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\n Advertiser Disclosure\n Updated: Dec 1, 2023, 3:37pm \n
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Top 10 U.S. Hedge Funds Of March 2024

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\"Rebecca
\"Rebecca
Rebecca BaldridgeContributor
Rebecca Baldridge, CFA, is an investment professional and financial writer with over twenty years of experience in the financial services industry. In addition to a decade in banking and brokerage in Moscow, she has worked for Franklin Templeton Asset Management, The Bank of New York, JPMorgan Asset Management and Merrill Lynch Asset Management. She is a founding partner in Quartet Communications, a financial communications and content creation firm.
\"See
Rebecca Baldridge
\"Rebecca
Rebecca BaldridgeContributor
Rebecca Baldridge, CFA, is an investment professional and financial writer with over twenty years of experience in the financial services industry. In addition to a decade in banking and brokerage in Moscow, she has worked for Franklin Templeton Asset Management, The Bank of New York, JPMorgan Asset Management and Merrill Lynch Asset Management. She is a founding partner in Quartet Communications, a financial communications and content creation firm.
\"See
Contributor
\"Benjamin
Benjamin Curry
Benjamin Curryeditor
Ben is the Retirement and Investing Editor for Forbes Advisor. With two decades of business and finance journalism experience, Ben has covered breaking market news, written on equity markets for Investopedia, and edited personal finance content for Bankrate and LendingTree.
\"See

    Reviewed By

    Benjamin Curry
    Benjamin Curry
    Benjamin Curryeditor
    Ben is the Retirement and Investing Editor for Forbes Advisor. With two decades of business and finance journalism experience, Ben has covered breaking market news, written on equity markets for Investopedia, and edited personal finance content for Bankrate and LendingTree.
    \"See
      editor

      Reviewed By

      Updated: Dec 1, 2023, 3:37pm

      \n
      \n Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
      \n
      \n

      Hedge funds are the ultimate asset class for ultra wealthy investors. Catering to the needs of high- and ultra-high net worth individuals, worldwide hedge funds manage more than $4 trillion in assets.

      \n

      According to the Financial Times, the total number of hedge funds around the world is greater than the number of Burger King restaurants\u201430,077 funds compared to a mere 18,700 Burger Kings. Of this multitude of investment managers, a majority of 65% can be found in the United States.

      \n

      Given that there are more hedge fund managers and hedge fund assets in the U.S. than any other country, we\u2019ve put together a list of the top ten hedge fund managers in the U.S. based on total assets under management. Some of the names may be familiar, others less so, but together they manage almost a fifth of global hedge fund assets.

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      What Are the Biggest U.S. Hedge Funds?

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      Top U.S. Hedge FundsAUM
      Bridgewater Associates

      \n      		$124,317,200,000

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      Renaissance Technologies$106,026,795,439
      AQR Capital Management$94,523,700,000
      Two Sigma$67,471,220,893
      Millennium Management$57,670,000,000
      Citadel$51,573,787,000
      Tiger Global Management$51,000,000,000
      D.E. Shaw$45,772,700,000
      Coatue Management$42,338,946,229
      Davidson Kempner$40,800,000,000
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      Bridgewater Associates

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      \"Bridgewater
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      AUM

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      $124,317,200,000

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      Headquarters

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      Westport, Conn.

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      Year Founded

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      1975

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      \"Bridgewater
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      $124,317,200,000

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      Westport, Conn.

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      1975

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      Why We Picked It
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      In 1975, Bridgewater Associates was founded by Ray Dalio in his Manhattan apartment. Today Bridgewater is the largest hedge fund in the world and Dalio has a personal fortune of approximately $19 billion.

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      The fund serves institutional clients such as pension funds, foreign governments and central banks, as well as charitable foundations, family offices and high net worth individuals.

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      Strategies include actively invested Pure Alpha and Pure Alpha Major Markets, as well as its All Weather strategy, which focuses on asset allocation, and the related Optimal Portfolio.

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      As of early 2023, Bridgewater had raised $800 million for its new Defensive Alpha strategy, which is intended to help investors weather bear markets.

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      Renaissance Technologies

      \n
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      \"Renaissance
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      AUM

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      $106,026,795,439

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      Headquarters

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      East Setauket, N.Y.

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      Year Founded

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      1982

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      \"Renaissance
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      $106,026,795,439

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      East Setauket, N.Y.

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      1982

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      Why We Picked It
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      Renaissance Technologies was founded in 1982 by James Simons, a mathematician who worked as a code breaker during the Cold War.

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      The firm uses mathematical and statistical methods as the basis for its investment strategies. RenTec\u2019s flagship Medallion fund, run primarily for employees, has one of the best track records in the industry.

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      Portfolios offered to outside investors include the Renaissance Institutional Equities Fund (RIEF) and Renaissance Institutional Diversified Alpha (RIDA).

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      Of the fund\u2019s 300 employees, 90 hold doctoral degrees in mathematics, physics, computer science, or related fields.

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      AQR Capital Management

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      \"AQR
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      AUM

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      $94,523,700,000

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      Headquarters

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      Greenwich, Conn.

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      Year Founded

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      1998

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      \"AQR
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      $94,523,700,000

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      Greenwich, Conn.

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      1998

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      Why We Picked It
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      AQR was founded in 1998 by Cliff Asness, David Kabiller, John Liew and Robert Krail. The firm\u2019s name includes an acronym that stands for applied quantitative research, which is an apt descriptor for its strategy.

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      Offering its clients more than 40 diversified strategies across equity and alternatives, the firm applies the rigor of academic research to identifying long-term, repeatable sources of return.

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      AQR was a pioneer in factor investing, and it applies value, momentum, defensive, and carry styles to build portfolios that offer low correlation to traditional equity dominated strategies.

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      Two Sigma

      \n
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      \"Two
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      AUM

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      $67,471,220,893

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      Headquarters

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      New York, N.Y.

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      Year Founded

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      2001

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      \"Two
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      $67,471,220,893

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      New York, N.Y.

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      2001

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      Why We Picked It
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      Two Sigma was founded by John Overdeck, David Siegel and Mark Pickard in 2001. The firm employs research methods inspired by artificial intelligence, machine learning, and distributed computing to support its trading strategies.

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      Following a disciplined, scientific approach, Two Sigma seeks to consistently generate alpha in liquid global markets across the range of market conditions. The firm has been recognized for generating unusually high returns.

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      Millennium Management

      \n
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      \"Millennium
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      AUM

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      $57,670,000,000

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      Headquarters

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      New York, NY

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      Year Founded

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      1989

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      \"Millennium
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      $57,670,000,000

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      New York, NY

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      1989

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      Why We Picked It
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      Founded in 1989, Millennium pursues a diverse array of investment strategies across sectors, asset classes, and geographic regions.

      \n

      The firm\u2019s four primary strategies include fundamental equity, equity arbitrage, fixed income, and quant, with a variety of sub-strategies within each category.

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      The investment process is driven by over 200 independent portfolio management teams that pursue opportunities within their areas of expertise.

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      Citadel

      \n
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      \"Citadel\"
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      AUM

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      $51,573,787,000

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      Headquarters

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      Miami, FL

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      Year Founded

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      1990

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      \"Citadel\"
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      $51,573,787,000

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      Miami, FL

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      1990

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      Why We Picked It
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      \n

      Citadel was founded in 1990 by Kenneth Griffin, who continues to serve as the firm\u2019s CEO. With more than 350 investment professionals, Citadel invests in commodities, credit and convertibles, equities, global fixed income and macro, and global quantitative strategies.

      \n

      One of the most profitable hedge funds of all times, Citadel generated $16 billion in profits for its investors in 2022, and earned $65.9 billion in net gains since 1990, making it the top-earning hedge fund ever.

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      Tiger Global Management

      \n
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      \"Tiger
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      AUM

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      $51,000,000,000

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      Headquarters

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      New York, NY

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      Year Founded

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      2001

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      \"Tiger
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      $51,000,000,000

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      New York, NY

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      2001

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      Why We Picked It
      \n
      \n

      Tiger Global Management was founded in 2001 by Chase Coleman III as Tiger Technology to invest in the public equity market. Coleman was a protege of Tiger Management\u2019s Julian Robertson, and received $25 million from Robertson to start Tiger Technology.

      \n

      This hedge fund focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. The public equity business takes a fundamentally oriented, long-term approach to investment and seeks to identify high-quality companies that benefit from powerful secular growth trends and superior management.

      \n
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      \n
      \n

      D.E. Shaw

      \n
      \n
      \"D.E.
      \n
      \n
      \n

      AUM

      \n
      \n

      $45,772,700,000

      \n

      \n

      \n
      \n
      \n

      Headquarters

      \n
      \n

      New York, NY

      \n

      \n

      \n
      \n
      \n

      Year Founded

      \n
      \n

      1988

      \n

      \n

      \n
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      \n
      \n
      \n
      \n
      \"D.E.
      \n
      \n
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      \n
      \n

      \n

      \n

      $45,772,700,000

      \n

      \n

      \n
      \n
      \n

      \n

      \n

      New York, NY

      \n

      \n

      \n
      \n
      \n

      \n

      \n

      1988

      \n

      \n

      \n
      \n
      \n
      \n
      \n
      \n
      \n
      Why We Picked It
      \n
      \n

      D.E. Shaw was founded by David Shaw in 1988, starting out with only six employees. A pioneer in the field of computational finance and quantitative investing, the firm has over 2000 employees today, 80 of whom hold doctoral degrees.

