top-pERFoRMING

lARGE HEDGE FUnDS

management Firm, location Tiger Global Management, U.S. Renaissance Technologies, U.S. Bridgewater Associates, U.S. Capital Fund Management, France Providence Investment Management, U.S. D.E. Shaw & Co., U.S. Bridgewater Associates, U.S. Dymon Asia Capital, Singapore Citadel Investment Group, U.S. Coatue Capital Management, U.S. Capital Fund Management, France OxFORD Asset Management, U.K. Structured Portfolio Management, U.S. Bridgewater Associates, U.S. Autonomy Capital, U.K. BlackRock Alternative Investors, U.S. Structured Portfolio Management, U.S. GSA Capital Partners, U.K. JAT Capital Management, U.S. Brevan Howard Asset Management, U.K. MKP Capital Management, U.S. Paulson & Co., U.S. Cerberus Capital Management, U.S. Capula Investment Management, U.K. MQ Portfolio Management, Australia Tiger Asia Management, U.S. Fortress Investment Group, U.S. Saba Capital Management, U.S. D.E. Shaw & Co., U.S. Fund, manager(s)
1 2 3 4 5 6 7

100

strategy Long/short Quantitative Macro Managed futures Mortgage-backed arbitrage Multistrategy Macro Macro Multistrategy Long/short Multistrategy Quantitative Fixed income Macro Macro Fixed income Fixed income Quantitative Long/short Macro Macro Commodities Distressed Tail risk Long/short Long/short Credit Credit Multistrategy

ASSETS, In BIllIOnS

YTD TOTAl RETURn

2010 RETURn

Tiger Global, Chase Coleman, Feroz Dewan Renaissance Institutional Equities, Peter Brown, Robert Mercer Pure Alpha II, Ray Dalio Discus Managed Futures Program, Team managed Providence MBS, Russell Jeffrey Oculus, David E. Shaw All Weather 12%, Ray Dalio Dymon Asia Macro, Danny Yong Citadel, Ken Griffin

6.0 7.0 53.0 2.5

45.0% 33.1 23.5 20.9

18.0% 16.4 44.8 6.7

1.3 7.0 4.4 1.6 11.0 4.7 3.7 2.0 1.0 11.0 2.1 2.4 1.6 1.0 2.5 26.4 1.2 1.2 1.8 2.3 1.6 1.3 5.0 3.9 16.0

20.6 19.0 17.8 17.8 17.7 16.9 16.6 16.4 15.7 14.9 13.9 13.8 13.5 13.0 12.7 10.8 10.7 9.8 8.9 8.6 8.6 8.6 8.4 8.1 8.0

30.3 6.9 21.2 15.2 10.8 18.7 1.6 25.9 34.8 27.4 26.3 10.8 51.0 12.1 11.0 1.0 0.3 35.0 7.4 7.9 10.3 0.5 25.5 11.0 2.5

10 Coatue Management, Philippe Laffont 11 Stratus Multi-Strategy Program, Team managed 12 OxAM Quant Fund, Andre Stern, Steve Mobbs, Steven Kurlander 13 SPM Core, Don Brownstein, William Mok 14 Pure Alpha I, Ray Dalio 15 Autonomy Global Macro, Robert Gibbins 16 BlackRock Fixed Income Global Alpha, Tim Webb 17 SPM Structured Servicing Holdings, Don Brownstein, William Mok 18 GSA Capital International, Jonathan Hiscock, David Khabie-Zeitoune 19 JAT Capital, John Thaler 20 Brevan Howard Master, Alan Howard 21 MKP Opportunity Offshore, Patrick McMahon 22 Paulson Gold, John Paulson 23 Cerberus International, Stephen Feinberg 24 Capula Tail Risk, Yan Huo

Macquarie Asian Alpha A, Nick Bird, Andrew Alexander Tiger Asia, Bill Hwang
27 Drawbridge Special Opportunities, Peter L. Briger Jr. 28 Saba Capital Offshore, Boaz Weinstein 29 D.E. Shaw Composite, David Shaw

February 2012 bloomberg markets 33

100

THE WORLDS RICHEST HEDGE FuNDS

100 TOP-PERFORMING LARGE HEDGE FUNDS

management Firm, location Claren Road Asset Management, U.S. Brevan Howard Asset Management, U.K. GSO Capital Partners, U.S. SAC Capital Advisors, U.S. AQR Capital Management, U.S. Oceanic Investment Management, U.K. AQR Capital Management, U.S. Fore Research & Management, U.S. strategy Credit Macro Credit Long/short Multistrategy Transport/Energy Macro Multistrategy
ASSETS, In BIllIOnS YTD TOTAl RETURn 2010 RETURn

Fund, manager(s)
30 Claren Road Credit Master, John Eckerson, Sean Fahey, Brian Riano 31 Brevan Howard Asia Master, Kaspar Ernst 32 GSO Special Situations, Louis Salvatore, Jason New, Michael Whitman

