Best 100 Hedge Funds - Barron's

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Best 100 Hedge Funds

Our ranking of the top-performing funds
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May 17, 2014

BARRON'S TOP HEDGE FUNDS reflected a number of marketplace shifts last year. As we predicted in early 2013, investors in asset-backeds and
mortgage-backeds have seen a slowing of returns over the past year, ending a remarkable run. Our 100 best funds, many of them equity-related,
returned an annualized 17.01%, net of fees, over three years, beating the BarclayHedge Index Average by a comfortable 13 percentage points and
the Standard & Poor's 500 by a point. Leading the way was Glenview Offshore Opportunity, up 32.61% per year over three years, and distressed
investor Hildene Opportunities, up 30.64%.
2013
Ranking
1

2012
Ranking
75

Fund Name

Fund Assets Fund Strategy

Glenview Offshore Opportunity

2,026

2
3

6
3

4
5
6
7

2
47

Hildene Opportunities Fund, LP

Chenavari - Toro Capital IA Class A
EUR
Children's Investment Fund Ltd
Tiger Global
Quantedge Global Fund
Napier Park European Credit
Opportunities Ltd
STS Partners Ltd

962

Asset Backed Securities

25.66

25.63

Tiger Ratan
Asgard Fixed Income Fund I Ltd
(EURO)
Matrix Capital Management ^
Marlin Fund LP
Danske Invest Hedge Fixed Income
Strategies
Tilden Park Investment Master
ZAIS Opportunity Ltd Series B
Conventum Lyrical, SICAV [UCITS]
Palomino Ltd Class B
Citadel Kensington
Adage Capital Partners LP

503
400

Equity Long/Short
Fixed Income - Arbitrage

25.41
24.93

1,346
433
1,373

Equity Long/Short
Equity Long-Bias
Fixed Income - Arbitrage

1,639
419
534
7,986
8,246
25,300

54

9
10

11
12
13

16

14
15
16
17
18
19

42
28
62

20
21

12
5

22

19

2013
Return
101.74

1,004
383

3yr Compound Annual Return

(Ending Dec 2013)
Opportunistic, Concentrated 32.61
Equity L/S
Distressed Securities
30.64
Asset Backed Securities
29.96

7,830
6,000
710
331

Equity / Activist
Equity Long/Short
Global Macro
Credit Long/Short

47.22
14.00
9.16
30.73

Total Firm Assets

7,706

Hildene Capital Mgmt / Stamford, CT

Chenavari Investment Managers /
London
TCIF Mgmt / London
Tiger Global Mgmt. / New York
Quantedge Capital / Singapore
Napier Park Global Capital / New York

1,809
4,429
12,100
14,500
710
5,500

46.80
16

Deer Park Road Corp / Steamboat

Springs, CO
Ratan Capital Mgmt. / New York
Moma Advisors / Copenhagen

503
400

24.46
24.37
23.56

56.00
77.47
18.83

Matrix Capital Mgmt. / Waltham, MA

Masters Capital Mgmt / Atlanta
Danske Capital / Copenhangen

1,600
474
132,626

Multi-Strategy / Fixed-Income23.31
Long/Short Credit
22.13
Equity Long Only
22.00
Credit Long/Short
21.34
Multi-Strategy
21.18
US Equity Long/Short ex
21.00
Small Cap
Fixed Income - Arbitrage
20.55
Mortgage-Backed Securities 20.51

20.53
9.75
53.30
42.36
18.55
38.70

Tilden Park / New York

ZAIS Group / Red Bank, NJ
Lyrical Asset Mgmt / New York
Appaloosa / Short Hills, NJ
Citadel / Chicago
Adage Capital Mgmt. / Boston, MA

1,935
4,300
1,582
20,000
16,100
25,300

6.82
0.53

Barnegat Fund Mgmt / Hoboken, NJ

Metacapital Management / New York

649
1,685

27.00
26.68
26.47
25.90

35.33
32.93

1,100

Barnegat Fund
Metacapital Mortgage Opportunities
LTD
Renaissance Institutional Equities LLC
Series B
Tiger Eye Master Ltd
BloombergSen Partners LP
JANA Nirvana Offshore
Candlewood Structured Credit Ltd