      \n

      This hedge fund uses strategies based on rigorous analysis and scientific research, and aims to identify market inefficiencies through qualitative, quantitative and advanced computational methods. It invests in a broad array of asset classes spanning public and private markets, emphasizing a collaborative approach to investing.

      \n
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      \n
      \n

      Coatue Management

      \n
      \n
      \"Coatue
      \n
      \n
      \n

      AUM

      \n
      \n

      $42,338,946,229

      \n

      \n

      \n
      \n
      \n

      Headquarters

      \n
      \n

      New York, NY

      \n

      \n

      \n
      \n
      \n

      Year Founded

      \n
      \n

      1999

      \n

      \n

      \n
      \n
      \n
      \n
      \n
      \n
      \"Coatue
      \n
      \n
      \n
      \n
      \n

      \n

      \n

      $42,338,946,229

      \n

      \n

      \n
      \n
      \n

      \n

      \n

      New York, NY

      \n

      \n

      \n
      \n
      \n

      \n

      \n

      1999

      \n

      \n

      \n
      \n
      \n
      \n
      \n
      \n
      \n
      Why We Picked It
      \n
      \n

      Coatue is a technology-focused hedge fund founded by Philippe Laffont in 1999. The firm invests in both public and private markets with its principal focus on the technology, media, and telecommunications sectors, and the healthcare and consumer segments in addition.

      \n

      Coatue employs more than 50 investment professionals and 24 data scientists and engineers. Their private investment portfolio includes more than 200 technology companies.

      \n
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      \n
      \n

      Davidson Kempner

      \n
      \n
      \"Davidson
      \n
      \n
      \n

      AUM

      \n
      \n

      $40,800,000,000

      \n

      \n

      \n
      \n
      \n

      Headquarters

      \n
      \n

      New York, NY

      \n

      \n

      \n
      \n
      \n

      Year Founded

      \n
      \n

      1983

      \n

      \n

      \n
      \n
      \n
      \n
      \n
      \n
      \"Davidson
      \n
      \n
      \n
      \n
      \n

      \n

      \n

      $40,800,000,000

      \n

      \n

      \n
      \n
      \n

      \n

      \n

      New York, NY

      \n

      \n

      \n
      \n
      \n

      \n

      \n

      1983

      \n

      \n

      \n
      \n
      \n
      \n
      \n
      \n
      \n
      Why We Picked It
      \n
      \n

      Davidson Kempner was founded in 1983 by Marvin Davidson. The firm employs a bottom-up, fundamental approach to investing, with a focus on event-driven and multi-strategy approaches.

      \n

      Investing globally, Davidson Kempner focuses on risk management and capital preservation, and invests opportunistically in both the public and private markets in a variety of credit and equity strategies as well as in real assets.

      \n
      \n
      \n
      \n
      \n
      \n
      \n

      *AUM data current as of December 31, 2022, except Davidson Kempner, which effective January 31, 2023.

      \n
      \n \n \n

      What Is a Hedge Fund?

      \n

      A hedge fund is an alternative investment vehicle that pools capital from accredited investors and institutional investors to pursue a variety of investment strategies.

      \n

      Hedge funds are a bit like mutual funds, since they\u2019re pooled investment vehicles. But that\u2019s where the similarities end. They\u2019re usually organized as private partnerships, with a general partner who\u2019s responsible for making investment decisions.

      \n

      Hedge funds are designed to achieve high absolute returns, regardless of market conditions, and they can employ a wide variety of risky investment strategies to do so. They invest in any type of asset, provided it\u2019s consistent with their mandate.

      \n
      \n \n
      \n

      How Do Hedge Funds Work?

      \n

      Hedge funds employ a wide range of investment strategies, and they generally aim to outperform traditional investment vehicles like mutual funds. Strategies can include positions in stocks, bonds, commodities, currencies, derivatives and alternative assets.

      \n

      The name of this type of fund comes from one of their core investing approaches: Taking both long and short positions in various asset classes that yield profits no matter where broader markets are going\u2014hedging their bets, as it were.

      \n

      Here\u2019s an example: Interest rates were rising throughout 2022, so a hedge fund might have chosen to go long on defensive stocks in the healthcare sector, and short stocks in the consumer discretionary sector, which were more sensitive to more expensive consumer credit costs.

      \n

      Hedge funds pursue active portfolio management by default, making tactical shifts based on market conditions in an attempt to widely outperform common benchmarks like the S&P 500.

      \n

      Funds typically charge a performance fee and a management fee, typified by the \u201ctwo and 20\u201d approach. The management fee is usually a fixed percentage of the assets under management\u20142%, for instance.
      \nThe performance fee is a percentage of the fund’s profits\u2014typically 20%\u2014providing an incentive for the managers to generate positive returns.

      \n
      \n \n
      \n

      Hedge Funds Are Risky Investments

      \n

      Access to hedge funds is limited to accredited investors and large institutional clients who understand the risks involved. That\u2019s in part because they are subject to less regulatory oversight than traditional investment vehicles like mutual funds.

      \n

      While they are well known for their potential to generate higher returns compared to traditional investments, this often comes as a consequence of taking on much more investing risk due to strategic choice, the use of leverage and the inherent volatility of the markets they operate in.

      \n

      Due to their specialized nature and potential risks, investing in hedge funds often requires a significant amount of capital, expertise, and understanding of the specific fund’s investment strategy.

      \n

      Individuals considering hedge fund investments should conduct thorough due diligence, carefully assess their risk tolerance, and consider seeking advice from financial professionals who specialize in alternative investments.

      \n
      \n \n
      \n

      How to Invest in Hedge Funds

      \n

      Since hedge funds pursue absolute returns regardless of market conditions, they can be a very enticing prospect for investors who seek to maximize returns. That puts them out of reach for most regular investors.

      \n

      There are alternative mutual funds and ETFs available to retail investors that invest in hedge funs. Since these are publicly traded, they are registered with and regulated by the SEC. You can search online and use services like Morningstar to find these alternative products.

      \n

      While these products may be available to retail investors, don\u2019t be fooled. They\u2019re still highly complex investments and it\u2019s vital to do your research. Investors considering this asset class should consider working with a professional financial advisor. With the right advice and extensive due diligence, alternative investments may offer a benefit to your portfolio.

      \n
      \n \n
      \n

      Next Up in Investing

      \n \n
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      Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author\u2019s alone and have not been provided, approved, or otherwise endorsed by our partners.
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      \n\n\n\n\n\n\n\n\n\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\n\t\t\n\t\n \n \n \n
      \n\n\n", + "page_last_modified": "" + }, + { + "page_name": "World's Top 10 Hedge Funds", + "page_url": "https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp", + "page_snippet": "Ready for the high-risk, high-return hedge fund investments? Here is a list of the top hedge fund investment firms.Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals. These assets are then invested using proprietary trading methods that the hedge funds come up with to significantly outperform the market. Hedge funds do not use standard trading strategies but rather seek to actively manage their assets to provide extraordinary returns to their investors. They're not created for the average investor but rather geared toward institutions and high-net-worth individuals, as many hedge funds come with minimum investment amounts, which can often be in the millions. As such, these firms command billions of trading assets. Below is our analysis of the 10 hedge fund firms that dominate the space, based on total assets under management (AUM). Hedge funds are investment vehicles geared toward the wealthy. Investors are typically high-net-worth individuals, pension funds, and institutions. This British hedge fund manager has more than 230 years of trading experience. It started in 1783 as a sugar cooperage, and then an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee, and cocoa trading business. As of June 2, 2023, Man had $31 billion in assets under management. Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals.", + "page_result": "\n\n\n\n\n\n\n\n\n\n\nWorld's Top 10 Hedge Funds\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n
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      \n\nTrade\n
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      • \n
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        \n\n\n\n\n
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        \n\n\n\nPlease fill out this field.\n\n\n
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        • \n
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      \n
      Table of Contents\n
      \n
      Table of Contents\n\n\n
      \n
      • 1. Citadel
        • \n
      • 2. Bridgewater Associates
        • \n
      • 3. AQR Capital Management
        • \n
      • 4. D.E. Shaw
        • \n
      • 5. Renaissance Technologies
        • \n
      • 6. Two Sigma Investments
        • \n
      • 7. Elliott Investment Management
        • \n
      • 8. Farallon Capital Management
        • \n
      • 9. Ruffer Investment Company
        • \n
      • 10. Man Group Limited
        • \n
      • FAQs
        • \n
      • The Bottom Line
      \n
      • Fund Trading
        • \n
      • Hedge Funds
      \n

      World's Top 10 Hedge Funds

      \n

      \n
      \n
      \nBy\n
      Andrew Bloomenthal\n
      \n
      \n
      \n\n\n
      \nFull Bio\n
      \n
        \n
      • \n \n\n\n
        • \n
      • \n \n\n\n
        • \n
      \n
      \nAndrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer.\n
      \n
      \n
      \nLearn about our \neditorial policies\n
      \n
      \n
      \n
      Updated September 29, 2023
      \n
      \n\n\nReviewed by\n
      Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

      \" tabindex=\"0\" data-inline-tooltip=\"true\"> Gordon Scott\n
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      \n
      \n\n\nReviewed by\nGordon Scott\n
      \nFull Bio\n
      \n
        \n
      • \n \n\n\n
        • \n
      • \n \n\n\n
        • \n
      \n
      \n

      Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

      \n
      \n
      \n
      \nLearn about our \nFinancial Review Board\n
      \n
      \n
      \n
      \n\n\nFact checked by\n
      Michael Logan\n
      \n
      \n
      \n\n\n
      \n
      \n\n\nFact checked by\nMichael Logan\n
      \nFull Bio\n
      \n
        \n
      • \n \n\n\n
        • \n
      \n
      \nMichael Logan is an experienced writer, producer, and editorial leader. As a journalist, he has extensively covered business and tech news in the U.S. and Asia. He has produced multimedia content that has garnered billions of views worldwide.\n
      \n
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      \nLearn about our \neditorial policies\n
      \n
      \n
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      \n
      \n
      \n

      Hedge funds are alternative investments that use various methods such as leveraged derivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose investment minimums of hundreds of thousands of dollars to millions of dollars and target high-net-worth individuals, pension funds, and institutional investors.\n

      \n
      \n

      As a result, hedge funds invariably carry higher risks than traditional investments. They are not subject to the same regulations as mutual funds and may not be required to file reports with the U.S. Securities and Exchange Commission (SEC).\n

      \n
      \n

      Below is our analysis of the 10 hedge fund firms that dominate the space, based on total assets under management (AUM).\n

      \n
      \n

      Key Takeaways

      \n
      • Hedge funds are investment vehicles geared toward the wealthy. Investors are typically high-net-worth individuals, pension funds, and institutions.
      • Hedge funds employ unique investment strategies in order to outperform the market. They charge high fees for doing so.
      • Hedge funds also require minimum investment amounts to participate, often in the millions.
      • The largest hedge funds in the world include Citadel, Bridgewater, AQR, and D.E. Shaw.
      \n

      1. Citadel

      \n

      Citadel is based in Miami and focuses on five strategies. These are (1) commodities, (2) credit and convertibles, (3) equities, (4) global fixed income and macro, and (5) global quantitative strategies.
      \n

      \n
      \n

      In 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990 and is currently the CEO and Co-Chief Investment Officer.\n

      \n
      \n

      As of March 18, 2023, Citadel had $339 billion in assets under management.\n

      \n
      \n

      2. Bridgewater Associates

      \n

      Bridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks, university endowments, charitable foundations, and other institutional investors. Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment and now serves as Bridgewater's CIO mentor. Nir Bar Dea is the firm's current chief executive officer.\n

      \n
      \n

      As of March 30, 2023, the firm had $196.8 billion under management.
      \n

      \n
      \n

      3. AQR Capital Management

      \n

      AQR Capital Management is based in Greenwich, Conn., and uses quantitative analysis to develop its strategies focused on equities and alternatives. The firm offers its strategies via investment vehicles and registered funds.
      \n

      \n
      \n

      Cliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in 1998.\n

      \n
      \n

      As of May 24, 2023, AQR had $120 billion under management.
      \n

      \n
      \n

      4. D.E. Shaw

      \n

      D.E. Shaw was founded in New York City in 1988. The firm's founder, David E. Shaw, received his Ph.D. from Stanford and was on the faculty of the Computer Science Department at Columbia University before starting D.E. Shaw. While still involved in strategic decisions, his primary role is chief scientist.\n

      \n
      \n

      The firm's systematic strategies are quant based and focus on alternative investments and long-oriented investments.\n

      \n
      \n

      As of May 17, 2023, D.E. Shaw had $109 billion under management.\n

      \n
      \n

      3,460

      \n

      The number of hedge funds in the U.S. as of 2023.

      \n

      5. Renaissance Technologies

      \n

      Renaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments, futures contracts, forward contracts, and foreign exchange.
      \n

      \n
      \n

      Mathematician Jim Simons founded Renaissance Technologies in 1982. Forbes lists Simons as the 51st wealthiest person in the world as of June 14, 2023, worth $28.1 billion. Mathematician Peter Brown is the current chief executive.\n

      \n
      \n

      As of May 1, 2023, the firm had $106 billion under management.\n

      \n
      \n

      6. Two Sigma Investments

      \n

      Two Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in 2001. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.\n

      \n
      \n

      As of March 31, 2023, Two Sigma Investments had $70.8 billion under management.
      \n

      \n
      \n

      7. Elliott Investment Management

      \n

      Elliot Investment Management has a multi-strategy trading approach focused on equities, private equity, private credit, distressed securities, non-distressed, real estate, and commodities.\n

      \n
      \n

      In Aug. 2019, Elliot acquired book retailer Barnes & Noble.\u00a0It had earlier acquired British bookseller Waterstones. The company is based in New York and was founded by Paul Singer in 1977.\n

      \n
      \n

      As of Dec. 31, 2022, Elliot had $55.2 billion in assets under management.\n

      \n
      \n

      8. Farallon Capital Management

      \n

      Farallon was established in 1986 by Thomas Steyer to invest in merger arbitrage. Its investment strategies include credit investments, long/short equity, merger arbitrage, risk arbitrage, real estate, and direct investments.\n

      \n
      \n

      As of May 8, 2023, Farallon had $41 billion under management.\n

      \n
      \n

      9. Ruffer Investment Company

      \n

      Ruffer was founded in 1994 in the U.K. The fund employs different strategies, including total return, diversified return, and total return international.\n

      \n
      \n

      As of April 12, 2023, Ruffer had $31.6 billion under management.
      \n

      \n
      \n

      10. Man Group Limited

      \n

      This British hedge fund manager has more than 230 years of trading experience. It started in 1783 as a sugar cooperage, and then an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee, and cocoa trading business.\n

      \n
      \n

      As of June 2, 2023, Man had $31 billion in assets under management.\n

      \n
      \n

      What Exactly Does a Hedge Fund Do?

      \n

      Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals. These assets are then invested using proprietary trading methods that the hedge funds come up with to significantly outperform the market. Hedge funds do not use standard trading strategies but rather seek to actively manage their assets to provide extraordinary returns to their investors.

      \n
      \n
      \n

      How Rich Do You Have to Be to Invest in a Hedge Fund?

      \n

      Hedge funds are typically only open to accredited investors, which the Securities and Exchange Commission defines as those with a net worth of $1 million or more, not including your primary residence, and having an income of at least $200,000 as an individual or $300,000 with a spouse in each of the prior two years.

      \n
      \n
      \n

      Why Are Hedge Funds So Rich?

      \n

      Hedge funds are rich because they are geared to high-paying investors, so the amount of money they have to invest is very large. Additionally, hedge funds employ many strategies that are unique and actively managed to beat the market, so their returns are often very high.

      \n
      \n
      \n

      The Bottom Line

      \n

      Hedge funds seek to employ unique strategies with the goal of providing greater returns than the market or standard investment strategies. Hedge funds come up with unique ideas to employ in the markets and charge a high price for doing so.\n

      \n
      \n

      They're not created for the average investor but rather geared toward institutions and high-net-worth individuals, as many hedge funds come with minimum investment amounts, which can often be in the millions. As such, these firms command billions of trading assets.\n

      \n
      \n

      Correction\u2014July 27, 2023: A previous version of this article incorrectly named the #1 hedge fund as Citadel Advisors and listed its base of operations as Chicago. The company's name is just Citadel, and it is based in Miami.
      \n

