Top Hedge Funds (2024)

What are the Top Hedge Funds?

The Top Hedge Funds in 2023 are compiled in the following list, where the rankings are based on their assets under management (AUM).

Top Hedge Funds (1)

Top Hedge Funds Rankings List

To access our comprehensive database of 400 hedge funds and investment firms in the public equities market,fill out the form below to download the Excel spreadsheet.

What are the Largest 100 Hedge Funds Ranked by AUM?

The following table lists the largest hedge funds in 2023 ranked by assets under management (AUM).

RankFirm NameCityStateCountryADV Filing DateAUM ($mm)
1Millennium ManagementNew YorkNYUnited States09/26/2023$390,617
2Citadel AdvisorsMiamiFLUnited States07/07/2023$339,079
3Bridgewater AssociatesWestportCTUnited States04/21/2023$196,834
4Balyasny Asset ManagementChicagoILUnited States05/18/2023$184,423
5Mariner Investment GroupHarrisonNYUnited States03/30/2023$180,437
6Arrowstreet CapitalBostonMAUnited States09/05/2023$171,377
7Brookfield Asset ManagementNew YorkNYUnited States07/03/2023$159,981
8Man GroupLondonEnglandUnited Kingdom07/10/2023$151,700
9Point72 Asset ManagementStamfordCTUnited States07/06/2023$139,912
10Artisan PartnersMilwaukeeWIUnited States06/30/2023$128,676
11AQR Capital ManagementGreenwichCTUnited States03/31/2023$119,997
12Clearbridge InvestmentsNew YorkNYUnited States08/23/2023$111,196
13D. E. Shaw & Co.New YorkNYUnited States07/10/2023$109,282
14Renaissance TechnologiesNew YorkNYUnited States07/12/2023$106,027
15Garda Capital PartnersWayzataMNUnited States08/07/2023$105,664
16Wilshire AdvisorsSanta MonicaCAUnited States03/21/2023$95,287
17Harris AssociatesChicagoILUnited States07/18/2023$94,139
18Elliott Investment ManagementWest Palm BeachFLUnited States03/29/2023$93,207
19Exoduspoint Capital ManagementNew YorkNYUnited States04/10/2023$90,256
20Cambridge AssociatesBostonMAUnited States03/30/2023$78,909
21Alphadyne Asset ManagementNew YorkNYUnited States08/29/2023$76,677
22Fortress Investment GroupNew YorkNYUnited States05/16/2023$73,630
23Squarepoint CapitalNew YorkNYUnited States08/10/2023$72,711
24Bracebridge CapitalBostonMAUnited States07/05/2023$71,843
25Starwood Capital GroupMiami BeachFLUnited States03/31/2023$71,330
26Two Sigma InvestmentsNew YorkNYUnited States08/24/2023$70,803
27Element Capital ManagementNew YorkNYUnited States07/14/2023$68,583
28Two Sigma AdvisersNew YorkNYUnited States03/30/2023$67,471
29Blackstone Alternative Asset Management (BAAM)New YorkNYUnited States08/24/2023$66,937
30Oak Hill AdvisorsNew YorkNYUnited States07/12/2023$63,165
31Sanders CapitalWest Palm BeachFLUnited States08/27/2023$61,660
32Tiger Global ManagementNew YorkNYUnited States05/09/2023$58,515
33Pinebridge InvestmentsNew YorkNYUnited States03/29/2023$58,042
34Schonfeld Strategic AdvisorsNew YorkNYUnited States07/13/2023$56,944
35TCW Asset ManagementLos AngelesCAUnited States05/12/2023$54,237
36Viking Global InvestorsGreenwichCTUnited States06/26/2023$52,147
37AHL PartnersLondonEnglandUnited Kingdom08/17/2023$52,080
38Lighthouse Investment PartnersPalm Beach GardensFLUnited States08/28/2023$51,918
39Ares Capital ManagementLos AngelesCAUnited States08/25/2023$51,191
40Haidar Capital ManagementPearl RiverNYUnited States08/22/2023$49,839
41Coatue ManagementNew YorkNYUnited States03/30/2023$47,876
42Sculptor CapitalNew YorkNYUnited States05/26/2023$45,974
43Select Equity GroupNew YorkNYUnited States06/30/2023$45,142
44Jupiter Asset ManagementLondonEnglandUnited Kingdom06/05/2023$44,662
45Adage Capital ManagementBostonMAUnited States08/08/2023$44,628