4.2 1.7 3.1 14.0 1.3 1.5 5.0 1.4 7.8 1.9 3.2 3.4 1.0 1.3 1.1 1.4 8.5 1.1 1.2 6.7 3.0 1.7 9.1 8.5 1.5 1.3 1.4 19.0 2.0 4.0 3.4 2.3 1.9 1.1 1.8 4.7

7.3 7.2 7.0 7.0 6.8 6.7 6.5 6.4 6.4 6.2 6.1 5.9 5.8 5.5 5.5 5.4 5.3 5.2 5.2 5.0 4.9 4.7 4.6 4.6 4.6 4.4 4.4 4.3 4.2 4.0 4.0 3.9 3.9 3.9 3.9 3.8

4.6 1.8 17.8 14.3 16.9 0.5 29.4 13.4 13.2 47.1 16.1 10.5 9.7 2.1 13.9 58.4 3.9 6.8 6.7 9.6 27.9 25.3 12.8 6.5 14.2 13.4 7.5 7.4 21.8 12.0 22.8 22.4 34.9 9.0 31.8 5.3

SAC Capital International, Steven Cohen

34 AQR Absolute Return, Team managed 35 Oceanic Hedge, Cato Brahde 36 AQR Global Risk Premium, Team managed 37 Fore Multi Strategy, Matthew Li

Millennium International, Israel Englander

39 Tarpon All Equities, Jose Carlos Magalhaes 40 Brummer & Partners Nektar, Kent Janer and team 41 Tewksbury Investment, Matthew Tewksbury 42 Vantage Global Investment, Andrew Veglio di Castelletto 43 Brevan Howard Multi-Strategy Master, Alan Howard

Millennium International Management, U.S. Multistrategy TIG Holding, Brazil nektar Asset Management, Sweden Stevens Capital Management, U.S. Vantage Investment Management, U.K. Brevan Howard Asset Management, U.K. Pine River Capital Management, U.S. VR Capital Group, Russia Viking Global Investors, U.S. Exane Asset Management, France Prologue Capital, U.K. Capula Investment Management, U.K. Ortus Capital Management, Hong Kong Halcyon Asset Management, U.S. BlueCrest Capital Management, U.K. Long/short Macro Managed futures Long/short Multistrategy Multistrategy Distressed Long/short Long/short Fixed-income Fixed-income Macro Asset-backed Macro Multistrategy Macro Multistrategy Volatility Multistrategy Managed futures Multistrategy Managed futures

Pine River, Aaron Yeary

45 VR Global Offshore, Richard Deitz 46 Viking Global Equities III, Andreas Halvorsen 47 Exane Archimedes, Cesar Zeitouni, Gilles Lenoir

Prologue Feeder A, Graham Walsh, David Lofthouse

49 Capula Global Relative Value A$, Yan Huo, Masao Asai 50 Ortus Currency Program, Joe Zhou 51 Halcyon Asset-Backed Strategy, Joseph Wolnick, James Coppola, Joe Godley 52 BlueCrest Capital International, Michael Platt

Goldman Sachs Investment Partners Offshore, Ranaan Agus, Kenneth Eberts Goldman Sachs Asset Management, U.S. Graham Discretionary Portfolio 12V, Kenneth Tropin
55 Atlas Global Investments Unrestricted, Dmitry Balyasny

Graham Capital Management, U.S. Balyasny Asset Management, U.S. Ionic Capital Management, U.S. Elliott Management, U.S. Ikos Asset Management, Cyprus QVT Financial, U.S. Renaissance Technologies, U.S.

Ionic Capital Master, Bart Baum, Dan Stone, Adam Radosti

57 Elliott Associates, Paul Singer 58 Ikos Futures USD, Elena Ambrosiadou 59 QVT, Daniel Gold

Renaissance Institutional Futures, Robert Lourie

61 BTG Pactual Global Emerging Markets and Macro, Simeon Schwartz

BTG Pactual Global Asset Management, U.S. Macro GoldenTree Asset Management, U.S. Hudson Bay Capital Management, U.S. Pine River Capital Management, U.S. Comac Capital, U.K. Credit Multistrategy Mortgage backed Macro

Golden Tree Credit Opportunities, Steven Tananbaum Hudson Bay, Sander Gerber Pine River Fixed Income, Steve Kuhn
65 Comac Global Macro, Colm OShea