      \n
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      \n
        \n

      1. U.S. Securities & Exchange Commission. "Hedge Funds."

        2. \n

      2. Citadel. "Investment Strategies."

        3. \n

      3. Citadel. "Kenneth C. Griffin."

        4. \n

      4. U.S. Securities and Exchange Commission. "Citadel Advisors LLC. Form ADV," Page 28.

        5. \n

      5. U.S. Securities and Exchange Commission. "Bridgewater Associates, LP. Form ADV," Page 11.

        6. \n

      6. Bridgewater Associates. "Ray Dalio."

        7. \n

      7. AQR Capital Management. "Strategies."

        8. \n

      8. AQR Capital Management. "Our Firm."

        9. \n

      9. AQR Capital Management. "Cliff Asness."

        10. \n

      10. U.S. Securities and Exchange Commission. "AQR Capital Management LLC. Form ADV," Page 10.

        11. \n

      11. D.E. Shaw. "Who We Are."

        12. \n

      12. D.E. Shaw. "What We Do."

        13. \n

      13. U.S. Securities and Exchange Commission. "D.E. Shaw & Co., L.P. Form ADV," Page 16.

        14. \n

      14. IBIS World. "Hedge Funds in the U.S."

        15. \n

      15. Renaissance Technologies. "About."

        16. \n

      16. Forbes. "Jim Simons."

        17. \n

      17. Simons Foundation. "Peter Brown, Ph.D."

        18. \n

      18. U.S. Securities and Exchange Commission. "Renaissance Technologies LLC. Form ADV," Page 8.

        19. \n

      19. Two Sigma. "Approach."

        20. \n

      20. U.S. Securities and Exchange Commission. "Two Sigma Investments, LP. Form ADV," Page 11.

        21. \n

      21. Elliott Investment Management. "What We Do."

        22. \n

      22. Elliot Investment Management. "About Elliott."

        23. \n

      23. Barnes & Noble. "Elliott Completes Acquisition of Barnes & Noble."

        24. \n

      24. Farallon Capital. "About Us."

        25. \n

      25. U.S. Securities and Exchange Commission. "Farallon Capital Management, L.L.C.," Page 11.

        26. \n

      26. Ruffer. "Funds."

        27. \n

      27. Ruffer. "About."

        28. \n

      28. U.S. Securities and Exchange Commission. "Ruffer LLP," Page 8.

        29. \n

      29. Man Group. "Our History."

        30. \n

      30. U.S. Securities and Exchange Commission. "Man Solutions Limited. Form ADV," Page 13.

        31. \n

      31. U.S. Securities and Exchange Commission. "Accredited Investor."

        32. \n
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      Hedge Fund Manager: Definition, Strategies, and Compensation\n
      A hedge fund manager oversees investments made with the pool of funds placed in the fund by investors. Often, they're compensated by the 2-and-20 fee structure.
      \nmore
      \n
      What Is a Family Office and Do You Need One?\n
      Family offices are private wealth management advisory firms that serve ultra-high-net-worth individuals.
      \nmore
      \n
      What Are Alternative Investments? Definition and Examples\n
      An alternative investment is a financial asset that does not fall into one of the conventional investment categories which are stocks, bonds or cash.
      \nmore
      \n
      Hedge Fund Definition, Examples, Types, and Strategies\n
      A hedge fund is a limited partnership of private investors whose money is managed by fund managers who invest in risky or non-traditional assets.
      \nmore
      \n
      Market Neutral: Definition, How Strategy Works, Risk and Benefits\n
      Market neutral is a risk-minimizing strategy that entails a portfolio manager picking long and short positions so they gain in either market direction.
      \nmore
      \n
      Two and Twenty: Explanation of the Hedge Fund Fee Structure\n
      Two and Twenty is a typical fee structure that includes a management fee and a performance fee and is typically charged by hedge fund managers.
      \nmore
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      \n\n\n\n\n\n\n\n\n\n", + "page_last_modified": "" + }, + { + "page_name": "World's Top 10 Hedge Funds", + "page_url": "https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp", + "page_snippet": "Ready for the high-risk, high-return hedge fund investments? Here is a list of the top hedge fund investment firms.Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals. These assets are then invested using proprietary trading methods that the hedge funds come up with to significantly outperform the market. Hedge funds do not use standard trading strategies but rather seek to actively manage their assets to provide extraordinary returns to their investors. They're not created for the average investor but rather geared toward institutions and high-net-worth individuals, as many hedge funds come with minimum investment amounts, which can often be in the millions. As such, these firms command billions of trading assets. Below is our analysis of the 10 hedge fund firms that dominate the space, based on total assets under management (AUM). Hedge funds are investment vehicles geared toward the wealthy. Investors are typically high-net-worth individuals, pension funds, and institutions. This British hedge fund manager has more than 230 years of trading experience. It started in 1783 as a sugar cooperage, and then an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee, and cocoa trading business. As of June 2, 2023, Man had $31 billion in assets under management. Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals.", + "page_result": "\n\n\n\n\n\n\n\n\n\n\nWorld's Top 10 Hedge Funds\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n
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      Table of Contents\n
      \n
      Table of Contents\n\n\n
      \n
      • 1. Citadel
        • \n
      • 2. Bridgewater Associates
        • \n
      • 3. AQR Capital Management
        • \n
      • 4. D.E. Shaw
        • \n
      • 5. Renaissance Technologies
        • \n
      • 6. Two Sigma Investments
        • \n
      • 7. Elliott Investment Management
        • \n
      • 8. Farallon Capital Management
        • \n
      • 9. Ruffer Investment Company
        • \n
      • 10. Man Group Limited
        • \n
      • FAQs
        • \n
      • The Bottom Line
      \n
      • Fund Trading
        • \n
      • Hedge Funds
      \n

      World's Top 10 Hedge Funds

      \n

      \n
      \n
      \nBy\n
      Andrew Bloomenthal\n
      \n
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      \n\n\n
      \nFull Bio\n
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      \nAndrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer.\n
      \n
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      \nLearn about our \neditorial policies\n
      \n
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      \n
      Updated September 29, 2023
      \n
      \n\n\nReviewed by\n
      Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

      \" tabindex=\"0\" data-inline-tooltip=\"true\"> Gordon Scott\n
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      Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

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      \n\n\nFact checked by\nMichael Logan\n
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      \n

      Hedge funds are alternative investments that use various methods such as leveraged derivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose investment minimums of hundreds of thousands of dollars to millions of dollars and target high-net-worth individuals, pension funds, and institutional investors.\n

      \n
      \n

      As a result, hedge funds invariably carry higher risks than traditional investments. They are not subject to the same regulations as mutual funds and may not be required to file reports with the U.S. Securities and Exchange Commission (SEC).\n

      \n
      \n

      Below is our analysis of the 10 hedge fund firms that dominate the space, based on total assets under management (AUM).\n

      \n
      \n

      Key Takeaways

      \n
      • Hedge funds are investment vehicles geared toward the wealthy. Investors are typically high-net-worth individuals, pension funds, and institutions.
      • Hedge funds employ unique investment strategies in order to outperform the market. They charge high fees for doing so.
      • Hedge funds also require minimum investment amounts to participate, often in the millions.
      • The largest hedge funds in the world include Citadel, Bridgewater, AQR, and D.E. Shaw.
      \n

      1. Citadel

      \n

      Citadel is based in Miami and focuses on five strategies. These are (1) commodities, (2) credit and convertibles, (3) equities, (4) global fixed income and macro, and (5) global quantitative strategies.
      \n

      \n
      \n

      In 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990 and is currently the CEO and Co-Chief Investment Officer.\n

      \n
      \n

      As of March 18, 2023, Citadel had $339 billion in assets under management.\n

      \n
      \n

      2. Bridgewater Associates

      \n

      Bridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks, university endowments, charitable foundations, and other institutional investors. Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment and now serves as Bridgewater's CIO mentor. Nir Bar Dea is the firm's current chief executive officer.\n

      \n
      \n

      As of March 30, 2023, the firm had $196.8 billion under management.
      \n

      \n
      \n

      3. AQR Capital Management

      \n

      AQR Capital Management is based in Greenwich, Conn., and uses quantitative analysis to develop its strategies focused on equities and alternatives. The firm offers its strategies via investment vehicles and registered funds.
      \n

      \n
      \n

      Cliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in 1998.\n

      \n
      \n

      As of May 24, 2023, AQR had $120 billion under management.
      \n

      \n
      \n

      4. D.E. Shaw

      \n

      D.E. Shaw was founded in New York City in 1988. The firm's founder, David E. Shaw, received his Ph.D. from Stanford and was on the faculty of the Computer Science Department at Columbia University before starting D.E. Shaw. While still involved in strategic decisions, his primary role is chief scientist.\n

      \n
      \n

      The firm's systematic strategies are quant based and focus on alternative investments and long-oriented investments.\n

      \n
      \n

      As of May 17, 2023, D.E. Shaw had $109 billion under management.\n

      \n
      \n

      3,460

      \n

      The number of hedge funds in the U.S. as of 2023.

      \n

      5. Renaissance Technologies

      \n

      Renaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments, futures contracts, forward contracts, and foreign exchange.
      \n

      \n
      \n

      Mathematician Jim Simons founded Renaissance Technologies in 1982. Forbes lists Simons as the 51st wealthiest person in the world as of June 14, 2023, worth $28.1 billion. Mathematician Peter Brown is the current chief executive.\n

      \n
      \n

      As of May 1, 2023, the firm had $106 billion under management.\n

      \n
      \n

      6. Two Sigma Investments

      \n

      Two Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in 2001. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.\n

      \n
      \n

      As of March 31, 2023, Two Sigma Investments had $70.8 billion under management.
      \n

      \n
      \n

      7. Elliott Investment Management

      \n

      Elliot Investment Management has a multi-strategy trading approach focused on equities, private equity, private credit, distressed securities, non-distressed, real estate, and commodities.\n

      \n
      \n

      In Aug. 2019, Elliot acquired book retailer Barnes & Noble.\u00a0It had earlier acquired British bookseller Waterstones. The company is based in New York and was founded by Paul Singer in 1977.\n

      \n
      \n

      As of Dec. 31, 2022, Elliot had $55.2 billion in assets under management.\n

      \n
      \n

      8. Farallon Capital Management

      \n

      Farallon was established in 1986 by Thomas Steyer to invest in merger arbitrage. Its investment strategies include credit investments, long/short equity, merger arbitrage, risk arbitrage, real estate, and direct investments.\n

      \n
      \n

      As of May 8, 2023, Farallon had $41 billion under management.\n

      \n
      \n

      9. Ruffer Investment Company

      \n

      Ruffer was founded in 1994 in the U.K. The fund employs different strategies, including total return, diversified return, and total return international.\n

      \n
      \n

      As of April 12, 2023, Ruffer had $31.6 billion under management.
      \n

      \n
      \n

      10. Man Group Limited

      \n

      This British hedge fund manager has more than 230 years of trading experience. It started in 1783 as a sugar cooperage, and then an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee, and cocoa trading business.\n

      \n
      \n

      As of June 2, 2023, Man had $31 billion in assets under management.\n

      \n
      \n

      What Exactly Does a Hedge Fund Do?

      \n

      Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals. These assets are then invested using proprietary trading methods that the hedge funds come up with to significantly outperform the market. Hedge funds do not use standard trading strategies but rather seek to actively manage their assets to provide extraordinary returns to their investors.

      \n
      \n
      \n

      How Rich Do You Have to Be to Invest in a Hedge Fund?

      \n

      Hedge funds are typically only open to accredited investors, which the Securities and Exchange Commission defines as those with a net worth of $1 million or more, not including your primary residence, and having an income of at least $200,000 as an individual or $300,000 with a spouse in each of the prior two years.

      \n
      \n
      \n

      Why Are Hedge Funds So Rich?

      \n

      Hedge funds are rich because they are geared to high-paying investors, so the amount of money they have to invest is very large. Additionally, hedge funds employ many strategies that are unique and actively managed to beat the market, so their returns are often very high.