46Verition Fund ManagementGreenwichCTUnited States07/03/2023$43,630
47Capstone Investment AdvisorsNew YorkNYUnited States07/19/2023$43,429
48Crescent Capital GroupLos AngelesCAUnited States05/18/2023$42,746
49Tudor Investment CorporationStamfordCTUnited States04/21/2023$42,611
50Farallon Capital ManagementSan FranciscoCAUnited States07/20/2023$41,249
51Davidson Kempner Capital ManagementNew YorkNYUnited States08/08/2023$40,819
52Moore Capital ManagementNew YorkNYUnited States05/03/2023$40,197
53Hudson AdvisorsNew YorkNYUnited States08/28/2023$33,325
54Lone Star FundsDallasTXUnited States08/22/2023$33,190
55Grosvenor Capital ManagementChicagoILUnited States08/23/2023$33,172
56Sands Capital ManagementArlingtonVAUnited States07/07/2023$32,206
57Octagon Credit InvestorsNew YorkNYUnited States04/20/2023$31,365
58Ruffer Investment CompanyLondonEnglandUnited Kingdom06/28/2023$31,345
59GC Advisors (Golub Capital)ChicagoILUnited States06/21/2023$30,175
60HBK Capital ManagementDallasTXUnited States03/31/2023$28,457
61D1 Capital PartnersNew YorkNYUnited States03/31/2023$27,551
62The Baupost GroupBostonMAUnited States08/31/2023$27,385
63Voloridge Investment ManagementJupiterFLUnited States06/14/2023$27,140
64Hudson Bay Capital ManagementGreenwichCTUnited States06/21/2023$27,110
65Fulcrum Asset ManagementLondonEnglandUnited Kingdom03/30/2023$27,043
66Holocene AdvisorsNew YorkNYUnited States06/15/2023$26,486
67King Street Capital ManagementNew YorkNYUnited States08/29/2023$26,126
68Anchorage Capital GroupNew YorkNYUnited States06/15/2023$25,970
69Rockefeller Capital ManagementNew YorkNYUnited States07/26/2023$25,816
70Brigade Capital ManagementNew YorkNYUnited States07/12/2023$25,603
71Magnetar FinancialEvanstonILUnited States08/21/2023$24,733
72Parallax Volatility AdvisersSan FranciscoCAUnited States03/20/2023$24,601
73First Pacific AdvisorsLos AngelesCAUnited States03/30/2023$24,343
74Eagle Capital ManagementNew YorkNYUnited States05/30/2023$23,926
75Makena Capital ManagementMenlo ParkCAUnited States05/23/2023$23,696
76Baker BrosNew YorkNYUnited States03/31/2023$23,155
77Silver Point CapitalGreenwichCTUnited States05/01/2023$22,450
78Caxton AssociatesNew YorkNYUnited States03/31/2023$22,258
79Edgepoint Investment GroupTorontoOntarioCanada06/28/2023$21,906
80TFG Asset ManagementNew YorkNYUnited States06/30/2023$21,763
81Dragoneer Investment GroupSan FranciscoCAUnited States08/11/2023$21,729
82ArrowMark PartnersDenverCOUnited States03/30/2023$21,395
83Crestline ManagementFort WorthTXUnited States06/06/2023$20,825
84Hall Capital PartnersSan FranciscoCAUnited States04/24/2023$20,520
85AB CarVal InvestorsMinneapolisMNUnited States03/29/2023$19,366
86Tenaron Capital ManagementNew YorkNYUnited States06/30/2023$18,974
87Marshall WaceNew YorkNYUnited States03/31/2023$18,865
88Sali Fund ServicesAustinTXUnited States08/21/2023$18,775
89Orbimed AdvisorsNew YorkNYUnited States03/31/2023$18,278
90Alpha Wave GlobalNew YorkNYUnited States03/31/2023$18,195
91Third Point ManagementNew YorkNYUnited States08/11/2023$17,965
92Strategic Value PartnersGreenwichCTUnited States08/17/2023$17,609
93Lone Pine CapitalGreenwichCTUnited States03/29/2023$17,076
94Fred Alger ManagementNew YorkNYUnited States03/29/2023$16,989
953G Capital PartnersNew YorkNYUnited States08/31/2023$16,960
96Thompson Siegel & WalmsleyRichmondVAUnited States05/15/2023$16,810
97Woodline PartnersSan FranciscoCAUnited States08/03/2023$16,755
98Axiom InvestorsGreenwichCTUnited States08/09/2023$16,573
99The Colony GroupBostonMAUnited States03/31/2023$16,363
100Pershing Square Capital ManagementNew YorkNYUnited States03/31/2023$16,000

