While many hedge fund managers struggled to beat the market in 2012, most of the managers on Institutional Investor's Alpha's 2012 Rich List ranking of the top 25 hedge fund earners did exceptionally well in navigating the complex global macroeconomic forces.

Four managers topped $1 billion in earnings, led by David Tepper of Appaloosa Management, who returns to the list after a one-year absence. Tepper earned $2.2 billion. The other billion-dollar earners were Bridgewater Associates' Ray Dalio ($1.7 billion), SAC Capital Advisors' Steve Cohen ($1.4 billion) and Renaissance Technologies' Jim Simons ($1.1 billion).

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