      \n
      \n
      \n

      The Bottom Line

      \n

      Hedge funds seek to employ unique strategies with the goal of providing greater returns than the market or standard investment strategies. Hedge funds come up with unique ideas to employ in the markets and charge a high price for doing so.\n

      \n
      \n

      They're not created for the average investor but rather geared toward institutions and high-net-worth individuals, as many hedge funds come with minimum investment amounts, which can often be in the millions. As such, these firms command billions of trading assets.\n

      \n
      \n

      Correction\u2014July 27, 2023: A previous version of this article incorrectly named the #1 hedge fund as Citadel Advisors and listed its base of operations as Chicago. The company's name is just Citadel, and it is based in Miami.
      \n

      \n
      \n
      \n
      \n
      Article Sources
      \n
      \n
      \n
      \n
      Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our\neditorial policy.
      \n
        \n

      1. U.S. Securities & Exchange Commission. "Hedge Funds."

        2. \n

      2. Citadel. "Investment Strategies."

        3. \n

      3. Citadel. "Kenneth C. Griffin."

        4. \n

      4. U.S. Securities and Exchange Commission. "Citadel Advisors LLC. Form ADV," Page 28.

        5. \n

      5. U.S. Securities and Exchange Commission. "Bridgewater Associates, LP. Form ADV," Page 11.

        6. \n

      6. Bridgewater Associates. "Ray Dalio."

        7. \n

      7. AQR Capital Management. "Strategies."

        8. \n

      8. AQR Capital Management. "Our Firm."

        9. \n

      9. AQR Capital Management. "Cliff Asness."

        10. \n

      10. U.S. Securities and Exchange Commission. "AQR Capital Management LLC. Form ADV," Page 10.

        11. \n

      11. D.E. Shaw. "Who We Are."

        12. \n

      12. D.E. Shaw. "What We Do."

        13. \n

      13. U.S. Securities and Exchange Commission. "D.E. Shaw & Co., L.P. Form ADV," Page 16.

        14. \n

      14. IBIS World. "Hedge Funds in the U.S."

        15. \n

      15. Renaissance Technologies. "About."

        16. \n

      16. Forbes. "Jim Simons."

        17. \n

      17. Simons Foundation. "Peter Brown, Ph.D."

        18. \n

      18. U.S. Securities and Exchange Commission. "Renaissance Technologies LLC. Form ADV," Page 8.

        19. \n

      19. Two Sigma. "Approach."

        20. \n

      20. U.S. Securities and Exchange Commission. "Two Sigma Investments, LP. Form ADV," Page 11.

        21. \n

      21. Elliott Investment Management. "What We Do."

        22. \n

      22. Elliot Investment Management. "About Elliott."

        23. \n

      23. Barnes & Noble. "Elliott Completes Acquisition of Barnes & Noble."

        24. \n

      24. Farallon Capital. "About Us."

        25. \n

      25. U.S. Securities and Exchange Commission. "Farallon Capital Management, L.L.C.," Page 11.

        26. \n

      26. Ruffer. "Funds."

        27. \n

      27. Ruffer. "About."

        28. \n

      28. U.S. Securities and Exchange Commission. "Ruffer LLP," Page 8.

        29. \n

      29. Man Group. "Our History."

        30. \n

      30. U.S. Securities and Exchange Commission. "Man Solutions Limited. Form ADV," Page 13.

        31. \n

      31. U.S. Securities and Exchange Commission. "Accredited Investor."

        32. \n
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      \n
      Hedge Fund Manager: Definition, Strategies, and Compensation\n
      A hedge fund manager oversees investments made with the pool of funds placed in the fund by investors. Often, they're compensated by the 2-and-20 fee structure.
      \nmore
      \n
      What Is a Family Office and Do You Need One?\n
      Family offices are private wealth management advisory firms that serve ultra-high-net-worth individuals.
      \nmore
      \n
      What Are Alternative Investments? Definition and Examples\n
      An alternative investment is a financial asset that does not fall into one of the conventional investment categories which are stocks, bonds or cash.
      \nmore
      \n
      Hedge Fund Definition, Examples, Types, and Strategies\n
      A hedge fund is a limited partnership of private investors whose money is managed by fund managers who invest in risky or non-traditional assets.
      \nmore
      \n
      Market Neutral: Definition, How Strategy Works, Risk and Benefits\n
      Market neutral is a risk-minimizing strategy that entails a portfolio manager picking long and short positions so they gain in either market direction.
      \nmore
      \n
      Two and Twenty: Explanation of the Hedge Fund Fee Structure\n
      Two and Twenty is a typical fee structure that includes a management fee and a performance fee and is typically charged by hedge fund managers.
      \nmore
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      \n\n\n\n\n\n\n\n\n\n", + "page_last_modified": "" + }, + { + "page_name": "Top 10 Hedge Funds Of March 2024 \u2013 Forbes Advisor", + "page_url": "https://www.forbes.com/advisor/investing/top-hedge-funds/", + "page_snippet": "Hedge funds are the ultimate asset class for ultra wealthy investors. Catering to the needs of high- and ultra-high net worth individuals, worldwide hedge funds manage more than $4 trillion in assets. According to the Financial Times, the total number of hedge funds around the world is greater thA hedge fund is an alternative investment vehicle that pools capital from accredited investors and institutional investors to pursue a variety of investment strategies. Given that there are more hedge fund managers and hedge fund assets in the U.S. than any other country, we\u2019ve put together a list of the top ten hedge fund managers in the U.S. based on total assets under management. Some of the names may be familiar, others less so, but together they manage almost a fifth of global hedge fund assets. ... What Are the Biggest U.S. Hedge Funds? Catering to the needs of high- and ultra-high net worth individuals, worldwide hedge funds manage more than $4 trillion in assets. According to the Financial Times, the total number of hedge funds around the world is greater than the number of Burger King restaurants\u201430,077 funds compared to a mere 18,700 Burger Kings.", + "page_result": "\n\n\n\t\n\t\t\n\t\t\n \t\t\n\t\t\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t Top 10 Hedge Funds Of March 2024 – Forbes Advisor\n\n\n\n\n\n\n\n \n \n\t\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\n\n\n\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\t\n\t\n \n\n\t\t\n\t
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      \n Advertiser Disclosure\n Updated: Dec 1, 2023, 3:37pm \n
      \n

      Top 10 U.S. Hedge Funds Of March 2024

      \n
      \n
      \n
      \"Rebecca
      \"Rebecca
      Rebecca BaldridgeContributor
      Rebecca Baldridge, CFA, is an investment professional and financial writer with over twenty years of experience in the financial services industry. In addition to a decade in banking and brokerage in Moscow, she has worked for Franklin Templeton Asset Management, The Bank of New York, JPMorgan Asset Management and Merrill Lynch Asset Management. She is a founding partner in Quartet Communications, a financial communications and content creation firm.
      \"See
      Rebecca Baldridge
      \"Rebecca
      Rebecca BaldridgeContributor
      Rebecca Baldridge, CFA, is an investment professional and financial writer with over twenty years of experience in the financial services industry. In addition to a decade in banking and brokerage in Moscow, she has worked for Franklin Templeton Asset Management, The Bank of New York, JPMorgan Asset Management and Merrill Lynch Asset Management. She is a founding partner in Quartet Communications, a financial communications and content creation firm.
      \"See
      Contributor
      \"Benjamin
      Benjamin Curry
      Benjamin Curryeditor
      Ben is the Retirement and Investing Editor for Forbes Advisor. With two decades of business and finance journalism experience, Ben has covered breaking market news, written on equity markets for Investopedia, and edited personal finance content for Bankrate and LendingTree.
      \"See

        Reviewed By

        Benjamin Curry
        Benjamin Curry
        Benjamin Curryeditor
        Ben is the Retirement and Investing Editor for Forbes Advisor. With two decades of business and finance journalism experience, Ben has covered breaking market news, written on equity markets for Investopedia, and edited personal finance content for Bankrate and LendingTree.
        \"See
          editor

          Reviewed By

          Updated: Dec 1, 2023, 3:37pm

          \n
          \n Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
          \n
          \n

          Hedge funds are the ultimate asset class for ultra wealthy investors. Catering to the needs of high- and ultra-high net worth individuals, worldwide hedge funds manage more than $4 trillion in assets.

          \n

          According to the Financial Times, the total number of hedge funds around the world is greater than the number of Burger King restaurants\u201430,077 funds compared to a mere 18,700 Burger Kings. Of this multitude of investment managers, a majority of 65% can be found in the United States.

          \n

          Given that there are more hedge fund managers and hedge fund assets in the U.S. than any other country, we\u2019ve put together a list of the top ten hedge fund managers in the U.S. based on total assets under management. Some of the names may be familiar, others less so, but together they manage almost a fifth of global hedge fund assets.

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          Best Ofs
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          What Are the Biggest U.S. Hedge Funds?

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          \n\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

          \n

          Top U.S. Hedge FundsAUM
          Bridgewater Associates

          \n          		$124,317,200,000

          \n
          Renaissance Technologies$106,026,795,439
          AQR Capital Management$94,523,700,000
          Two Sigma$67,471,220,893
          Millennium Management$57,670,000,000
          Citadel$51,573,787,000
          Tiger Global Management$51,000,000,000
          D.E. Shaw$45,772,700,000
          Coatue Management$42,338,946,229
          Davidson Kempner$40,800,000,000
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          Bridgewater Associates

          \n
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          \"Bridgewater
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          AUM

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          $124,317,200,000

          \n

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          Headquarters

          \n
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          Westport, Conn.