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Who are the Top 10 Hedge Funds and Managers?

In the following section, we’ll describe the top ten largest hedge funds, the origins of each firm, and a brief description of their respective investment strategies.

1. Millennium Management – Israel Englander

Founded in 1989 by Israel Englander, Millennium Management is a New York-based hedge fund that uses a global multi-strategy approach to investing.

Millennium’s investment strategies are broad in scope, where capital is allocated toward equity and debt securities, as well as currencies and more speculative derivative instruments.

In particular, there are four primary strategies in the Millennium business model:

  1. RV Fundamental Equity → Fundamental research is performed on companies from generalists and specialists within a particular sector (or sub-sector).
  2. Equity Arbitrage → Systematic and fundamental arbitrage strategies are used to invest across the entire capital structure, often using derivatives. The common strategies include merger arbitrage, event-driven strategies (i.e. special situations), convertible arbitrage, option-volatility trading, and more.
  3. Fixed Income Strategies → Strategies to capitalize on change interest rates, macroeconomic conditions, commodities, and credit (e.g. fixed income securities, mortgages, asset-backed securities, etc.
  4. Quantitative Strategies → Quantitatively driven investing systems to identify opportunities in various asset classes, including global equities, foreign exchange instruments (FX), and the derivatives market.

2. Citadel Advisors – Ken Griffin

Founded by Ken Griffin in 1990, Citadel Advisors is a leading investment firm widely recognized as one of the most successful hedge funds in terms of returns (i.e. net gains) and profitability since inception.

Citadel invests in a wide range of asset classes and geographies, with the singular focus on achieving industry-leading returns.

Citadel specializes in five distinct strategies.

  1. Commodities
  2. Credit & Convertibles
  3. Equities
  4. Global Fixed Income and Macro
  5. Global Quantitative Strategies (GQS)

3. Bridgewater Associates – Ray Dalio

Bridgewater Associates was founded in 1975 by Ray Dalio, one of the most widely recognized hedge fund managers, not only for his consistent track record of strong returns and perspective of investing, but also for corporate management and workplace culture to optimize performance.

Bridgewater, now headquartered in Connecticut, rose to prominence amid periods of market turmoil, where the fund’s portfolio risk mitigation strategies allowed it to navigate periods of significant market volatility.

Dalio describes the strategy of Bridgewater as a “global macro fund”, in which the core objective of constructing a portfolio is to generate uncorrelated returns.

Bridgewater is considered a pioneer of risk-parity investing and portfolio construction, where an investment portfolio can perform well across different economic conditions.

4. Balyasny Asset Management (BAM) – Dmitry Balyasny

Balyasny Asset Management (BAM) was founded in 2021 by a trio of co-founders – Dmitry Balyasny, Scott Schroeder and Taylor O’Malley – in the state of Chicago.

Originally, Balyasny Asset Management (BAM) focused on fundamental investing in equities and long/short investing to hedge portfolio risk.

However, Balyasny later transitioned into a multi-strategy hedge fund, as its assets under management (AUM) expanded and returns started to trail its competitors.

