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There are quite a few familiar names in the list. No. 1 in the list is Bridgewater Associates. The firm was founded by Ray Dalio, who bases his investments on readings of the macro environment, as well as principles of his own devising. He believes “Human nature causes reactive decision making that leads to psychological swings between fear and greed that is reflected in prices.” Index ETF is an important vehicle in his macro strategies. Bridgewater’s asset increased by $17.6 billion from 2010 to 2011. You can check out Ray Dalio’s portfolio here.
No. 6 in the list is Paulson Co. of famous hedge fund manager John Paulson. The firm was No. 5 in the list. The firm’s asset dropped from $32 billion to $28 billion. This is mild considering his forgettable performance in 2011 has been widely reported and his funds suffered the worst performance ever. As reported, John Paulson’s Advantage Plus fund lost 47.77% as of Nov. 30, 2011, ranked at the very bottom of all funds covered. His two other funds: Paulson Advantage Fund and Paulson Recovery Fund are also among the 20 worst performing funds.
Seth Klarman’s Baupost Group is listed as No. 11 in the list. Baupost manages $23 billion, unchanged from a year ago. Baupost’s portfolio is here.
New to the list are London-based Winton Capital Management and Greenwich based AQR Capital Management.
George Soros’ Soros Fund Management returned money to its investors, and dropped from the list.
These are the details:
| No. | Firm | Assets as of Oct. 31, 2011 ($B) | Assets as of Oct. 29, 2010 ($B) |
|---|---|---|---|
| 1 | Bridgewater Associates (Westport, Connecticut) | 77.6 | 60 |
| 2 | Man Group (London) | 64.5 | 39.5 |
| 3 | JPMorgan Asset Management (New York) | 46.6 | 41.1 |
| 4 | Brevan Howard Asset Management (London) | 32.6 | 32 |
| 5 | Och-Ziff Capital Management Group (New York) | 28.5 | 26.3 |
| 6 | Paulson & Co. (New York) | 28 | 32 |
| 7 | BlackRock Advisors (New York) | 27.7 | 22.8 |
| 8 | Winton Capital Management (London) | 27 | |
| 9 | Highbridge Capital Management (New York) | 26.1 | 27 |
| 10 | BlueCrest Capital Management (London) | 25 | 24.6 |
| 11 | Baupost Group (Boston) | 23 | 23 |
| 12 | Cerberus Capital Management (New York) | 23 | 24 |
| 13 | D.E. Shaw & Co. (New York) | 23 | |
| 14 | Angelo Gordon & Co. (New York) | 22 | 23 |
| 15 | AQR Capital Management (Greenwich, Connecticut) | 20.5 | |
| 16 | Farallon Capital Management (San Francisco) | 20 | 20 |
| 17 | Goldman Sachs Asset Management (New York) | 19.5 | 19.1 |
| 18 | Elliott Management (New York) | 19 | 16.8 |
| 19 | King Street Capital Management (New York) | 18.5 | 20 |
| 20 | Canyon Partners (Los Angeles) | 18.1 | 19 |
| Total: | 590.2 |
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I'm noticing that the majority of these big successful hedge funds are macro based.. you would think with Value (bottoms-up) Investing supposedly the more superior method, there would be a more than one handful of companies on that list