Institutional money is swelling the coffers of the world's biggest hedge fund managers, which are topped by Bruce Kovner's Caxton Associates.
"Plan sponsors are craving some kind of investment that is heavily alpha-oriented. And there's nothing more alpha than hedge funds," says Carrie McCabe, president of McCabe Advisors, a New York-
Our listings provide each manager's total hedge fund assets (before leverage) and, where possible, breakdowns at the individual fund level with one-year returns (net of fees). All data are as of year-end 2002 unless otherwise noted. Performance for funds launched after January 2, 2002, reflects actual net returns since inception, as footnoted. Data were gathered from questionnaires completed by hedge fund managers and supplemented by extensive staff research. In some cases, asset totals or returns represent II estimates. We list a maximum of five funds per firm. Additional information can be found on our Web site, at www.institutionalinvestor.com.
We have excluded funds of funds, funds that are subadvised by a third party (subadvised funds are credited to the actual manager) and assets managed in collateralized bond and debt obligations. Also excluded: private equity funds and vehicles that resemble private equity funds.
Where we were unable to determine certain data for a fund or firm, we omitted that information. In some cases, managers have rolled multiple funds run in a single style (onshore and offshore versions of the same fund, for example) into one entity and reported composite figures for assets and returns.
If we missed your firm this year, please contact us at HF100@iimagazine.com so we can consider you for the 2004 list. Some firms that completed our questionnaire were too small to make the list. These firms are listed on our Web site.