After a period of underperformance, BAM’s strategies started to include early-stage investing, commodities, and macro. In particular, macro strategies have become a more critical part of the portfolio construction of Balyasny.

5. Mariner Investment Group – William Michaelcheck

William Michaelcheck foundered 1992 in the Mariner Investment Group, after serving as the co-head of the fixed-income department at Bear Stearns.

Since then, Mariner has become one of the top alternative investment firms offering highly-specialized strategies to invest across both the public and private markets.

Led by Michaelcheck, Mariner maintained its strong commitment to risk management as an integral part of the firm’s investment strategies.

Mariner’s investment platform consists of three distinct categories:

  1. Fixed Income Multi-Strategy
  2. Relative Value (Catalyst Driven, Idiosyncratic Dislocations in the Markets, Event-Driven Long/Short Strategy, Value-Oriented Approach to Distressed Investing
  3. Credit Investing (Opportunistic Investing in MBS & ABS Market, CMBS, and Commercial Real Estate Capital Markets)

6. Arrowstreet Capital – Bruce Clarke, Peter Rathjens and John Campbell

Founded in 1999 by Bruce Clarke, Peter Rathjens, and John Campbell, Arrowstreet Capital is a Boston-based hedge fund that offers discretionary global equity investment strategies to institutional clients.

The investment strategies used by the firm include long-only, long-only, alpha extension and long/short techniques, while also utilizing various speculative instruments, such as swaps and futures.

The firm’s research process is oriented around the use of proprietary, quantitative models to identify investment opportunities, as well as to evaluate predictive factors as a form of mitigating risk and reducing capital losses.

7. The Man Group – James Man

The Man Group is an asset manager with a history of more than 230 years, including 25 years in investment management.

The firm focuses on long-term, risk-adjusted returns by utilizing long-only and long-short strategies, among other investment styles (and often in other asset classes).

The core principle of the Man Group and its capabilities are connected to access to cutting-edge technology and computing, especially around machine learning (ML).

Of the funds belonging to Man Group, the common theme is quantitative equity investing and systematic investing. In addition, various firms have been acquired that specialize in other strategies, such as long-only strategies, the private markets, and direct lending via the acquisition of Varagon.

8. Point72 Asset Management – Steven A. Cohen

Founded in 2014 by Steven A. Cohen, Point72 Asset Management is the successor of S.A.C. Capital Advisors.

Headquartered in Connecticut, Point72 is a global investment firm that invests across multiple asset classes and employs various strategies worldwide.

The strategies deployed by Point72 include discretionary long-short equity (L/S), systematic trading, and macro investing strategies.

In recent times, Point72 has also expanded into the private markets via Point72 Ventures, while Cohen became the majority owner of the New York Mets.

9. Artisan Partners – Andrew Ziegler

Established in 1994, Artisan Partners uses a diverse range of investment strategies across multiple asset classes and securities to generate profitable returns.

Headquartered in Wisconsin, the investment professionals of Artisan Partners manage a range of actively managed strategies and focus on process-driven results (i.e. “autonomous”).

Each team is given discretion in constructing their portfolio. However, the investment process is consistent and disciplined to remain true to the firm’s origins.

Each strategy is targeted around a pre-determined investment theme, where opportunities exist to generate excess returns beyond the set benchmarks.

10. AQR Capital Management – Cliff Asness

AQR Capital was founded in 1998 by Cliff Asness, David Kabiller, John Liew, and Robert Krail.

Since its founding days, AQR has gathered a reputation for being at the forefront of investment innovation, as the firm blends technology, data, and behavioral finance to generate sustainable, long-term value.

There are three core principles that AQR was established upon:

  1. Fundamental Investing → The reliance on sound economic theory and intuition to produce favorable outcomes that are repeatable over the long run, which requires conducting research-driven fundamental analysis and compiling practical insights.
  2. Systematically Applied → The investment process must adhere to a disciplined methodology, where the focus is on the continuous cycle of design, refinement, and testing.
  3. Thoughtfully Designed → In managing risk while constructing a portfolio, qualitative and quantitative tools are used to ensure each detail in the investment process is closely analyzed.

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