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The world’s elite hedge funds have delivered a staggering $67 billion to their investors in 2023, as reported by LCH Investments on Monday. This figure marks a significant triple increase from the previous year’s returns.
Bill Ackman‘s Pershing Square Capital Management made a grand re-entry into the top 20, following an absence of eight years. Despite the overall sector’s success, Bridgewater Associates, steered by the legendary billionaire Ray Dalio, and Caxton faced a downturn, marking them as the sole two in the top 20 to report losses.
The upper range of fund managers enjoyed an average uptick of 10.5% last year, outperforming the general industry average of 6.4%, according to LCH data.
This success story is part of a broader narrative where hedge fund managers collectively accrued $218.0 billion in 2023, bringing the net gains since the industry’s inception to a monumental $1,638 billion.
Over the last three years, these top 20 managers have been responsible for 83% of the gains achieved by the entire hedge fund industry. This dominance reflects not only a capacity to hedge against market volatility but also an aptitude for capitalizing on favorable market conditions.
Rick Sopher, the Chairman of LCH Investments NV, attributed the success of these top-performing managers to their “ability to limit the downside in adverse conditions and to make money when conditions are favorable.” This skill set was particularly evident toward 2023’s end, underscoring a long-standing tradition of above-average performance spanning decades.
In 2023, the Global X Guru ETF (NYSE:GURU), which invests in highest conviction ideas from a select pool of hedge funds, returned 18.6%, underperforming compared to the SPDR S&P 500 ETF Trust (NYSE:SPY)’s 24.3% gain.
TCI Fund Management, led by the London-based activist and billionaire Sir Christopher Hohn, reaped a substantial $12.9 billion for investors, topping the full-year 2023 ranking.
Chasing closely in second is billionaire Ken Griffin, the CEO of Citadel LLC, who has secured $8.1 billion in net gains for the year. Citadel stands out at the first place of the top 20 for aggregate returns since inception, amassing a total net profit of $74 billion.
The third place is captured by Ole Andreas Halvorsen, the Norwegian billionaire and CEO of Viking Global Investors, boasting a robust $6 billion in net gains for 2023. Viking ranks 8th in the list of returns since inception.
Looking at cumulative returns since their inception, both DE Shaw and Millennium show identical net gains of $56.1 billion, claiming second and third positions in the overall rankings.
Ray Dalio of Bridgewater Associates, despite securing the fourth spot in the all-time list with total earnings of $55.8 billion, faced a downturn with a reported loss of $2.6 billion in 2023.
Bill Ackman’s Pershing Square has rejoined the all-time list, clinching the 20th spot after a significant absence.
Collectively, these top 20 hedge funds have delivered a staggering $755.4 billion back to their investors since their inception, representing a significant 46% of the entire hedge fund industry’s net gains, which stands at $1,638 billion to date.
| All-time Ranking | Hedge Fund | Manager(s) | AUM ($bn) | Net Gains in 2023 ($bn) | Net Gains since inception ($bn) | Year of Inception |
|---|---|---|---|---|---|---|
| 1 | Citadel | Ken Griffin | 56.8 | 8.1 | 74.0 | 1990 |
| 2= | DE Shaw | Various | 43.8 | 4.2 | 56.1 | 1988 |
| 2= | Millennium | Israel Englander | 61.9 | 5.7 | 56.1 | 1989 |
| 4 | Bridgewater | Ray Dalio | 72.5 | (2.6) | 55.8 | 1975 |
| 5 | Elliott | Paul Singer | 62.2 | 5.5 | 47.6 | 1977 |
| 6 | Soros | George Soros / Various | n/a | n/a | 43.9 | 1973 |
| 7 | TCI | Sir Christopher Hohn | 50.0 | 12.9 | 41.3 | 2004 |
| 8 | Viking | Andreas Halvorsen | 30.5 | 6.0 | 40.9 | 1999 |
| 9 | Baupost | Seth Klarman | 27.4 | 3.8 | 37.0 | 1983 |
| 10 | Farallon | Tom Steyer / Andrew Spokes | 40.4 | 2.6 | 35.7 | 1987 |
| 11 | Lone Pine | Steve Mandel | 15.9 | 4.2 | 35.6 | 1996 |
| 12 | Appaloosa | David Tepper | 17.0 | 2.7 | 35.0 | 1993 |
| 13 | SAC/Point 72 | Steve Cohen | 31.0 | 3.0 | 33.0 | 1992 |
| 14 | Och Ziff/Sculptor | Daniel Och/Jimmy Levin | 28.7 | 2.3 | 32.2 | 1994 |
| 15 | Brevan Howard | Alan Howard | 35.6 | 0.4 | 28.5 | 2003 |
| 16 | Egerton | John Armitage | 14.0 | 2.3 | 23.9 | 1995 |
| 17 | Davidson Kempner | Marvin Davidson, Thomas Kempner/Anthony Yoseloff | 37.0 | 1.8 | 21.0 | 1983 |
| 18= | King Street | Francis Biondi / Brian Higgins | 9.5 | 0.9 | 19.5 | 1995 |
| 18= | Caxton | Bruce Kovner / Andrew Law | 13.4 | (0.3) | 19.5 | 1983 |
| 20 | Pershing Square | Bill Ackman | 17.9 | 3.5 | 18.8 | 2004 |
| Category | Net Gains in 2023 ($bn) | Net Gains Since Inception ($bn) | % of Total Net | End 2023 AUM ($bn) | % of AUM |
|---|---|---|---|---|---|
| Top 20 managers | 67.0 | 755.4 | 46.1% | 665.5 | 18.9% |
| Other hedge funds | 151.0 | 882.6 | 53.9% | 2,855.5 | 81.1% |
| Total of all managers | 218.0 | 1,638.0 | 100.0% | 3,521.0 | 100.0% |
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