7,924

Equity Long-Bias

20.02

17.62

Renaissance Technologies / New York

23,399

1,058
910
2,909
901

Equity Long/Short
Equity Long Only
Event Driven
Structured Credit

19.41
19.39
19.10
19.04

38.15
38.78
31.40
12.05

1,058
935
7,373
2,231

27

Pine River Fixed Income

3,381

Fixed Income Relative Value 18.53

10.12

28

Quantitative Tactical Aggressive Ltd

774

Equity Long/Short

18.29

12.52

VR Global Offshore

2,141

18.27

32.32

Marwyn Value Investors LP

Camden Equity Overlay
Silver Point Capital LP
HG Vora Special Opportunities Fund LP
Lansdowne Developed Markets
Strategic Investment Ltd
Omega Overseas Partners Class B
Man AHL Evolution
Senvest Partners Ltd
400 Capital Credit Opportunities
Bloom Tree Partners LP
NWI Emerging Market Fixed Income
Master Ltd
FrontFour Capital Partners LP
Citadel Global Equities
Waterfall Eden Fund Ltd
North MaxQ Macro Fund (A) USD
Pine River Liquid Mortgage

400
366
3,300
1,100
1,644

Emerging Markets /
Distressed
Equity Long Only
Convertible Arbitrage
Distressed Credit
Event Driven / Opportunistic
Equity Long/Short

Tiger Eye Capital / New York

BloombergSen / Toronto
JANA Partners / New York
Candlewood Investment Group / New
York
Pine River Capital Mgmt / Minnetonka,
MN
Quantitative Investment Mgmt /
Charlottesville, VA
VR Advisory Services / London

18.25
18.02
17.23
17.22
17.17

39.93
34.17
18.28
17.60
55.70

Marwyn Asset Mgmt / London

Camden Asset Mgmt / Los Angeles
Silver Point Capital / Greenwich, CT
HG Vora Capital Mgmt / New York
Lansdowne Partners /London

400
3,611
8,200
1,300
17,194

Equity Long/Short
Diversified Systematic
Equity Long/Short
Structured Credit
Equity Long/Short
Emerging Market / Macro

17.01
16.87
16.82
16.82
16.75
16.50

32.11
16.90
79.44
15.23
13.10
6.75

Omega Advisors/New York

Man Group / London
Rima Senvest Mgmt / New York
400 Capital Management /New York
Bloom Tree Partners / New York
NWI Management / New York

10,267
54,100
915
906
765

3,300
341*
3,411
564
513
775

16.33
16.25
16.23
16.12
16.05

28.70
11.55
12.74
8.19
0.72

ECF Value Fund II LP

Marcato International
Tiger Legatus
ChapelGate Credit Opportunity Ltd

2,624
2,018
335
453

Event Driven
Equity Market Neutral
Asset Backed Securities
Global Macro
Liquid Mortgage / Relative
Valie
Event Driven
Event Driven
Equity Long/Short
Structured Credit

16.04
15.87
15.87
15.84

19.47
25.9
22.40
17.36

23
24
25
26

29
30
31
32
33
34
35
36
37
37
39
40
41
42
43
44
45
46
47
47
49

72

10

26

46
35
29

61
30

22

649
1,230

Firm Name / Location

Glenview Capital Mgmt / New York

2,540
2,646
550
655
311

13,934
3,304
2,141

4,900
FrontFour Capital Group / Greenwich, CT 340
Citadel / Chicago
16,100
Waterfall Asset Management / New York 2,944
North Asset Management / London
609
Pine River Capital Mgmt / Minnetonka,
13,934
MN
Gates Capital Mgmt / New York
2,624
Marcato Capital Mgmt./San Francisco
2,700
Tiger Legatus Capital Mgmt. / New York 335
Orchard Global Asset Mgmt / London

http://online.barrons.com/articles/SB50001424053111903301904579566373990361000

5/19/2014

Best 100 Hedge Funds - Barron's

50

III Credit Opportunities Fund LP *

1042 **

51

EJF Debt Opportunities LP

1887

52
53
54
55
56
57

Drawbridge Special Opportunities LP

Litespeed Offshore
Marshall Wace Global Opportunities Ltd
Black Ant Value Ltd
Teton Capital Partners LP
Discovery Global Opportunity Ltd

