The 50 largest US managers

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IN ASSOCIATION WITH

The US50 In association with Newedge Prime Brokerage Group

BILL McINTOSH

elcome to the third edition of The Hedge Fund Journals US50 published in association with Newedge Prime Brokerage Group. Much like its European equivalent, the Europe50, the US50 is a listing of the 50 largest US single hedge fund managers ranked by assets under management at 31 December 2011.

news from Europe on refinancing. Investors are cognisant of all the macro factors playing on markets, so they are allocating more to macro strategies than to all the others. The surge of investors embracing macro managers was more than enough for Bridgewater to dethrone J.P. Morgan Asset Management, the leader in the previous US50. This time JPMAM had $45 billion in AUM, down from $54 billion in the 2010 survey. Coming in third and fourth place respectively were Och-Ziff Capital Management and BlackRock. OchZiff moves up to third place from fifth with a rise in assets to $29 billion, while BlackRock jumps to fourth from eighth with assets of $28 billion. Residing at fifth place in the US50 is the venerable Soros Fund Management. It has estimated AUM of about $25 billion. With the firm recently converting to a family office and returning funds to investors, Soros FM will be disappearing from the league table of leading managers. Indeed, in early April it was confirmed that Jonathan Soros, the son of founder George Soros, now 82, is setting up a family office of his own. Changing regulations, including registration and asset position disclosures affecting hedge funds in the US, are expected to drive the evolution of new structures for the foreseeable future. Being less burdensome with respect to regulation and disclosure, the family office structure looks certain to enjoy growing appeal for both established wealth creators and investors able to allocate substantial sums of capital.

and access to plentiful liquidity. It shows the way forward is to be a multi-strategy fund. If investors want to avoid funds of funds they can go to the big names and get a lot of options. The top hedge funds have become, shall we say, varied strategy with the name recognition that investors can feel comfortable with. It is not to say, however, that all firms embracing a multi-strategy investment style have performed well or grown assets. Perhaps the most notable among these firms is Paulson & Co. Though John Paulson profited mightily from the US sub-prime implosion, a raft of new funds and new strategies in existing funds have endured an extremely chequered run. The result is that Paulsons assets fell to $22.6 billion from $32 billion in 2010, lowering its ranking to seventh from third. In a similar vein, DE Shaw Group has lost substantial ground in terms of AUM even though the firm has introduced more advantageous terms on some funds for its institutional investor client base.

Since the second edition of the US50 was published in March 2010 the hedge fund industry has recovered further in terms of assets under management, returning to just over the $2 trillion level, according to data from Hedge Fund Research. The third edition of the US50 comes after a period of initially strong investment performance followed by a more volatile market environment, punctuated by brief periods of gains and sudden investment losses. Many of the US50 from two years ago are still present in the third edition, although the relative ranking of many has certainly changed. On a comparative basis, most hedge fund firms have gained assets over the past two years though there are a number that have shrunk notably. Sometimes this is due to investors withdrawing cash after a period of fund drawdowns, other times it is because a particular strategy may have fallen out of favour. Conversely, the attractions of a strategy can certainly help to attract investors.

AUM, fund numbers growing

But the overall picture for US hedge funds is one of growth, both in terms of the new funds being launched and the assets being allocated to managers, data from HFR shows. Indeed, there is growing anecdotal evidence that funds of hedge funds are investing more and more in smaller managers in order to bolster their value proposition to investors. The first thing to say about flow trends is that we see investors coming back to hedge funds, says Stefan Keller, head of managed account platform research and external relations with Lyxor Asset Management. The third quarter of 2011 was terrible for outflow, but the fourth quarter saw recovery and that carried on through January and February. March was stabilising but on a rising trend. Overall, the first quarter of 2012 shows a stronger continuation of what we saw begin in the fourth quarter of last year. Many readers will realise that the US has a stringent legal framework in terms of what information funds can and cannot provide. For this reason, many of the hedge funds contacted for this survey were anxious to avoid doing anything that could be construed as solicitation. Though a majority of firms were prepared to provide AUM data, they were more reluctant to provide information about fund names, strategies and portfolio managers. As a result, The Hedge Fund Journal has sourced this information from other sources and sought to verify it where possible. In closing, we would like to thank Newedge Prime Brokerage Group for its continued support of this survey. THFJ

