DE Shaw remains king; Renaissance and Icahn record double digit declines
|December 1st, 2014||
|DE Shaw maintains the top spot for another quarter in the latest edition of HedgeTracker’s Top U.S. Equity Hedge Fund List. DE Shaw’s growth of $486M, or 1%, over the quarter was just sufficient to fend off a surging Citadel Investment Group, which added greater than $2B in the third quarter, an increase of almost 5%, to once again secure the second position on the list. |
Perhaps the biggest surprises of the quarter were the lower assets reported by two of the top 10 hedge funds – Renaissance and Icahn. Renaissance Technologies Corporation fell one spot on the list to #4 after dropping more than $6B in assets, a decline of almost 15%. Renaissance held the top spot on the list as recently as Q3 2013 but has been steadily falling ever since. Icahn Associates dropped 3 positions this quarter, landing at number 7 on the list. Icahn closed the third quarter at $33.6B, a decline of almost $5B, or 12.7%.
Despite the large asset losses in the top 10, the Top 100 US Equity Hedge Funds were slightly up over the quarter and now manage $989B in assets. This represents an increase of nearly 1.5% and is driven, in part, by 10 funds that were up more than 15% over the quarter.
Strong performers of note include Och-Ziff, Eton Park, and Balyasny. Och-Ziff Capital Management gained more than $3B in assets over the quarter, an increase of more than 18%, but only managed to move up one spot on the list to 12. Eton Park Capital Management, a NY-based hedge fund founded in 2004 by Goldman Sachs alum Eric Mindich, surged more than 37% over the quarter to $3.6B in assets – enough to jump 20 positions to the 70th spot. Balyasny Asset Management recorded the second largest increase of the quarter, jumping 35.6% to break into the top 50 and ultimately land at 35.
The Top 100 U.S. Equity Hedge Fund list was not without turnover during the quarter as 5 new hedge funds made it onto the list. The biggest jump for a new entrant belongs to BlueMountain Capital Management, which landed at number 87 with just over $3.5 billion in equity assets. BlueMountain is a long/short credit fund that was founded in 2003 by CEO/CIO Andrew Feldstein and President Stephen Siderow. Prior to founding the firm, Mr. Feldstein was Co-Head of North American structured products at JP Morgan, while Mr. Siderow was a senior consultant at McKinsey & Company in the financial services practice.
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