Sunday, 1 February 2015
Last updated 2 days ago
Jan 10 2012 | 12:36pm ET
In a year in which just 21 billion-dollar-plus hedge funds managed double-digit (positive) returns, Tiger Global Management's flagship stood head and shoulders above the competition.
The $6 billion long/short fund, headed by Chase Coleman and Feroz Dewan, returned 45% last year, good enough to top Bloomberg Markets magazine's annual ranking of the 100 richest hedge funds in the world. They weren't alone among Tiger Management alumni; indeed, the surfeit of Julian Robertson protégés on the list was Bloomberg Markets' primary takeaway.
In addition to Coleman's Tiger Global, funds run by Tiger cubs Philippe Laffont and Bill Hwang also made the top 20.
Renaissance Technologies' Institutional Equities Fund was second on the list, with a 33.1% return, followed by Bridgewater Associates' Pure Alpha II at 23.5%, Capital Fund Management's Discus Management Futures Program at 20.9% and Providence Investment Management's MBS fund at 20.6%. RenTech and Bridgewater are among the firms with multiple entrants on the big list, as is sixth-place D.E. Shaw Group. Other firms with multiple entries included Brevan Howard Asset Management, with three, AQR Capital Management, France's Capital Fund Management, Capula Investment Management and GoldenTree Asset Management.
Even Paulson & Co., whose largest fund lost 52% last year merited a mention on the list. It's $1.2 billion gold fund returned 9.8%. Bloomberg Markets's numbers take into account only the first 10 months of 2011.
The big boys of the hedge fund world were matched, in terms of performance, by what Bloomberg calls mid-sized hedge funds, those with between $250 million and $1 billion in assets. On that list, RK Capital Management's Red Kite Compass commodities fund dominated, with a 47% return, better even than the cover boys at Tiger Global. Likewise, Quantitative Investment Management's Tactical Aggressive fund nearly matched RenTech's performance to take the second spot on the mid-sized list, with a 32.1% return.
Zais Group's asset-backed Opportunity Fund returned 27.9%, Marshall Wace Asset Management's MW Global Opportunities fund 25%, Contour Asset Management's Brummer & Partners Manticore 23%, FSMI Financial Services' Friedberg Global-Macro Hedge fund 20.8%, BlackRock's 32 Capital Master fund 20.1%, Saba Capital Management's Tail Risk fund 20%, Platinum Management's Value Arbitrage Master fund 19.8% and China-based Bohong Tianjin Fund Management's Pipe Enhanced Index fund 19.4%.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…