PRESS RELEASE

GREATEST MONEY MANAGERS

An update to 31 December 2013

The Greatest Money Managers

We have updated our estimates of the worlds greatest money managers to 31
December 2013 and the list is attached.

The Quantum Endowment Fund, founded by George Soros, made the strongest
gains in 2013, even though it was announced that he retired at the end of 2011.
Including the gains after that date, Quantum regains the number one position of
lifetime gains for investors, taking over from Ray Dalio of Bridgewater Pure Alpha.

Hedge Fund managers made $192 billion of net gains in 2013 and $847 billion
since inception.

The top 20 managers made $55.4 billion net of fees for their investors in 2013 and
outperformed the hedge fund averages by a considerable margin.

Investors in equities once again best captured the opportunities in 2013 and 70%
of the total gains in 2013 came from investments in equity markets.

The top 20 managers have made net profits for their investors of $199 billion in
the 5 years to 31 December 2013, which is far greater than the $28 billion they lost
in 2008.

Comment
Rick Sopher, Chairman of LCH Investments NV commented on the net gains
made by all single manager hedge funds:

"Hedge Funds continued to generate impressive gains for their investors. In 2013, the net gains of
$192 billion takes the gains that they have generated for investors after all fees since their
inception to $847 billion. This is a strong result, with the best managers capitalising on strong
equity markets. So far in 2014, the best managers have also been able to protect on the
downside.
Commenting on the reason to include gains made by funds after the retirement of
their founder, he said:

Several firms such as Quantum Endowment have continued to perform well and made
substantial gains for their investors even after the official retirement of their founder. The reasons
include a culture of money-making that deeply permeates the firm, extraordinarily talented
managers that stay on after the founder retires and in most cases, a continuing oversight or
influence of the founder, even after they retire

Commenting on the performance of the top 20 managers, he said:

Achieving a top 20 position requires opportunism and capital protection. The $55.4 billion that
the top managers made in 2013 and the $199 billion they have made in the past 5 years reflects
their opportunism, with most of them exploiting the strong markets in equities and other assets,
while the relatively limited loss of $28 billion that they incurred in 2008 reflects their approach to
protecting capital in down markets.

All except a few of the top 20 have very carefully controlled their asset size, and nine of them
have generated more in gains for their investors than they currently have in assets under
management.

Basis of Preparation
In this years estimates, we have included the gains made by organisations after the
official retirement of the founder. This applies in the case of Quantum
Endowment Fund, Caxton Global and Farallon.

Our sources are a combination of meetings and contact with the managers
themselves, audited and management reports, internal estimates and other
confidential sources. In most cases, the money made includes money made by the
manager on his own investment in the fund.

Note that our criteria for inclusion included that the manager or founder should be
the lead investment manager of an open ended investment vehicle.
Publication sources should be described as LCH Investments NV

Rick Sopher will be available on Friday 7th February PM and Sunday 9th
February AM to discuss this report.

For further information please contact:

Rick Sopher
Chairman, LCH Investments NV
r.sopher@lcfr.co.uk

or Fernanda Lewis
f.lewis@lcfr.co.uk

+44207 240 3000

(on Sunday 9th February, please email Rick Sopher)

About Leveraged Capital Holdings (LCH)

LCH is the oldest fund of funds, launched in 1969. The value of one share at
launch has multiplied by 156 times, representing a return of 12.2% per annum.

Rick Sopher is Chairman of LCH Investments NV, the manager of LCH; he is also
Managing Director of Edmond de Rothschild Capital Holdings Limited.

Edmond de Rothschild Capital Holdings Limited is owned by Edmond de

Rothschild (51%) and RIT Capital Partners Plc (49%).
 STRICTLY CONFIDENTIAL

THE TOP TWENTY MANAGERS

The Top Twenty Hedge Fund Managers
by Net Gains (after fees) Since Inception to 31 December 2013
Net Gains ($bn)
Position (in 2012) Fund Manager(s) Strategy AUM ($bn) Net Gains ($bn) 2013 Inception
since inception
1 (2) Quantum Endowment Fund George Soros 28.6 39.6 5.5 1973
2 (1) Bridgewater Pure Alpha Ray Dalio 79.0 39.2 2.4 1975
3 (4) Baupost Seth Klarman 26.4 27.6 4.0 1983
4 (3) Paulson & Co John Paulson 20.3 25.4 2.6 1994
5 (5) Appaloosa David Tepper 19.3 21.2 4.2 1993
6 (7) Lone Pine Steve Mandel 27.6 20.5 5.2 1996
7 (6) Brevan Howard Fund Alan Howard 28.0 17.5 0.5 2003
8 (8) Farallon Tom Steyer 20.0 17.4 3.0 1987
9 (13) Viking Andreas Halvorsen 27.3 16.8 4.5 1999
10 (9) Moore Capital Louis Moore Bacon 14.9 16.5 2.5 1990
11 (10) SAC Steve Cohen 9.0 16.4 2.6 1992
12 (11) Elliott Associates Paul Singer 23.9 16.1 2.4 1977
13 (12) Caxton Global Bruce Kovner 7.1 14.5 1.1 1983
14 (15) Och Ziff Master Fund Daniel Och 24.4 13.9 3.0 1994
15 (14) ESL Edward Lampert 7.5 13.4 1.2 1988
16 (16) King Street Brian Higgins, Francis Biondi 22.3 13.1 2.3 1995
17 (20) Highfields Jonathon Jacobson 12.9 11.7 2.9 1998
18 (18) Tudor Global Paul Tudor Jones 10.3 10.9 1.5 1986
19 (21) Millennium Israel Englander 20.2 10.8 2.3 1989
20 (19) Maverick Lee Ainslie 9.1 10.4 1.5 1995
TOTAL OF TOP 20 438.1 372.9 55.2
TOTAL OF ALL MANAGERS 2,862.0 890.0 235.0

Source: LCH Investments NV estimates, eVestment

 PROFITS SINCE INCEPTION OF TOP MANAGERS

Net Gains Since

AUM
Inception % of Total
$bn
$bn

Top 10 managers 235.1 26.4 291.4

Top 20 managers 366.5 41.2 435.7

Other single manager hedge funds 523.5 58.8 2,246.6

Total 890.0 100.0 2,682.3

The top 20 managers include the top 10

Data at 31.12.2013
Source: LCH Investments NV estimates; eVestment