100 TOP-PERFORMING LARGE HEDGE FUNDS

Fund, manager(s)
66 Discovery Global Opportunity, Robert Citrone

management Firm, location Discovery Capital Management, U.S. Scopia Management, U.S. Wolverine Asset Management, U.S. Trilogy Capital, U.S. Winton Capital Management, U.K. Brigade Capital Management, U.S. BlueMountain Capital Management, U.S. Mako Investment Managers, U.K. DW Investment Management, U.S. Silver Point Capital, U.S. Tudor Investment, U.S. Quantitative Investment Management, U.S. Gracie Capital, U.S. Graham Capital Management, U.S. Golden Tree Asset Management, U.S. TIG Holding, Brazil Element Capital Management, U.S. Pacific Investment Management, U.S. BlackRock Alternative Investors, U.S. Greenlight Capital, U.S. Futuris Asset Management, Sweden Highbridge Capital Management, U.S. litespeed Management, U.S. P. Schoenfeld Asset Management, U.S. CQS Investment Management, U.K. Exane Asset Management, France Credit Suisse Hedging-Griffo, Brazil Steadfast Capital Management, U.S. Columbia Investment Advisers, U.S. lucidus Capital Partners, U.K. Davidson Kempner Capital, U.S. Balestra Capital, U.S. Oak Hill Advisors, U.S. Third Point, U.S. Watershed Asset Management, U.S.

strategy Emerging markets Long/short Convertible arbitrage Credit Managed futures Long/short Credit Fixed income Credit Event driven Macro Managed futures Credit Macro Credit Long/short Fixed income Fixed income Multistrategy Long/short Long/short Market neutral Distressed Event driven Asset backed Long/short Macro Long/short Long/short tech Credit Multistrategy Macro Credit Event driven Event driven

ASSETS, In BIllIOnS

YTD TOTAl RETURn

2010 RETURn

5.2 1.0 1.4 1.2 26.1 5.0 3.4 1.1 2.0 4.3 7.9 3.9 1.8 1.7 2.7 1.5 3.0 2.3 1.4 7.8 1.3 1.1 1.0 1.0 1.9 1.1 1.5 2.2 1.8 1.0 6.6 1.8 1.1 4.3 1.4

3.7 3.7 3.7 3.6 3.6 3.5 3.3 3.3 3.2 3.2 2.9 2.8 2.7 2.4 2.2 2.1 2.0 1.9 1.8 1.8 1.7 1.7 1.7 1.7 1.6 1.6 1.6 1.6 1.4 1.2 1.1 0.9 0.9 0.9 0.8

16.9 1.6 15.4 20.9 14.5 3.8 12.3 12.2 13.5 19.4 7.4 3.4 4.3 7.2 23.6 40.3 27.6 11.4 10.3 15.9 7.8 nA 16.8 8.0 19.2 2.3 7.8 7.0 8.4 5.9 9.3 3.2 15.5 33.8 10.7

Scopia PX International, Matthew Sirovich Wolverine Convertible Arbitrage Trading, Chris Gust
69 Trilogy Financial Partners, Jonathan Rosenstein

Winton Futures, David Winton Harding

71 Brigade Leveraged Capital Structures, Don Morgan 72 BlueMountain Credit Alternatives, Andrew Feldstein

Pelagus Capital, Bruno usai

74 Brevan Howard Credit Catalysts, David Warren

Silver Point Capital Offshore, Edward Mule

76 Tudor BVI Global, Paul Tudor Jones 77 Quantitative Investment Management Global Program, Jaffray Woodriff 78 Gracie International Credit Opportunities, James Palmisciano 79 Graham Discretionary Portfolio 6V, Kenneth Tropin 80 Golden Tree Master, Steven Tananbaum 81 Tarpon HG, Jose Carlos Magalhaes 82 Element Capital, Jeffrey Talpins 83 Pimco Absolute Return IV, Bill Gross 84 BlackRock Multi-Strategy, Grace Gu

Greenlight Capital, David Einhorn

86 Brummer & Partners Futuris, Arne Vaagen, Karl-Mikael Syding, Mattias Nilsson

Highbridge Statistical Opportunities A, Evan Dick, Alain Sunier,

Jerome Benveniste, Peter Beebee

Litespeed Partners A, Jamie Zimmerman PSAM WorldArb Partners, Peter Schoenfeld

90 CQS ABS Feeder Class B, Alistair Lumsden

Exane Templiers, Jean-Francois Roussel Green, Luis Stuhlberger Steadfast International E, Robert S. Pitts Jr.
94 Seligman Tech Spectrum, Paul Wick 95 Green T G2 Fund, Darryl Green, Geoff Sherry 96 Davidson Kempner International Class C, Thomas L. Kempner Jr. 97 Balestra Capital Partners, Jim Melcher

Oak Hill Credit Alpha Offshore, Robert Okun, Scott Krase, Glenn August Third Point Offshore, Daniel Loeb
100 Watershed Capital Partners, Meridee Moore

Returns are for the 10 months ended on Oct. 31. Includes funds with more than $1 billion in assets. Sources: Bloomberg, hedge-fund databases, hedge-fund firms, investors

February 2012 bloomberg markets 35