5,215
2,486
2,024
750
752
5,700

NZC Guggenheim Fund

Third Point Offshore
Horseman European Select Ltd -- USD
Greylock Global Opportunity Ltd

2,375
13,900
659
675 ***

Seer Capital Partners LP

Blue Harbour Strategic Value Offshore
Tremblant Concentrated Fund Ltd

1,900
1,200
400

Tyrian Global Opportunities Offshore

Ellington Credit Opportunties Ltd

600
504

Axonic Credit Opportunities Overseas

Platinum Partners Value Arbitrage
SAB Overseas
Strategos Deep Value Ltd
Altum Credit Ltd
Viking Global Equities III Ltd
Lone Kauri
Cambrian Fund Ltd
Pine River

1,360
761
320
482 ****
423
19,800
4,283
973
3,460

Parus Fund--USD
Echo Street Capital Partners QP, LP
Trian Partners Ltd
Premium Point Offshore Mortgage
Credit Ltd
AG Mortgage Value Partners LP
Solus Sola Ltd

595
519
3,030
841

60
64
80

58
58
60
61

31
36
20

61
63
64

65

65
66

67

67
68
69
70
71
72
73
74
75

27

77
66

76
77
78
79

58

80
81

37
69

74

82

III Associates, Boca Raton, FL

15.70

18.46

15.68
15.55
15.47
15.15
15.08
14.99

18.40
21.48
13.37
23.58
22.85
27.57
13.11
25.25
32.40
5.14

EJF Capital / Arlington, VA

4,900
Fortress Investment Group / New York
61,800
Litespeed Management / New York
2,486
Marshall Wace/London
14,807
Black Ant Group / London
750
Ancient Art / Austin, TX
752
Discovery Capital Mgmt. / South Norwalk, 15,000
CT
Guggenheim Investments / New York
171,837
Third Point/New York
13,900
Horseman Capital Mgmt / London
1,421
Greylock Capital Mgmt / New York
825

14.87
14.87
14.77
14.70
14.70
14.60
14.57

12.18
24.90
28.81

Seer Capital Mgmt / New York

Blue Harbour Group / Greenwich, CT
Tremblant Capital Group / New York

Equity Long/Short
14.50
Mortgage-Backed
14.47
Securities / Credit
Structured Credit
14.29
Multi-Strategy
14.26
Equity Long/Short
14.20
Mortgage Backed Securities 14.16
Distressed Structured Credit 14.01
Equity Long/Short
14.00
Equity Long/Short
13.96
Equity Long-Only
13.81
Multi-strategy / Relative
13.69
Value
Equity Long-Short
13.66
Equity Long/Short
13.59
Activist
13.58
Mortgage-Backed Securities 13.54

24.28
15.27

26.36
17.11
39.95
11.22

Tyrian Investments / New York

Ellington Mgmt Group / Old Greenwich,
CT
Axonic Capital / New York
Platinum Mgmt / New York
SAB Capital Mgmt / New York
Strategos Capital Mgmt / Philadelphia
Altum Capital Mgmt / New York
Viking Global Investors / Greenwich, CT
Lone Pine Capital / Greenwich, CT
Atlantic Investment Mgmt / New York
Pine River Capital Mgmt / Minnetonka,
MN
Parus Finance / London
Echo Street Capital Mgmt / New York
Trian Fund Mgmt / New York
Premium Point Investments / New York

Structured Credit
Event Driven / Distressed
Credit
Multi-Strategy

13.30
13.25

13.20
32.06

Angelo, Gordon / New York

25,000
Solus Alternative Asset Mgmt / New York 3,590

13.23

-1.58

Segantii Capital Mgmt / Hong Kong

748

13.22
13.00
12.94
12.94

6.81
2.00
-2.62
9.65

BlackRock/New York
D.E. Shaw / New York
Structured Portfolio Mbmt / Stamford, CT
BTG Pactual / New York

4,300,000
32,000
3,000
8,200

Contrarian Capital
3,880
Management/Greenwich, Conn.
Eminence Capital / New York
4,849
Senator Investor Group / New York
6,500
Providence Investment Mgmt /
1,492
Providence, RI
Varde Partners / Minneapolis, MN
8,080
Chilton Investment Co / New York
9,500
Sensato Investors / San Francisco
3,444
Perella Weinberg Partners Capital Mgmt / 10,800
New York
ING Investment Mgmt / New York
204,000
Pelham Capital Mgmt. / London
3,202
Visium Asset Management / New York
4,226
Bestinver Asset Mgmt / Madrid
12,260
GSO Capital Partners / New York
65,000
Joho Capital/New York
5,000