Macro attracts investors

This is clearly the case with global macro and the rise of Bridgewater Associates to pole position in the US50 and indeed the global hedge fund sector. Founded by Ray Dalio in 1975, Bridgewater rose to the number one position in our 2012 survey: it now manages $76.1 billion in hedge fund assets (plus a further $45 billion in non-hedge strategies). That marks a stunning 69% rise in assets from 31 January 2010. The rise of Bridgewater and its reputation for being a firm with a unique culture of excellence coincides with the continued burst of allocations to macro strategies. This has also happened in Europe where macro specialist Brevan Howard Asset Management is near the top of the leader board with $33 billion in AUM. Macro strategies continue to be popular with investors, says Robert Kaplan, chief investment officer of Permal Asset Management. You have to have a global perspective with an appreciation of economic and political factors. It is a strategy that continues to attract most of the assets. We are in a period of lower volatility, but between events on the calendar. There are events that will cause investors to have jitters. In the fourth quarter the US election. Post-election, the end of the Bush tax cuts. And in the meantime there will be ongoing

Varied strategy hedge funds

The flow of funds to macro and commodity trading advisor strategies reflects how managers in these areas feel comfortable providing investors with active liquidity. Macro funds, in particular, have matched that liquidity with strong returns even if CTAs have found it much more difficult to find trends and harness them to generate performance. Post-2008 it is no surprise why investors continue to prefer strategies concentrated on the liquid end of markets. Among the hedge fund firms in the top half of the US50, in particular, there are a substantial number which employ a multi-strategy approach to running money. BlackRock, for example, has expanded far beyond its roots and now offers a wide variety of strategies. Its single manager hedge funds sit within BlackRock Alternative Investors, a $100 billion-plus colossus that also includes funds of hedge funds, commodities and real estate. The leading hedge funds are by and large firms with a multi-strategy flavour, says a portfolio manager with a major fund of hedge funds, who notes that these firms have lots of infrastructure

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Bridgewater Associates
Principal Fund(s) Pure Alpha strategy Pure Alpha Major Markets strategy All Weather 12% strategy Size ($b) $57.1 bn $14.2 bn $4.8 bn Fund Manager(s) Ray Dalio, Bob Prince, Greg Jensen Strategy/style Global Macro Founders/Principals Ray Dalio Bob Prince Greg Jensen

AUM 31 December 11 $76.1 bn AUM 31 January 10 $45.0 bn

Location Westport, CT

JP Morgan Asset Management

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Relative Value Equity Long/Short Macro Distressed Securities Merger Arbitrage/Event Driven Short Selling Founders/Principals Not disclosed

AUM 31 December 11 $45.0 bn AUM 31 January 10 $54.0 bn

Location New York, NY

Och-Ziff Capital Management

Principal Fund(s) OZ Master Fund OZ Europe Master Fund OZ Asia Master Fund OZ Global Special Investments Master Fund Size ($b) Not disclosed Fund Manager(s) Daniel Och Strategy/style Multi-Strategy Founders/Principals Daniel Och

AUM 1 January 12 $29.0 bn AUM 31 January 10 $24.0 bn

Location New York, NY

BlackRock
Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Diversified Fixed Income European Opportunities Credit Emerging Europe Natural Resources UK Emerging Companies UK Equity Founders/Principals Larry Fink

AUM 31 December 11 $28.0 bn AUM 31 January 10 $21.4 bn (est)

Location New York, NY

Soros Fund Management

Principal Fund(s) Quantum Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Global Macro Founders/Principals George Soros