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          Year Founded

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          1975

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          \"Bridgewater
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          \n

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          $124,317,200,000

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          Westport, Conn.

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          1975

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          Why We Picked It
          \n
          \n

          In 1975, Bridgewater Associates was founded by Ray Dalio in his Manhattan apartment. Today Bridgewater is the largest hedge fund in the world and Dalio has a personal fortune of approximately $19 billion.

          \n

          The fund serves institutional clients such as pension funds, foreign governments and central banks, as well as charitable foundations, family offices and high net worth individuals.

          \n

          Strategies include actively invested Pure Alpha and Pure Alpha Major Markets, as well as its All Weather strategy, which focuses on asset allocation, and the related Optimal Portfolio.

          \n

          As of early 2023, Bridgewater had raised $800 million for its new Defensive Alpha strategy, which is intended to help investors weather bear markets.

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          Renaissance Technologies

          \n
          \n
          \"Renaissance
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          AUM

          \n
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          $106,026,795,439

          \n

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          Headquarters

          \n
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          East Setauket, N.Y.

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          Year Founded

          \n
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          1982

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          \"Renaissance
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          $106,026,795,439

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          East Setauket, N.Y.

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          1982

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          Why We Picked It
          \n
          \n

          Renaissance Technologies was founded in 1982 by James Simons, a mathematician who worked as a code breaker during the Cold War.

          \n

          The firm uses mathematical and statistical methods as the basis for its investment strategies. RenTec\u2019s flagship Medallion fund, run primarily for employees, has one of the best track records in the industry.

          \n

          Portfolios offered to outside investors include the Renaissance Institutional Equities Fund (RIEF) and Renaissance Institutional Diversified Alpha (RIDA).

          \n

          Of the fund\u2019s 300 employees, 90 hold doctoral degrees in mathematics, physics, computer science, or related fields.

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          AQR Capital Management

          \n
          \n
          \"AQR
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          AUM

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          $94,523,700,000

          \n

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          Headquarters

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          Greenwich, Conn.

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          Year Founded

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          1998

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          \"AQR
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          $94,523,700,000

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          Greenwich, Conn.

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          1998

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          Why We Picked It
          \n
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          AQR was founded in 1998 by Cliff Asness, David Kabiller, John Liew and Robert Krail. The firm\u2019s name includes an acronym that stands for applied quantitative research, which is an apt descriptor for its strategy.

          \n

          Offering its clients more than 40 diversified strategies across equity and alternatives, the firm applies the rigor of academic research to identifying long-term, repeatable sources of return.

          \n

          AQR was a pioneer in factor investing, and it applies value, momentum, defensive, and carry styles to build portfolios that offer low correlation to traditional equity dominated strategies.

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          Two Sigma

          \n
          \n
          \"Two
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          AUM

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          $67,471,220,893

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          Headquarters

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          New York, N.Y.

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          Year Founded

          \n
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          2001

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          \"Two
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          $67,471,220,893

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          New York, N.Y.

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          \n

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          2001

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          Why We Picked It
          \n
          \n

          Two Sigma was founded by John Overdeck, David Siegel and Mark Pickard in 2001. The firm employs research methods inspired by artificial intelligence, machine learning, and distributed computing to support its trading strategies.

          \n

          Following a disciplined, scientific approach, Two Sigma seeks to consistently generate alpha in liquid global markets across the range of market conditions. The firm has been recognized for generating unusually high returns.

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          Millennium Management

          \n
          \n
          \"Millennium
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          AUM

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          $57,670,000,000

          \n

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          Headquarters

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          New York, NY

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          Year Founded

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          1989

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          \n
          \"Millennium
          \n
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          $57,670,000,000

          \n

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          New York, NY

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          1989

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          Why We Picked It
          \n
          \n

          Founded in 1989, Millennium pursues a diverse array of investment strategies across sectors, asset classes, and geographic regions.

          \n

          The firm\u2019s four primary strategies include fundamental equity, equity arbitrage, fixed income, and quant, with a variety of sub-strategies within each category.

          \n

          The investment process is driven by over 200 independent portfolio management teams that pursue opportunities within their areas of expertise.

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          Citadel

          \n
          \n
          \"Citadel\"
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          \n
          \n

          AUM

          \n
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          $51,573,787,000

          \n

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          Headquarters

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          Miami, FL

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          Year Founded

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          1990

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          \"Citadel\"
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          $51,573,787,000

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          Miami, FL

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          1990

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          Why We Picked It
          \n
          \n

          Citadel was founded in 1990 by Kenneth Griffin, who continues to serve as the firm\u2019s CEO. With more than 350 investment professionals, Citadel invests in commodities, credit and convertibles, equities, global fixed income and macro, and global quantitative strategies.

          \n

          One of the most profitable hedge funds of all times, Citadel generated $16 billion in profits for its investors in 2022, and earned $65.9 billion in net gains since 1990, making it the top-earning hedge fund ever.

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          Tiger Global Management

          \n
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          \"Tiger
          \n
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          AUM

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          $51,000,000,000

          \n

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          Headquarters

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          New York, NY

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          Year Founded

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          2001

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          \"Tiger
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          $51,000,000,000

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          New York, NY

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          2001

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          Why We Picked It
          \n
          \n

          Tiger Global Management was founded in 2001 by Chase Coleman III as Tiger Technology to invest in the public equity market. Coleman was a protege of Tiger Management\u2019s Julian Robertson, and received $25 million from Robertson to start Tiger Technology.

          \n

          This hedge fund focuses on public and private companies in the global Internet, software, consumer, and financial technology industries. The public equity business takes a fundamentally oriented, long-term approach to investment and seeks to identify high-quality companies that benefit from powerful secular growth trends and superior management.

          \n
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          \n
          \n \n \n
          \n
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          \n
          \n
          \n
          \n

          D.E. Shaw

          \n
          \n
          \"D.E.
          \n
          \n
          \n

          AUM

          \n
          \n

          $45,772,700,000

          \n

          \n

          \n
          \n
          \n

          Headquarters

          \n
          \n

          New York, NY

          \n

          \n

          \n
          \n
          \n

          Year Founded

          \n
          \n

          1988

          \n

          \n

          \n
          \n
          \n
          \n
          \n
          \n
          \"D.E.
          \n
          \n
          \n
          \n
          \n

          \n

          \n

          $45,772,700,000

          \n

          \n

          \n
          \n
          \n

          \n

          \n

          New York, NY

          \n

          \n

          \n
          \n
          \n

          \n

          \n

          1988

          \n

          \n

          \n
          \n
          \n
          \n
          \n
          \n
          \n
          Why We Picked It
          \n
          \n

          D.E. Shaw was founded by David Shaw in 1988, starting out with only six employees. A pioneer in the field of computational finance and quantitative investing, the firm has over 2000 employees today, 80 of whom hold doctoral degrees.

          \n

          This hedge fund uses strategies based on rigorous analysis and scientific research, and aims to identify market inefficiencies through qualitative, quantitative and advanced computational methods. It invests in a broad array of asset classes spanning public and private markets, emphasizing a collaborative approach to investing.

          \n
          \n
          \n
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          \n
          \n
          \n \n \n
          \n
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          \n
          \n
          \n
          \n

          Coatue Management

          \n
          \n
          \"Coatue
          \n
          \n
          \n

          AUM

          \n
          \n

          $42,338,946,229

          \n

          \n

          \n
          \n
          \n

          Headquarters

          \n
          \n

          New York, NY

          \n

          \n

          \n
          \n
          \n

          Year Founded

          \n
          \n

          1999

          \n

          \n

          \n
          \n
          \n
          \n
          \n
          \n
          \"Coatue
          \n
          \n
          \n
          \n
          \n

          \n

          \n

          $42,338,946,229

          \n

          \n

          \n
          \n
          \n

          \n

          \n

          New York, NY

          \n

          \n

          \n
          \n
          \n

          \n

          \n

          1999

          \n

          \n

          \n
          \n
          \n
          \n
          \n
          \n
          \n
          Why We Picked It
          \n
          \n

          Coatue is a technology-focused hedge fund founded by Philippe Laffont in 1999. The firm invests in both public and private markets with its principal focus on the technology, media, and telecommunications sectors, and the healthcare and consumer segments in addition.

          \n

          Coatue employs more than 50 investment professionals and 24 data scientists and engineers. Their private investment portfolio includes more than 200 technology companies.

          \n
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          \n
          \n
          \n
          \n
          \n \n \n
          \n
          \n
          \n
          \n
          \n
          \n
          \n

          Davidson Kempner

          \n
          \n
          \"Davidson
          \n
          \n
          \n

          AUM

          \n
          \n

          $40,800,000,000

          \n

          \n

          \n
          \n
          \n

          Headquarters

          \n
          \n

          New York, NY

          \n

          \n

          \n
          \n
          \n

          Year Founded

          \n
          \n

          1983

          \n

          \n

          \n
          \n
          \n
          \n
          \n
          \n
          \"Davidson
          \n
          \n
          \n
          \n
          \n

          \n

          \n

          $40,800,000,000

          \n

          \n

          \n
          \n
          \n

          \n

          \n

          New York, NY

          \n

          \n

          \n
          \n
          \n

          \n

          \n

          1983

          \n

          \n

          \n
          \n
          \n
          \n
          \n
          \n
          \n
          Why We Picked It
          \n
          \n

          Davidson Kempner was founded in 1983 by Marvin Davidson. The firm employs a bottom-up, fundamental approach to investing, with a focus on event-driven and multi-strategy approaches.

