimel was in charge of Citadel's now-shuttered Aptigon business for two years before founding Cinctive with Sapanski, who was the chief investment officer of family office Imua T Capital for the previous couple of years.