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Top Hedge Funds

Comprehensive Guide to Understanding the Top Hedge Funds by AUM

Last Updated February 20, 2024

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Top Hedge Funds

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.

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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).

Rank Firm Name City State Country ADV Filing Date AUM ($mm)
1 Millennium Management New York NY United States 09/26/2023 $390,617
2 Citadel Advisors Miami FL United States 07/07/2023 $339,079
3 Bridgewater Associates Westport CT United States 04/21/2023 $196,834
4 Balyasny Asset Management Chicago IL United States 05/18/2023 $184,423
5 Mariner Investment Group Harrison NY United States 03/30/2023 $180,437
6 Arrowstreet Capital Boston MA United States 09/05/2023 $171,377
7 Brookfield Asset Management New York NY United States 07/03/2023 $159,981
8 Man Group London England United Kingdom 07/10/2023 $151,700
9 Point72 Asset Management Stamford CT United States 07/06/2023 $139,912
10 Artisan Partners Milwaukee WI United States 06/30/2023 $128,676
11 AQR Capital Management Greenwich CT United States 03/31/2023 $119,997
12 Clearbridge Investments New York NY United States 08/23/2023 $111,196
13 D. E. Shaw & Co. New York NY United States 07/10/2023 $109,282
14 Renaissance Technologies New York NY United States 07/12/2023 $106,027
15 Garda Capital Partners Wayzata MN United States 08/07/2023 $105,664
16 Wilshire Advisors Santa Monica CA United States 03/21/2023 $95,287
17 Harris Associates Chicago IL United States 07/18/2023 $94,139
18 Elliott Investment Management West Palm Beach FL United States 03/29/2023 $93,207
19 Exoduspoint Capital Management New York NY United States 04/10/2023 $90,256
20 Cambridge Associates Boston MA United States 03/30/2023 $78,909
21 Alphadyne Asset Management New York NY United States 08/29/2023 $76,677
22 Fortress Investment Group New York NY United States 05/16/2023 $73,630
23 Squarepoint Capital New York NY United States 08/10/2023 $72,711
24 Bracebridge Capital Boston MA United States 07/05/2023 $71,843
25 Starwood Capital Group Miami Beach FL United States 03/31/2023 $71,330
26 Two Sigma Investments New York NY United States 08/24/2023 $70,803
27 Element Capital Management New York NY United States 07/14/2023 $68,583
28 Two Sigma Advisers New York NY United States 03/30/2023 $67,471
29 Blackstone Alternative Asset Management (BAAM) New York NY United States 08/24/2023 $66,937
30 Oak Hill Advisors New York NY United States 07/12/2023 $63,165
31 Sanders Capital West Palm Beach FL United States 08/27/2023 $61,660
32 Tiger Global Management New York NY United States 05/09/2023 $58,515
33 Pinebridge Investments New York NY United States 03/29/2023 $58,042
34 Schonfeld Strategic Advisors New York NY United States 07/13/2023 $56,944
35 TCW Asset Management Los Angeles CA United States 05/12/2023 $54,237
36 Viking Global Investors Greenwich CT United States 06/26/2023 $52,147
37 AHL Partners London England United Kingdom 08/17/2023 $52,080
38 Lighthouse Investment Partners Palm Beach Gardens FL United States 08/28/2023 $51,918
39 Ares Capital Management Los Angeles CA United States 08/25/2023 $51,191
40 Haidar Capital Management Pearl River NY United States 08/22/2023 $49,839
41 Coatue Management New York NY United States 03/30/2023 $47,876
42 Sculptor Capital New York NY United States 05/26/2023 $45,974
43 Select Equity Group New York NY United States 06/30/2023 $45,142
44 Jupiter Asset Management London England United Kingdom 06/05/2023 $44,662
45 Adage Capital Management Boston MA United States 08/08/2023 $44,628
46 Verition Fund Management Greenwich CT United States 07/03/2023 $43,630
47 Capstone Investment Advisors New York NY United States 07/19/2023 $43,429