          \n

          Investing globally, Davidson Kempner focuses on risk management and capital preservation, and invests opportunistically in both the public and private markets in a variety of credit and equity strategies as well as in real assets.

          \n
          \n
          \n
          \n
          \n
          \n
          \n

          *AUM data current as of December 31, 2022, except Davidson Kempner, which effective January 31, 2023.

          \n
          \n \n \n

          What Is a Hedge Fund?

          \n

          A hedge fund is an alternative investment vehicle that pools capital from accredited investors and institutional investors to pursue a variety of investment strategies.

          \n

          Hedge funds are a bit like mutual funds, since they\u2019re pooled investment vehicles. But that\u2019s where the similarities end. They\u2019re usually organized as private partnerships, with a general partner who\u2019s responsible for making investment decisions.

          \n

          Hedge funds are designed to achieve high absolute returns, regardless of market conditions, and they can employ a wide variety of risky investment strategies to do so. They invest in any type of asset, provided it\u2019s consistent with their mandate.

          \n
          \n \n
          \n

          How Do Hedge Funds Work?

          \n

          Hedge funds employ a wide range of investment strategies, and they generally aim to outperform traditional investment vehicles like mutual funds. Strategies can include positions in stocks, bonds, commodities, currencies, derivatives and alternative assets.

          \n

          The name of this type of fund comes from one of their core investing approaches: Taking both long and short positions in various asset classes that yield profits no matter where broader markets are going\u2014hedging their bets, as it were.

          \n

          Here\u2019s an example: Interest rates were rising throughout 2022, so a hedge fund might have chosen to go long on defensive stocks in the healthcare sector, and short stocks in the consumer discretionary sector, which were more sensitive to more expensive consumer credit costs.

          \n

          Hedge funds pursue active portfolio management by default, making tactical shifts based on market conditions in an attempt to widely outperform common benchmarks like the S&P 500.

          \n

          Funds typically charge a performance fee and a management fee, typified by the \u201ctwo and 20\u201d approach. The management fee is usually a fixed percentage of the assets under management\u20142%, for instance.
          \nThe performance fee is a percentage of the fund’s profits\u2014typically 20%\u2014providing an incentive for the managers to generate positive returns.

          \n
          \n \n
          \n

          Hedge Funds Are Risky Investments

          \n

          Access to hedge funds is limited to accredited investors and large institutional clients who understand the risks involved. That\u2019s in part because they are subject to less regulatory oversight than traditional investment vehicles like mutual funds.

          \n

          While they are well known for their potential to generate higher returns compared to traditional investments, this often comes as a consequence of taking on much more investing risk due to strategic choice, the use of leverage and the inherent volatility of the markets they operate in.

          \n

          Due to their specialized nature and potential risks, investing in hedge funds often requires a significant amount of capital, expertise, and understanding of the specific fund’s investment strategy.

          \n

          Individuals considering hedge fund investments should conduct thorough due diligence, carefully assess their risk tolerance, and consider seeking advice from financial professionals who specialize in alternative investments.

          \n
          \n \n
          \n

          How to Invest in Hedge Funds

          \n

          Since hedge funds pursue absolute returns regardless of market conditions, they can be a very enticing prospect for investors who seek to maximize returns. That puts them out of reach for most regular investors.

          \n

          There are alternative mutual funds and ETFs available to retail investors that invest in hedge funs. Since these are publicly traded, they are registered with and regulated by the SEC. You can search online and use services like Morningstar to find these alternative products.

          \n

          While these products may be available to retail investors, don\u2019t be fooled. They\u2019re still highly complex investments and it\u2019s vital to do your research. Investors considering this asset class should consider working with a professional financial advisor. With the right advice and extensive due diligence, alternative investments may offer a benefit to your portfolio.

          \n
          \n \n
          \n

          Next Up in Investing

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          Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author\u2019s alone and have not been provided, approved, or otherwise endorsed by our partners.
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          \n\n\n\n\n\n\n\n\n\n\n \n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\t\t\n\t\t\n\t\n \n \n \n
          \n\n\n", + "page_last_modified": "" + }, + { + "page_name": "World's Top 10 Hedge Funds", + "page_url": "https://www.investopedia.com/articles/personal-finance/011515/worlds-top-10-hedge-fund-firms.asp", + "page_snippet": "Ready for the high-risk, high-return hedge fund investments? Here is a list of the top hedge fund investment firms.Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals. These assets are then invested using proprietary trading methods that the hedge funds come up with to significantly outperform the market. Hedge funds do not use standard trading strategies but rather seek to actively manage their assets to provide extraordinary returns to their investors. They're not created for the average investor but rather geared toward institutions and high-net-worth individuals, as many hedge funds come with minimum investment amounts, which can often be in the millions. As such, these firms command billions of trading assets. Below is our analysis of the 10 hedge fund firms that dominate the space, based on total assets under management (AUM). Hedge funds are investment vehicles geared toward the wealthy. Investors are typically high-net-worth individuals, pension funds, and institutions. This British hedge fund manager has more than 230 years of trading experience. It started in 1783 as a sugar cooperage, and then an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee, and cocoa trading business. As of June 2, 2023, Man had $31 billion in assets under management. Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals.", + "page_result": "\n\n\n\n\n\n\n\n\n\n\nWorld's Top 10 Hedge Funds\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n\n\n\n\n\n
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          \n\nTrade\n
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            \n\n\n\nPlease fill out this field.\n\n\n
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            • \n
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          \n
          Table of Contents\n
          \n
          Table of Contents\n\n\n
          \n
          • 1. Citadel
            • \n
          • 2. Bridgewater Associates
            • \n
          • 3. AQR Capital Management
            • \n
          • 4. D.E. Shaw
            • \n
          • 5. Renaissance Technologies
            • \n
          • 6. Two Sigma Investments
            • \n
          • 7. Elliott Investment Management
            • \n
          • 8. Farallon Capital Management
            • \n
          • 9. Ruffer Investment Company
            • \n
          • 10. Man Group Limited
            • \n
          • FAQs
            • \n
          • The Bottom Line
          \n
          • Fund Trading
            • \n
          • Hedge Funds
          \n

          World's Top 10 Hedge Funds

          \n

          \n
          \n
          \nBy\n
          Andrew Bloomenthal\n
          \n
          \n
          \n\n\n
          \nFull Bio\n
          \n
            \n
          • \n \n\n\n
            • \n
          • \n \n\n\n
            • \n
          \n
          \nAndrew Bloomenthal has 20+ years of editorial experience as a financial journalist and as a financial services marketing writer.\n
          \n
          \n
          \nLearn about our \neditorial policies\n
          \n
          \n
          \n
          Updated September 29, 2023
          \n
          \n\n\nReviewed by\n
          Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

          \" tabindex=\"0\" data-inline-tooltip=\"true\"> Gordon Scott\n
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          \n\n\nReviewed by\nGordon Scott\n
          \nFull Bio\n
          \n
            \n
          • \n \n\n\n
            • \n
          • \n \n\n\n
            • \n
          \n
          \n

          Gordon Scott has been an active investor and technical analyst or 20+ years. He is a Chartered Market Technician (CMT).

          \n
          \n
          \n
          \nLearn about our \nFinancial Review Board\n
          \n
          \n
          \n
          \n\n\nFact checked by\n
          Michael Logan\n
          \n
          \n
          \n\n\n
          \n
          \n\n\nFact checked by\nMichael Logan\n
          \nFull Bio\n
          \n
            \n
          • \n \n\n\n
            • \n
          \n
          \nMichael Logan is an experienced writer, producer, and editorial leader. As a journalist, he has extensively covered business and tech news in the U.S. and Asia. He has produced multimedia content that has garnered billions of views worldwide.\n
          \n
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          \nLearn about our \neditorial policies\n
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          \n
          \n

          Hedge funds are alternative investments that use various methods such as leveraged derivatives, short-selling, and other speculative strategies to earn a return that outperforms the broader market. Hedge funds invest in domestic and international markets alike. They typically impose investment minimums of hundreds of thousands of dollars to millions of dollars and target high-net-worth individuals, pension funds, and institutional investors.\n

          \n
          \n

          As a result, hedge funds invariably carry higher risks than traditional investments. They are not subject to the same regulations as mutual funds and may not be required to file reports with the U.S. Securities and Exchange Commission (SEC).\n

          \n
          \n

          Below is our analysis of the 10 hedge fund firms that dominate the space, based on total assets under management (AUM).\n

          \n
          \n

          Key Takeaways

          \n
          • Hedge funds are investment vehicles geared toward the wealthy. Investors are typically high-net-worth individuals, pension funds, and institutions.
          • Hedge funds employ unique investment strategies in order to outperform the market. They charge high fees for doing so.
          • Hedge funds also require minimum investment amounts to participate, often in the millions.
          • The largest hedge funds in the world include Citadel, Bridgewater, AQR, and D.E. Shaw.
          \n

          1. Citadel

          \n

          Citadel is based in Miami and focuses on five strategies. These are (1) commodities, (2) credit and convertibles, (3) equities, (4) global fixed income and macro, and (5) global quantitative strategies.
          \n

          \n
          \n

          In 1987, founder Kenneth Griffin began trading from his dorm room as a 19-year-old sophomore at Harvard University. He founded Citadel in 1990 and is currently the CEO and Co-Chief Investment Officer.\n