AUM 31 December 11 $25.0 bn (est) AUM 31 January 10 $27.5 billion (est)

Location New York, NY

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Baupost Group
Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Equity Value Founders/Principals Seth Klarman

AUM 31 December 11 $24.0 bn AUM 31 January 10 $22.0 bn

Location Boston, MA

Paulson & Co
Principal Fund(s) Paulson Advantage Funds Paulson Credit Opportunities Funds Paulson Partners Funds Paulson Recovery Funds Paulson Gold Fund Size ($b) Not disclosed Fund Manager(s) John Paulson Strategy/style Not disclosed Founders/Principals John Paulson

AUM 31 December 11 $22.6 bn AUM 1 January 10 $32.0 bn

Location New York, NY

Angelo, Gordon & Co

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Founders/Principals John M. Angelo Michael L. Gordon

AUM 31 December 11 $21.1 bn AUM 31 January 10 $21.2 bn

Location New York, NY

Renaissance Technologies
Principal Fund(s) Renaissance Institutional Diversified Alpha Fund Renaissance Institutional Equities Fund Renaissance Institutional Futures Fund Renaissance Medallion Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Statistical Arbitrage Long/Short Equity Equity Market Neutral Founders/Principals James Simons

AUM 31 December 11 $20.0 bn (est) AUM 31 December 09 $15.0 bn

Location East Setauket, NY

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Farallon Capital Management

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Credit Merger Arbitrage Long/Short Equity Special Situations Real Estate Founders/Principals Thomas Steyer Andrew Spokes

AUM 31 December 11 $19.2 bn AUM 31 January 10 $20.6 bn

Location San Francisco, CA

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Elliott Management Corp

Principal Fund(s) Elliott Associates, L.P. Elliott International, Limited Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Founders/Principals Paul Singer

AUM 31 December 11 $19.2 bn AUM 31 January 10 $16.4 bn

Location New York, NY

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King Street Capital Management

Principal Fund(s) King Street Capital, L.P. King Street Capital, Ltd Size ($b) $6.2 bn $10.5 bn Fund Manager(s) Brian J. Higgins O. Francis Biondi Jr. Strategy/style Long/Short Credit Event Driven Founders/Principals Brian J. Higgins O. Francis Biondi Jr.

AUM 1 January 12 $17.6 bn AUM 31 January 10 $19.2 bn

Location New York, NY

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Davidson Kempner Capital Management

Principal Fund(s) Davidson Kempner European Partners Fund Davidson Kempner Event Driven Equities Fund Davidson Kempner Institutional Partners Fund Davidson Kempner Distressed Opportunities Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Event Driven Merger Arbitrage Long/Short Convertible Arbitrage Founders/Principals Thomas Kempner Marvin Davidson

AUM 31 December 11 $16.0 bn (est) AUM 31 January 10 $10.0 bn (est)

Location New York, NY

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Goldman Sachs Asset Management

Principal Fund(s) Global Alpha North American Equity Opportunities Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Long/Short Equity Macro Founders/Principals Not disclosed

AUM 31 December 11 $15.3 bn AUM 31 December 09 $17.8 bn (est)

Location New York, NY

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DE Shaw Group
Principal Fund(s) D. E. Shaw Multi-Asset Fund D. E. Shaw Terella Fund D.E. Shaw Composite Fund D.E. Shaw Heliant Fund D.E. Shaw Oculus Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Statistical Arbitrage Event Driven Macro Fixed Income Arbitrage Founders/Principals David E Shaw

AUM 31 December 11 $22.0 bn (est) AUM 1 January 10 $23.6 bn

Location New York, NY

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Moore Capital
Principal Fund(s) Moore Emerging Market Fund Moore Global Investors Fund Moore Macro Managers Fund Size ($b) Not disclosed Fund Manager(s) Louis Bacon Greg Coffey Strategy/style Global Macro Emerging Markets Founders/Principals Louis Bacon