48 Crescent Capital Group Los Angeles CA United States 05/18/2023 $42,746
49 Tudor Investment Corporation Stamford CT United States 04/21/2023 $42,611
50 Farallon Capital Management San Francisco CA United States 07/20/2023 $41,249
51 Davidson Kempner Capital Management New York NY United States 08/08/2023 $40,819
52 Moore Capital Management New York NY United States 05/03/2023 $40,197
53 Hudson Advisors New York NY United States 08/28/2023 $33,325
54 Lone Star Funds Dallas TX United States 08/22/2023 $33,190
55 Grosvenor Capital Management Chicago IL United States 08/23/2023 $33,172
56 Sands Capital Management Arlington VA United States 07/07/2023 $32,206
57 Octagon Credit Investors New York NY United States 04/20/2023 $31,365
58 Ruffer Investment Company London England United Kingdom 06/28/2023 $31,345
59 GC Advisors (Golub Capital) Chicago IL United States 06/21/2023 $30,175
60 HBK Capital Management Dallas TX United States 03/31/2023 $28,457
61 D1 Capital Partners New York NY United States 03/31/2023 $27,551
62 The Baupost Group Boston MA United States 08/31/2023 $27,385
63 Voloridge Investment Management Jupiter FL United States 06/14/2023 $27,140
64 Hudson Bay Capital Management Greenwich CT United States 06/21/2023 $27,110
65 Fulcrum Asset Management London England United Kingdom 03/30/2023 $27,043
66 Holocene Advisors New York NY United States 06/15/2023 $26,486
67 King Street Capital Management New York NY United States 08/29/2023 $26,126
68 Anchorage Capital Group New York NY United States 06/15/2023 $25,970
69 Rockefeller Capital Management New York NY United States 07/26/2023 $25,816
70 Brigade Capital Management New York NY United States 07/12/2023 $25,603
71 Magnetar Financial Evanston IL United States 08/21/2023 $24,733
72 Parallax Volatility Advisers San Francisco CA United States 03/20/2023 $24,601
73 First Pacific Advisors Los Angeles CA United States 03/30/2023 $24,343
74 Eagle Capital Management New York NY United States 05/30/2023 $23,926
75 Makena Capital Management Menlo Park CA United States 05/23/2023 $23,696
76 Baker Bros New York NY United States 03/31/2023 $23,155
77 Silver Point Capital Greenwich CT United States 05/01/2023 $22,450
78 Caxton Associates New York NY United States 03/31/2023 $22,258
79 Edgepoint Investment Group Toronto Ontario Canada 06/28/2023 $21,906
80 TFG Asset Management New York NY United States 06/30/2023 $21,763
81 Dragoneer Investment Group San Francisco CA United States 08/11/2023 $21,729
82 ArrowMark Partners Denver CO United States 03/30/2023 $21,395
83 Crestline Management Fort Worth TX United States 06/06/2023 $20,825
84 Hall Capital Partners San Francisco CA United States 04/24/2023 $20,520
85 AB CarVal Investors Minneapolis MN United States 03/29/2023 $19,366
86 Tenaron Capital Management New York NY United States 06/30/2023 $18,974
87 Marshall Wace New York NY United States 03/31/2023 $18,865
88 Sali Fund Services Austin TX United States 08/21/2023 $18,775
89 Orbimed Advisors New York NY United States 03/31/2023 $18,278
90 Alpha Wave Global New York NY United States 03/31/2023 $18,195
91 Third Point Management New York NY United States 08/11/2023 $17,965
92 Strategic Value Partners Greenwich CT United States 08/17/2023 $17,609
93 Lone Pine Capital Greenwich CT United States 03/29/2023 $17,076
94 Fred Alger Management New York NY United States 03/29/2023 $16,989
95 3G Capital Partners New York NY United States 08/31/2023 $16,960
96 Thompson Siegel & Walmsley Richmond VA United States 05/15/2023 $16,810
97 Woodline Partners San Francisco CA United States 08/03/2023 $16,755
98 Axiom Investors Greenwich CT United States 08/09/2023 $16,573
99 The Colony Group Boston MA United States 03/31/2023 $16,363
100 Pershing Square Capital Management New York NY United States 03/31/2023 $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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