12.10
10.32
23.46
12.67
15.52
22.50
14.39
38.34
9.61

98

2,700

12.87

17.00

15

Eminence Ltd
Senator Global Opportunity LP
Providence MBS Ltd

3,831
6,400
1,492

Equity Long/Short
12.85
Event Driven
12.80
Mortgage-Backed Securities 12.77

14.60
26.36
3.12

Varde Investment Partners

Chilton Flagship LP
Sensato Asia Pacific Master
Perella Weinberg Partners Asset Based
Value LP
ING Mortgage Investment Master
Pelham Long/Short Ltd
Visium Global Offshore Fund, Ltd
Bestinver Hedge Value
GSO Special Situations Ltd

1,060
900
1,291
926

Credit
Equity Long/Short
Equity Long/Short
Distressed Securities

12.74
12.70
12.65
12.55

22.81
18.51
10.22
14.23

397
3,202
885
364

Mortgage-Backed Securities
Equity Long/Short
Multi-Strategy
Equity Long-Only
Credit Opportunities

12.53
12.48
12.45
12.40
12.35

6.22
34.23
16.92
39.21
18.30

83

95
96
97
98
99

Distressed Securities
Event Driven
Equity Long/Short
Equity Long Bias
Equity Long/Short
Global Macro / Equity
Long/Short
Opportunistic Credit
Event Driven
European Equity Long/Short
Emerging Markets Fixed
Income
Structured Products
Activist
Equity Long/Short

68

4,289
Joho Ltd
2,725
Equity Long/Short
12.25
Barron's Top 100 Hedge Fund Average
17.01
Barclayhedge Fund Index Average
4.37
S&P 500 Total Return Average
16.15
Barclay US Aggregate Bond Index Average
3.26
Core Sources: BarclayHedge, Morningstar, and eVestment
*FrontFour LP & LTD had $223.5M + Canadian version (FrontFour Opportunities) and 2 SMAs collectively had $117.6M
** Total III assets of $1,042 million include $159mm in commingled funds, $98mm in private funds, and $785mm in separately managed accounts.
*** Greylock has $225M in its comingled fund and another $450m in SMAs that are run pari passu.
**** $100M in Strategos fund and $382M in SMA
^ Estimates

100

2,250
3,092

13.79

Equity Long/Short
Discretionary Macro
Mortgage-Backed Securities
Emerging Market / Global
Macro
Distressed Securities

87

91
92
93
94

15.76

1,080
9,000
1,175
5,508

53
9

748

Fixed Income - Long-Only

Credit
Securitized Credit

Segantii Asia-Pacific Equity MultiStrategy

BlackRock 32 Capital Master Ltd
Oculus ^
SPM Core
BTG Pactual Global Emerging Markets
and Macro
Contrarian Capital Fund I

83
84
85
86

88
89
90

1,080
1,681

Page 2 of 2

29.46
22.97
11.12
32.38
-2.02

2,100
1,900
2,400
767
5,600
1,666
1,280
NA
506
438
27,300
27,000
1,897
13,934
595
788
8,170
1,880

All data as of December 2013.

Fund assets include both on- and offshore funds.
Fund name: Where there are on- and offshore funds, the performance cited is the larger of the two funds, with LP typically indicating onshore and
Ltd indicating offshore. N.R.=Not Ranked
1-Estimates.
2-FrontFour LP&LTD had $223.5M+Canadian version (FrontFour Opportunities) and 2 SMAs collectively had $117.6M -- all run pari passu.
3-Total III assets of $1,042 million include $159M in commingled funds, $98M in private funds, and $785M in separately managed accounts -- all run
pari passu.
4-Greylock has $225M in its commingled fund and another $450M in SMAs that are run pari passu.
5-Strategos has $100M in the fund and $382M in SMAs all run pari passu.
Sources: BarclayHedge, Morningstar, and eVestment.
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http://online.barrons.com/articles/SB50001424053111903301904579566373990361000

5/19/2014