AUM 31 December 11 $15.0 bn AUM 1 January 10 $14.0 bn

Location New York, NY

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AQR Capital Management

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals Cliff Asness David Kabiller John Liew

AUM 31 December 11 $14.5 bn * AUM 31 January 10 Not disclosed

Location Greenwich, CT *Hedge Fund assets have been scaled to 10% volatility

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Convexity Capital Management

Principal Fund(s) Convexity Capital Offshore Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Founders/Principals Jack Meyer

AUM 31 December 11 $14.0 bn AUM 31 January 10 $9.0 bn (est)

Location Boston, MA

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Viking Global Investors

Principal Fund(s) Viking Global Equities Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Long/Short Equity Founders/Principals Andreas Halvorsen David Ott

AUM 31 December 11 $13.8 bn AUM 31 January 10 $11.5 bn

Location Greenwich, CT

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York Capital Management

Principal Fund(s) York Multi-Strategy York Credit Opportunities York European Opportunities York Asian Opportunities York Total Return Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Event Driven Founders/Principals James Dinan

AUM 1 January 12 $13.6 bn AUM 1 January 10 $11.4 bn

Location New York, NY

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Millennium Partners
Principal Fund(s) Millennium International / USA Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Founders/Principals Israel Englander

AUM 31 December 11 $13.5 bn AUM 31 January 10 $7.5 bn

Location New York, NY

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Avenue Capital
Principal Fund(s) US Distressed Strategy Europe Distressed Strategy Asia Distressed Strategy Size ($b) $5.9 bn $4.1 bn $1.8 bn Fund Manager(s) Rob Symington Richard Furst Mark R. Harris Strategy/style Distressed Founders/Principals Marc Lasry Sonia E. Gardner

AUM 31 December 11 $13.2 bn AUM 31 December 09 $18.6 bn

Location New York, NY

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Canyon Capital Advisors

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy / Event Driven (Credit Focus) Founders/Principals Joshua Friedman Mitchell Julis

AUM 31 December 11 $12.6 bn AUM 31 January 10 $11.9 bn

Location Los Angeles, CA

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Eton Park Capital Management

Principal Fund(s) Eton Park Overseas Fund Eton Park Offshore Fund Eton Park Master Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Founders/Principals Eric Mindich

AUM 31 December 11 $12.0 bn AUM 1 January 10 $13.0 bn

Location New York, NY

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Appaloosa Management
Principal Fund(s) Appaloosa Investment I Palomino Fund Thoroughbred Master Fund Thoroughbred Fund LP Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Distressed Event Driven Founders/Principals David Tepper

AUM 31 December 11 $12.0 bn AUM 31 January 10 $12.0 bn

Location Short Hills, NJ

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SAC Capital Advisors

Principal Fund(s) International Fund Size ($b) Not disclosed Fund Manager(s) Steven A Cohen Strategy/style Multi-Strategy Long/Short Equity Fixed Income Credit Global Macro Convertible Bonds Emerging Markets Founders/Principals Steven A Cohen

AUM 31 December 11 $12.0 bn (est) AUM 31 January 10 $12.5 bn (est)

Location Stamford, CT

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Wellington Management
Principal Fund(s) Archipelago Partners Bay Pond Partners Iguazu Partners Pagosa Partners Placer Creek Partners Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Long/Short Equity Commodities Emerging Markets Founders/Principals Perry Traquina

AUM 31 December 11 $11.0 bn AUM 31 January 10 $10.5 bn (est)

Location Boston, MA

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Citadel LLC
Principal Fund(s) Citadel Kensington Global Strategies Fund Ltd. Citadel Wellington LLC Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Founders/Principals Ken Griffin

AUM 31 December 11 $11.0 bn AUM 31 January 10 $12.5 bn

Location Chicago, IL

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Highfields Capital Management

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals Jonathon Jacobson

AUM 31 December 11 $11.0 bn AUM 1 January 10 $9.3 bn

Location Boston, MA

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GoldenTree Asset Management

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Credit Founders/Principals Steven Tananbaum

