1.24.2013

Cold Weather has Hedge Funds Hot for Gas

With the Northeast and Midwest, as well as parts of the west, experiencing below average temperatures, hedge funds are raising their bets on natural gas. Net-long positions on natural gas were up 27.5% for the week ending January 15 according to the CFTC. Gas prices are up 17% since January 2nd and weather forecasts are predicting below normal temperatures for the last week of January.

Natural gas prices slid 1.5 percent in New York on Jan. 8 on speculation that mild weather would curtail heating demand, leaving stockpiles near a seasonal record. The futures then fell to a 15-week low on Jan. 9 as forecasts turned warmer for the eastern and central U.S. through Jan. 18.

U.S gas production in 2013 will average an all- time high of 69.84 billion cubic feet a day, up 0.4 percent from 69.59 billion estimated in December, the Energy Information Administration said Jan. 8 in its monthly Short-Term Energy Outlook. Supplies may climb 0.9 percent from last year, according to the EIA, an arm of the Energy Department.

Source: Financial Post

2013 - Top 50 US Hedge Funds

The top 50 hedge funds in the US manage in excess of $800 billion in assets. Bridgewater heads the list of the largest US hedge funds for 2013, followed by JP Morgan, and Paulson & Co. 40 of the top 50 hedge funds in the US had more than $10 billion in AUM beginning 2013.

Top 50 US Hedge Funds 2013:
Hedge FundCityStateAUM
Bridgewater AssociatesWestportCT$75.2 billion
JP Morgan Alternative InvestmentsNew YorkNY$49.5 billion
Paulson & Co.New YorkNY$35.2 billion
Wellington Management Company LLPBostonMA$32.4 billion
Och-Ziff Capital ManagementNew YorkNY$30.3 billion
BlackRock Investment Management AustraliaNew York $29.1 billion
Baupost GroupBostonMA$23.1 billion
Angelo Gordon & Co.New YorkNY$22.1 billion
AQR Capital ManagementGreenwichCT$21.65 billion
Renaissance TechnologiesEast SetauketNY$20.6 billion
Farallon Capital ManagementSan FranciscoCA$19.6 billion
King Street Capital ManagementNew YorkNY$18.8 billion
Lone Pine CapitalGreenwichCT$18.5 billion
Elliott ManagementNew YorkNY$18.1 billion
Goldman Sachs Asset ManagementNew YorkNY$17.5 billion
DE ShawNew YorkNY$17.4 billion
Two Sigma InvestmentsNew YorkNY$17 billion
Convexity Capital ManagementBostonMA$16.85 billion
GoldenTree Asset ManagementNew YorkNY$16.75 billion
Sankaty AdvisorsBostonMA$16.4 billion
Adage Capital ManagementBostonMA$15.9 billion
Moore Capital ManagementNew YorkNY$15.6 billion
Eton Park Capital ManagementNew YorkNY$15.4 billion
Marathon Asset ManagementNew YorkNY$15.2 billion
Tudor Investment CorporationGreenwichCT$13.6 billion
Canyon Capital AdvisorsLos AngelesCA$13.5 billion
Citadel Investment GroupChicagoIL$13 billion
5:15 Capital ManagementGreenwichCT$13 billion
Avenue Capital GroupNew YorkNY$12.6 billion
York Capital ManagementNew YorkNY$12.5 billion
Davidson Kempner Capital ManagementNew YorkNY$12.25 billion
Appaloosa ManagementChathamNJ$12 billion
Anchorage Capital GroupNew YorkNY$11.5 billion
Mesirow Advanced StrategiesChicagoIL$11.1 billion
Grantham, Mayo, Van Otterloo & Co.BostonMA$11 billion
EMF FinancialNew YorkNY$11 billion
Maverick CapitalDallasTX$10.8 billion
Aurora Investment ManagementChicagoIL$10.3 billion
Highfields Capital ManagementBostonMA$10.24 billion
Pershing Square Capital ManagementNew YorkNY$10.2 billion
Element Capital ManagementNew YorkNY$9.8 billion
Alliance Bernstein InstitutionalNew YorkNY$9.5 billion
Caxton AssociatesNew YorkNY$9.45 billion
Taconic Capital AdvisorsNew YorkNY$9.4 billion
Anchorage AdvisorsNew YorkNY$9.3 billion
Magnetar CapitalEvanstonIL$9.1 billion
Lighthouse Investment PartnersPalm Beach GardensFL$8.65 billion
Gresham Investment ManagementNew YorkNY$8.5 billion
Concordia AdvisorsNew YorkNY$8.4 billion
Brookside CapitalBostonMA$8.22 billion




Source: Hedge Lists

1.23.2013

2013 - Top 20 Swiss Hedge Funds

BlueCrest Capital Management remains atop the list of the largest hedge funds in Switzerland for 2013. Below are the Top 20 hedge funds in Switzerland based on assets under management as of January, 2013.