          \n
          \n

          As of March 18, 2023, Citadel had $339 billion in assets under management.\n

          \n
          \n

          2. Bridgewater Associates

          \n

          Bridgewater Associates is based in Westport, Conn., and provides services to pension funds, foreign governments, central banks, university endowments, charitable foundations, and other institutional investors. Ray Dalio founded the firm in 1975 from his two-bedroom New York apartment and now serves as Bridgewater's CIO mentor. Nir Bar Dea is the firm's current chief executive officer.\n

          \n
          \n

          As of March 30, 2023, the firm had $196.8 billion under management.
          \n

          \n
          \n

          3. AQR Capital Management

          \n

          AQR Capital Management is based in Greenwich, Conn., and uses quantitative analysis to develop its strategies focused on equities and alternatives. The firm offers its strategies via investment vehicles and registered funds.
          \n

          \n
          \n

          Cliff Asness founded the company along with partners John Liew, Robert Krail, and David Kabiller. The four had worked together on a hedge fund at Goldman Sachs. AQR launched its Absolute Return fund in 1998.\n

          \n
          \n

          As of May 24, 2023, AQR had $120 billion under management.
          \n

          \n
          \n

          4. D.E. Shaw

          \n

          D.E. Shaw was founded in New York City in 1988. The firm's founder, David E. Shaw, received his Ph.D. from Stanford and was on the faculty of the Computer Science Department at Columbia University before starting D.E. Shaw. While still involved in strategic decisions, his primary role is chief scientist.\n

          \n
          \n

          The firm's systematic strategies are quant based and focus on alternative investments and long-oriented investments.\n

          \n
          \n

          As of May 17, 2023, D.E. Shaw had $109 billion under management.\n

          \n
          \n

          3,460

          \n

          The number of hedge funds in the U.S. as of 2023.

          \n

          5. Renaissance Technologies

          \n

          Renaissance Technologies is a New York-based quantitative hedge fund that uses mathematical and statistical methods to uncover technical indicators that drive its automated trading strategies. Renaissance applies these strategies to U.S. and international equities, debt instruments, futures contracts, forward contracts, and foreign exchange.
          \n

          \n
          \n

          Mathematician Jim Simons founded Renaissance Technologies in 1982. Forbes lists Simons as the 51st wealthiest person in the world as of June 14, 2023, worth $28.1 billion. Mathematician Peter Brown is the current chief executive.\n

          \n
          \n

          As of May 1, 2023, the firm had $106 billion under management.\n

          \n
          \n

          6. Two Sigma Investments

          \n

          Two Sigma Investments is based in New York and was founded by John Overdeck and David Siegel in 2001. The company uses quantitative analysis to build mathematical strategies that rely on historical price patterns and other data.\n

          \n
          \n

          As of March 31, 2023, Two Sigma Investments had $70.8 billion under management.
          \n

          \n
          \n

          7. Elliott Investment Management

          \n

          Elliot Investment Management has a multi-strategy trading approach focused on equities, private equity, private credit, distressed securities, non-distressed, real estate, and commodities.\n

          \n
          \n

          In Aug. 2019, Elliot acquired book retailer Barnes & Noble.\u00a0It had earlier acquired British bookseller Waterstones. The company is based in New York and was founded by Paul Singer in 1977.\n

          \n
          \n

          As of Dec. 31, 2022, Elliot had $55.2 billion in assets under management.\n

          \n
          \n

          8. Farallon Capital Management

          \n

          Farallon was established in 1986 by Thomas Steyer to invest in merger arbitrage. Its investment strategies include credit investments, long/short equity, merger arbitrage, risk arbitrage, real estate, and direct investments.\n

          \n
          \n

          As of May 8, 2023, Farallon had $41 billion under management.\n

          \n
          \n

          9. Ruffer Investment Company

          \n

          Ruffer was founded in 1994 in the U.K. The fund employs different strategies, including total return, diversified return, and total return international.\n

          \n
          \n

          As of April 12, 2023, Ruffer had $31.6 billion under management.
          \n

          \n
          \n

          10. Man Group Limited

          \n

          This British hedge fund manager has more than 230 years of trading experience. It started in 1783 as a sugar cooperage, and then an exclusive supplier of rum to the Royal Navy, later getting into the sugar, coffee, and cocoa trading business.\n

          \n
          \n

          As of June 2, 2023, Man had $31 billion in assets under management.\n

          \n
          \n

          What Exactly Does a Hedge Fund Do?

          \n

          Hedge funds pool assets from a variety of investors, primarily from institutions and high-net-worth individuals. These assets are then invested using proprietary trading methods that the hedge funds come up with to significantly outperform the market. Hedge funds do not use standard trading strategies but rather seek to actively manage their assets to provide extraordinary returns to their investors.

          \n
          \n
          \n

          How Rich Do You Have to Be to Invest in a Hedge Fund?

          \n

          Hedge funds are typically only open to accredited investors, which the Securities and Exchange Commission defines as those with a net worth of $1 million or more, not including your primary residence, and having an income of at least $200,000 as an individual or $300,000 with a spouse in each of the prior two years.

          \n
          \n
          \n

          Why Are Hedge Funds So Rich?

          \n

          Hedge funds are rich because they are geared to high-paying investors, so the amount of money they have to invest is very large. Additionally, hedge funds employ many strategies that are unique and actively managed to beat the market, so their returns are often very high.

          \n
          \n
          \n

          The Bottom Line

          \n

          Hedge funds seek to employ unique strategies with the goal of providing greater returns than the market or standard investment strategies. Hedge funds come up with unique ideas to employ in the markets and charge a high price for doing so.\n

          \n
          \n

          They're not created for the average investor but rather geared toward institutions and high-net-worth individuals, as many hedge funds come with minimum investment amounts, which can often be in the millions. As such, these firms command billions of trading assets.\n

          \n
          \n

          Correction\u2014July 27, 2023: A previous version of this article incorrectly named the #1 hedge fund as Citadel Advisors and listed its base of operations as Chicago. The company's name is just Citadel, and it is based in Miami.
          \n

          \n
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          Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our\neditorial policy.
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          1. U.S. Securities & Exchange Commission. "Hedge Funds."

            2. \n

          2. Citadel. "Investment Strategies."

            3. \n

          3. Citadel. "Kenneth C. Griffin."

            4. \n

          4. U.S. Securities and Exchange Commission. "Citadel Advisors LLC. Form ADV," Page 28.

            5. \n

          5. U.S. Securities and Exchange Commission. "Bridgewater Associates, LP. Form ADV," Page 11.

            6. \n

          6. Bridgewater Associates. "Ray Dalio."

            7. \n

          7. AQR Capital Management. "Strategies."

            8. \n

          8. AQR Capital Management. "Our Firm."

            9. \n

          9. AQR Capital Management. "Cliff Asness."

            10. \n

          10. U.S. Securities and Exchange Commission. "AQR Capital Management LLC. Form ADV," Page 10.

            11. \n

          11. D.E. Shaw. "Who We Are."

            12. \n

          12. D.E. Shaw. "What We Do."

            13. \n

          13. U.S. Securities and Exchange Commission. "D.E. Shaw & Co., L.P. Form ADV," Page 16.

            14. \n

          14. IBIS World. "Hedge Funds in the U.S."

            15. \n

          15. Renaissance Technologies. "About."

            16. \n

          16. Forbes. "Jim Simons."

            17. \n

          17. Simons Foundation. "Peter Brown, Ph.D."

            18. \n

          18. U.S. Securities and Exchange Commission. "Renaissance Technologies LLC. Form ADV," Page 8.

            19. \n

          19. Two Sigma. "Approach."

            20. \n

          20. U.S. Securities and Exchange Commission. "Two Sigma Investments, LP. Form ADV," Page 11.

            21. \n

          21. Elliott Investment Management. "What We Do."

            22. \n

          22. Elliot Investment Management. "About Elliott."

            23. \n

          23. Barnes & Noble. "Elliott Completes Acquisition of Barnes & Noble."

            24. \n

          24. Farallon Capital. "About Us."

            25. \n

          25. U.S. Securities and Exchange Commission. "Farallon Capital Management, L.L.C.," Page 11.

            26. \n

          26. Ruffer. "Funds."

            27. \n

          27. Ruffer. "About."

            28. \n

          28. U.S. Securities and Exchange Commission. "Ruffer LLP," Page 8.

            29. \n

          29. Man Group. "Our History."

            30. \n

          30. U.S. Securities and Exchange Commission. "Man Solutions Limited. Form ADV," Page 13.

            31. \n

          31. U.S. Securities and Exchange Commission. "Accredited Investor."

            32. \n
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          Related Terms
          \n
          Hedge Fund Manager: Definition, Strategies, and Compensation\n
          A hedge fund manager oversees investments made with the pool of funds placed in the fund by investors. Often, they're compensated by the 2-and-20 fee structure.
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          What Is a Family Office and Do You Need One?\n
          Family offices are private wealth management advisory firms that serve ultra-high-net-worth individuals.
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          What Are Alternative Investments? Definition and Examples\n
          An alternative investment is a financial asset that does not fall into one of the conventional investment categories which are stocks, bonds or cash.
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          Hedge Fund Definition, Examples, Types, and Strategies\n
          A hedge fund is a limited partnership of private investors whose money is managed by fund managers who invest in risky or non-traditional assets.
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          Market Neutral: Definition, How Strategy Works, Risk and Benefits\n
          Market neutral is a risk-minimizing strategy that entails a portfolio manager picking long and short positions so they gain in either market direction.
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          Two and Twenty: Explanation of the Hedge Fund Fee Structure\n
          Two and Twenty is a typical fee structure that includes a management fee and a performance fee and is typically charged by hedge fund managers.
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