AUM 31 December 11 $10.4 bn AUM 31 January 10 $9.8 bn

Location New York, NY

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Tudor Investment Corporation

Principal Fund(s) The Tudor BVI Global Portfolio L.P. Tudor Tensor Portfolio Ltd. & Tensor Managed Accounts Size ($b) $8.1 bn $1.1 bn Fund Manager(s) Paul Tudor Jones Steve Evans Strategy/style Global Macro Quantitative Managed Futures Founders/Principals Paul Tudor Jones

AUM 1 January 12 $10.3 bn AUM 31 January 10 $11.5 bn

Location Greenwich, CT

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Anchorage Capital Group L.L.C.

Principal Fund(s) Anchorage Capital Partners Funds Anchorage Short Credit Funds Anchorage Illiquid Opportunities Funds Size ($b) Not disclosed Fund Manager(s) Kevin Ulrich Tony Davis Dan Allen Strategy/style Credit-Focused Long/Short Distressed Special Situations Founders/Principals Kevin Ulrich Tony Davis

AUM 31 December 11 $10.0 bn AUM 31 January 10 Not disclosed

Location New York, NY

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Maverick Capital
Principal Fund(s) Maverick Fund Maverick Levered Fund Maverick Long Fund Maverick Neutral Fund Maverick Neutral Levered Fund Size ($b) Not disclosed Fund Manager(s) Lee Ainslie III Strategy/style Long/Short Equity Founders/Principals Lee Ainslie III

AUM 31 December 11 $10.0 bn (est) AUM 31 January 10 $10.0 bn (est)

Location Dallas, TX

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ESL Investments
Principal Fund(s) ESL Partners Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Distressed Founders/Principals Edward Lampet William Crowley

AUM 31 December 11 $10.0 bn (est) AUM 31 January 10 $10.5 bn (est)

Location Greenwich, CT

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Pershing Square Capital Management

Principal Fund(s) Pershing Square Fund Pershing Square II Pershing Square International Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals William Ackman

AUM 31 December 11 $10.0 bn (est) AUM 31 January 10 Not disclosed

Location New York, NY

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Caxton Associates LP
Principal Fund(s) Caxton Global Investments A.R.T. International Investors Caxton HAWK (Diversified) Wadhwani Asset Management Size ($b) $7.1 bn Fund Manager(s) Andrew E. Law Aaron Sosnick Jeffrey Enslin Sushil Wadhwani Strategy/style Global Macro Statistical Arbitrage Quantitative Macro Quantitative Macro Founders/Principals Bruce Kovner (retired) Peter D'Angelo (retired) Andrew E. Law

AUM 1 January 12 $9.3 bn AUM 1 January 10 $7.3 bn

Location New York, NY

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Bain Capital/Brookside Capital Partners

Principal Fund(s) Brookside Capital Partners Fund Brookside Capital Partners Fund II Sanakty Advisors Prospect Harbour Absolute Return Capital Partners Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals William Romney Coleman Andrews Eric Kriss

AUM 31 December 11 $9.0 bn (est) AUM 31 January 10 $10.5 bn (est)

Location Boston, MA

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Grantham, Mayo, Van Otterloo (GMO)

Principal Fund(s) GMO Aggressive Long/Short Strategy GMO Emerging Currency Hedge Fund GMO Fixed Income Hedge Fund GMO Multi-Strategy Fund GMO Credit Opportunities Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Long/Short Emerging Currency Fixed Income Multi-Strategy Credit Founders/Principals Jeremy Grantham Richard Mayo Eyk van Otterloo

AUM 31 December 11 $9.0 bn (est) AUM 31 January 10 $8.5 bn (est)

Location Boston, MA

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Cerberus Capital Management

Principal Fund(s) Cerberus International Cerberus Partners Styx International Styx Partners Size ($b) Not disclosed Fund Manager(s) Stephen Feinberg Strategy/style Distressed Founders/Principals Stephen Feinberg William L. Richter