Hedge Fund
City
AUM (USD)
Strategies
BlueCrest Capital Management
Geneva
$28.8 billion
UBS Alternative Investment Solutions
Zurich
$27.3 billion
Fund of Funds
Unigestion SA
Geneva
$12.6 billion
Fund of Funds
CQS Switzerland
Geneva
$10.5 billion
Credit Suisse Alternatives
Zurich
$10.25 billion
Fund of Funds
Banca del Ceresio
Lugano
$10.22 billion
Fund of Funds
Gerifonds
Lausanne
$9.3 billion
Fund of Funds
Pictet Alternative Investments
Geneva
$8.94 billion
Fund of Funds
Lombard Odier Darier Hentsch & Cie
Geneva
$8.54 billion
Fund of Funds
Gottex Fund Management
Luausanne
$7.845 billion
Fund of Funds
Arden Asset Management
Zurich
$7.5 billion
Fund of Funds
EIM Group
Nyon
$7.2 billion
Fund of Funds
Cevian Capital
Pfäffikon
$7.1 billion
Clariden Leu
Zurich
$6.8 billion
Fixed Income
Cheyne Capital
Wollerau
$6.45 billion
Convertibles
Premium Currency Advisors
Zurich
$6.335 billion
FX
Harcourt Investment Consulting
Zurich
$4.92 billion
Fund of Funds
Jabre Capital Partners
Geneva
$4.86 billion
Multi Strategy
Notz Stucki
Geneva
$4.7 billion
Fund of Funds
Sciens Asset Management
Zurich
$4.64 billion



Source: Hedge Lists

2013 - Top 40 UK Hedge Funds

The list of the top 40 hedge funds in the United Kingdom as of January, 2013 is headed by TPG Capital ad Man Group. Brevan Howard Asset Management also remains among the largest UK hedge funds in 2013. Below is a list of the Top 40 UK hedge funds 2013:

Note: See the updated list of the Top 50 UK Hedge Funds 2017 

Top 40 UK Hedge Funds:
Hedge FundLocationAUM (USD)Strategies
TPG CapitalLondon$54.2 billion
Man GroupLondon$51.5 billionGlobal Macro
GMO UKLondon$39 billion
Brevan Howard Asset ManagementLondon$38.6 billionGlobal Macro
Och-Ziff Management EuropeLondon$32.1 billion
Coronation Fund ManagersLondon$30.26 billion
BlackRock Investment Management UKLondon$29.1 billionGlobal Macro
Winton Capital ManagementLondon$29 billionManaged Futures
GLG PartnersLondon$26.4 billionMulti Strategy
Highbridge Capital ManagementLondon$25.5 billionAbsolute Returns
Gartmore Investment ManagementLondon$22.7 billionLong/Short
Aerion Fund ManagementLondon$21.85 billionFund of Funds
Barclays Global InvestorsLondon$20.25 billionGlobal Macro
Lansdowne PartnersLondon$13.64 billionAbsolute Returns
Capula Investment Management LLPLondon$13 billionArbitrage
CQS Investment Management LimitedLondon$10.5 billionConvertibles
Thames River CapitalLondon$9.4 billionLong/Short
Henderson Global InvestorsLondon$8.5 billionGlobal Macro
Polygon Investment PartnersLondon$8.4 billionConvertibles
Aspect CapitalLondon$7.28 billionLong/Short
Fauchier PartnersLondon$7 billionAbsolute Returns
The Children's Investment Fund FoundationLondon$7 billionLong/Short
Silver Creek Capital ManagementLondon$6.89 billionFixed Income
HSBC Alternative InvestmentsLondon$6.5 billionMulti Strategy
Cheyne CapitalLondon$6.45 billionReal Estate
Cazenove Capital ManagementLondon$5.8 billionFund of Funds
Old Mutual Asset ManagersLondon$5.25 billionAsian Equity
Marshall WaceLondon$5.23 billionGlobal Macro
Clive CapitalLondon$5.02 billionCommodities
Sloane RobinsonLondon$4.9 billionLong/Short
Baring Asset ManagementLondon$4.7 billionFund of Funds
Sciens Asset ManagementLondon$4.64 billionFund of Funds
Polar Capital PartnersLondon$3.88 billionLong/Short
Egerton CapitalLondon$3.67 billionLong/Short
Arrowgrass Capital PartnersLondon$3.46 billionConvertibles
Spinnaker CapitalLondon$3.4 billionEmerging Markets
Lombard Odier Darier HentschLondon$3.2 billion
BlueBay Asset ManagementLondon$2.975 billionManaged Futures
Odey Asset ManagementLondon$2.95 billionAbsolute Returns

Source: Hedge Lists

1.22.2013

Small Hedge Funds Outperform Large Funds in 2012

Returning only 6% in 2012, it was not a great year for hedge funds, particularly vis a vis the broader stock market which returned 13% for the year. However, a number of small hedge funds did have more success than their larger peers. There were a number of hedge funds with assets under $1 billion that had very good years. These funds include Mudrick Capital, Suvretta Capital Management, and Grandmaster Capital (all of which returned close to 20% or better). 400 Capital Management, which has $560 million in AUM, returned north of 30% in 2012. It should be noted that Mudrick Capital was founded by former Contrarian Capital manager. Contrarian Capital returned 24.4%.

