Top Mid-Sized Hedge Funds Bulk-Up, Oversee $55.3 Billion

April 2nd, 2012
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The Top 100 Mid-Sized U.S. Equity Hedge Funds oversee $55.3 billion in assets, according to the most recent ranking update. The top 100 list is led by (#1) Cavalry Asset Management ($747mm), (#2) North Run Capital ($744mm), and (#3) Ascend Capital ($742mm).

Not surprisingly, the top investment strategy for Mid-Sized hedge funds on the list is Long/Short Equity, which is employed by 31 hedge funds that manage more than $17.5 billion in assets. Notably, 9 of these long/short hedge funds are global investors. Additionally, a total of 16 Deep Value and Distressed focused hedge funds made the top 100 Mid-Sized Hedge Fund list, overseeing $9.3billion in assets.

Cavalry Asset Management, which is based in San Francisco, is run by John Hurley, who founded the Technology focused long/short equity manager in 2003. Cavalry’s portfolio is highly concentrated, with nearly a quarter of its investment bets held in its top two stock positions, including $98mm in Western Digital (WDC) and $76.5mm in Apple (AAPL).

North Run Capital, which goes by North Run Advisors, was also founded in 2003. North Run Capital is led by hedge fund industry veterans Todd Hammer and Thomas Ellis. Prior to co-founding North Run, Hammer and Ellis were with Greenbriar Equity Group and MHR Fund Management, respectively.

Ascend Capital, which is based in San Francisco, is run by Malcolm Fairbairn, who founded the long/short equity hedge fund manager back in 1999. While Ascend Capital makes some technology bets, it also invests in broader range of industrials companies.

Ranking Methodology: The top 100 Mid-Sized Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms’ overall U.S. equity assets under management. The list includes the top hedge funds with less than $750 million in U.S. equity assets. To view the Top 100 Hedge Fund list in its entirety, please click here.
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For Detailed Investor Profiles on these Investors, click below:
Ascend Capital
Cavalry Asset Management
Related People: John Hurley; Malcolm Fairbairn
Related Entities: Ascend Multi-Strategy; Ascend Partners Funds I & II; Cavalry Capital Appreciation; Cavalry Market Neutral; Cavalry Technology
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News

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