AUM 31 December 11 $8.8 bn (est) AUM 31 January 10 $8.8 bn (est)

Location New York, NY

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Two Sigma Investments

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals John Overdeck David Siegel

AUM 01 January 12 $8.5 bn AUM 31 January 10 Not disclosed

Location New York, NY

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INVESCO Asset Management

Principal Fund(s) INVESCO ABS Oppoutunity Fund Invesco Absolute Return Fund Invesco Large Cap Core Directional Long/Short Fund Invesco Small Cap Core Directional Long / Short Fund Invesco US Equity Market Neutral Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals Charles Brady Martin L. Flanagan

AUM 31 December 11 $8.5 bn (est) AUM 31 January 10 Not Disclosed

Location Atlanta, GA

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Taconic Capital Advisors

Principal Fund(s) Taconic Capital Partners Taconic Capital Partners 1.5 Taconic Market Dislocation Fund II Taconic Offshore Fund Taconic Opportunity Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals Kenneth Brody Frank Brosens

AUM 31 December 11 $8.2 bn (est) AUM 31 January 10 $7.0 bn (est)

Location New York, NY

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Magnetar Capital
Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Multi-Strategy Event Driven Fixed Income Energy Founders/Principals Alec Litowitz Ross Laser David Snyderman

AUM 1 January 12 $8.1 bn AUM 31 January 10 Not disclosed

Location Evanston, IL

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Mason Capital Management

Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Event Driven Founders/Principals Kenneth Garschina Michael Martino

AUM 31 December 11 $8.05 bn AUM 31 January 10 Not disclosed

Location New York, NY

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Adage Capital Management

Principal Fund(s) Adage Capital Partners Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Not disclosed Founders/Principals Phil Gross Robert Atchinson

AUM 31 December 11 $8.0 bn (est) AUM 31 January 10 $9.0 bn (est)

Location Boston, MA

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Marathon Asset Management

Principal Fund(s) Marathon Asia Fund Marathon Credit Opportunity Fund Marathon EM Opportunity Fund Marathon Securitized Credit Fund Marathon Special Opportunity Fund Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Opportunistic Credit Founders/Principals Bruce Richards Louis Hanover

AUM 31 December 11 $8.0 bn (est) AUM 31 January 10 Not disclosed

Location New York, NY

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Lone Pine
Principal Fund(s) Not disclosed Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Long/Short Equity Founders/Principals Stephen Mandel

AUM 31 December 11 $8.0 bn AUM 31 January 10 $8.0 bn (est)

Location Greenwich, CT

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Graham Capital Management

Principal Fund(s) Graham K4D-15V Portfolio Graham Discretionary-6V Portfolio Graham Discretionary-12V Portfolio Graham Proprietary Matrix-10V Portfolio Size ($b) $3.5 bn $680.8 m $911.1 m $764.6 m Fund Manager(s) Not disclosed Strategy/style Macro Founders/Principals Kenneth G. Tropin

AUM 31 December 11 $7.7 bn AUM 31 January 10 Not disclosed

Location Rowayton, CT

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Third Point Management

Principal Fund(s) Third Point Offshore Fund, Ltd Third Point Partners L.P. Third Point Partners Qualified L.P. Third Point Ultra Ltd. Size ($b) $4.4 bn $269 m $1.2 bn $1.1 bn Fund Manager(s) Daniel S. Loeb Strategy/style Event Driven Equity Special Situations Credit Founders/Principals Daniel S. Loeb

AUM 31 December 11 $7.5 bn AUM 31 January 10 Not disclosed

Location New York, NY

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Greenlight Capital
Principal Fund(s) Greenlight Capital Greenlight Capital Offshore Greenlight Capital Qualified Size ($b) Not disclosed Fund Manager(s) Not disclosed Strategy/style Long/Short Equity Distressed Founders/Principals David Einhorn

AUM 31 December 11 $7.5 bn (est) AUM 31 January 10 Not disclosed

Location New York, NY

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