December 12th, 2011
The Top 10 Hedge Funds saw their US Equity assets drop by an astounding $31.8 Billion, or -16.8%, during the third quarter of 2011. The precipitous drop was led by John Paulsonâ€™s hedge fund management firm, Paulson & Co, which saw its US equity assets fall by $8.5 billion. John Paulsonâ€™s firm had already had a rough year and the poor third quarter numbers were enough to drop the hedge fund from its perch as the largest US equity hedge fund manager, a position it had securely held throughout 2011. Paulson & Co. fell down to #3 on the list, reporting $20.5 in assets.
Despite losing $2.1 billion in equity assets over the quarter, Jim Simonsâ€™ Quant focused Renaissance Technologies Corporation became the largest hedge fund on list. New York-based Renaissance secured the top spot with $23.4 in equity assets under management.
Overall, every hedge fund in the top 10 saws its asset base drop over the quarter. Carl Icahnâ€™s hedge fund lost the least, as the renowned shareholder activistâ€™s Icahn Associate managed to only lose $42 million. Meanwhile, all of the other top hedge funds lost at least $1 billion over the quarter. Icahnâ€™s performance propelled his fund to #8 on the top hedge fund list, up from #12 position Icahn held on Q2 2011 top hedge fund list.
Like Icahn, Eddie Lampertâ€™s ESL Investments also jumped 4 spots in the rankings. ESLâ€™s $9.1 billion was enough to give the value focused hedge fund the 10th spot on the top hedge fund list.
The #2 spot on the list was claimed by Boston-based Adage Capital Partners, while Clifford Asnessâ€™ AQR Capital Management LLC and David E. Shawâ€™s D.E. Shaw & Co ranked #4 and #5, respectively.
What a sh1tty 3rd quarter...