It remains to be seen whether smaller, possibily more nimble, hedge funds will be able to outperform their peers in 2013.

Source: Arab News

2013 - Top 50 European Hedge Funds

There has been some shift, albeit it minor, in the list of the top 50 hedge funds in Europe from 2012 to 2013. Below is a list of the largest hedge funds in Europe as of January, 2013.

Hedge FundCityCountryAUM (USD)Strategies
Man GroupLondonUnited Kingdom$51.5 billion
Global Macro
GMO UKLondonUnited Kingdom$39 billion
Brevan Howard Asset ManagementLondonUnited Kingdom$38.6 billionGlobal Macro
Och-Ziff Management EuropeLondonUnited Kingdom$32.1 billion
Coronation Fund ManagersLondonUnited Kingdom$30.26 billion
BlackRock Investment Management UKLondonUnited Kingdom$29.1 billionGlobal Macro
Winton Capital ManagementLondonUnited Kingdom$29 billionManaged Futures
BlueCrest Capital ManagementGenevaSwitzerland$28.8 billion
UBS Alternative Investment SolutionsZurichSwitzerland$27.3 billionFund of Funds
GLG PartnersLondonUnited Kingdom$26.4 billionMulti Strategy
Highbridge Capital ManagementLondonUnited Kingdom$25.5 billionAbsolute Returns
Gartmore Investment ManagementLondonUnited Kingdom$22.7 billionLong/Short
Aerion Fund ManagementLondonUnited Kingdom$21.85 billionFund of Funds
Barclays Global InvestorsLondonUnited Kingdom$20.25 billionGlobal Macro
Lyxor Asset ManagementParisFrance$19.5 billionConvertibles
Danske CapitalCopenhagenDenmark$15.5 billionEuropean Equity
Brummer and PartnersStockholmSweden$14.2 billionLong/Short
Lansdowne PartnersLondonUnited Kingdom$13.64 billionAbsolute Returns
Capula Investment Management LLPLondonUnited Kingdom$13 billionArbitrage
Unigestion SAGenevaSwitzerland$12.6 billionFund of Funds
Amundi Alternative InvestmentsParisFrance$11 billionFund of Funds
CQS SwitzerlandGenevaSwitzerland$10.5 billion
CQS Investment Management LimitedLondonUnited Kingdom$10.5 billionConvertibles
Credit Suisse AlternativesZurichSwitzerland$10.25 billionFund of Funds
Thames River CapitalLondonUnited Kingdom$9.4 billionLong/Short
TranstrendRotterdamNetherlands$9.04 billionManaged Futures
Henderson Global InvestorsLondonUnited Kingdom$8.5 billionGlobal Macro
Polygon Investment PartnersLondonUnited Kingdom$8.4 billionConvertibles
Aspect CapitalLondonUnited Kingdom$7.28 billionLong/Short
IPMStockholmSweden$7.212 billionGlobal Macro
Cevian CapitalStockholmSweden$7.1 billionValue
Fauchier PartnersLondonUnited Kingdom$7 billionAbsolute Returns
The Children's Investment Fund FoundationLondonUnited Kingdom$7 billionLong/Short
Silver Creek Capital ManagementLondonUnited Kingdom$6.89 billionFixed Income
Dexia Asset ManagementParisFrance$6.71 billionFixed Income
HSBC Alternative InvestmentsLondonUnited Kingdom$6.5 billionMulti Strategy
Cheyne CapitalLondonUnited Kingdom$6.45 billionReal Estate
Exane Asset ManagementParisFrance$5.84 billionLong/Short
Cazenove Capital ManagementLondonUnited Kingdom$5.8 billionFund of Funds
Old Mutual Asset ManagersLondonUnited Kingdom$5.25 billionAsian Equity
Marshall WaceLondonUnited Kingdom$5.23 billionGlobal Macro
Clive CapitalLondonUnited Kingdom$5.02 billionCommodities
Sloane RobinsonLondonUnited Kingdom$4.9 billionLong/Short
Jabre Capital PartnersGenevaSwitzerland$4.86 billionMulti Strategy
Notz StuckiGenevaSwitzerland$4.7 billionFund of Funds
Baring Asset ManagementLondonUnited Kingdom$4.7 billionFund of Funds
Sciens Asset ManagementLondonUnited Kingdom$4.64 billionFund of Funds
Aquila & PartnersBasleSwitzerland$4.45 billionEquity
Polar Capital PartnersLondonUnited Kingdom$3.88 billionLong/Short
 


Source: Hedge Lists

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