Top Small- and Mid-Cap Hedge Funds Jump 14%, Eclipsing $290 Billion Mark

November 6th, 2013
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The Top 100 Small-Cap and Mid-Cap focused hedge funds oversee $291 billion in U.S. equity SMID assets, according to the most recent rankings. To be eligible for the top 100 SMID Hedge Fund List, a hedge fund must have more than 50% of its equity assets invested in small-cap and mid-cap companies.

The Top SMID Hedge Fund list is led by a number of the largest U.S. hedge funds overall, demonstrating how important smaller and niche investment opportunities can be for generating consistent alpha. The top funds include industry stalwarts Renaissance Technologies, Icahn Associates and Millennium Management.

Renaissance leapt to the top spot, after shifting its portfolio into SMID stocks. Overall, the firm reported allocating 52% of its equity assets, or $19.9 billion, to SMID equities. Carl Icahn’s deep value and shareholder activist focused firm fell down to the #2 spot, after having held the #1 spot on last quarter’s list. Icahn’s firm allocated 68% of its portfolio to SMID companies. Meanwhile, Izzy Englander’s Millennium Management held onto the third spot for the second consecutive quarter, reporting $10.7 billion in SMID equities.

Notably, thirty-six hedge funds on the Top 100 SMID Hedge Fund list have more than 70% of their assets invested in SMID equities. Harbinger Capital Partners LLC and Marcato Capital Management are among the group of purest small- and mid-cap focused funds on the list, as both allocated 100% of their equity assets to SMID stocks. Deep value focused Harbinger Capital reported $2.6 billion in SMID assets and value focused Marcato Capital reported $1 billion in SMID assets.

Ranking Methodology: The Top 100 SMID Hedge Fund rankings are compiled on a quarterly basis using hedge fund firms’ overall U.S. equity assets under management. The SMID list includes the top hedge funds with that have more than 50% of their U.S. equity assets invested in small- and mid-cap companies. Mid-Cap equities include U.S. listed stocks with market capitalizations between $2 billion and $10 billion, while Small-Cap equities include U.S. listed stocks with market capitalizations less than $2 billion. To view the Top 100 SMID Hedge Fund list in its entirety, please visit the Hedge Fund Portal.

For Detailed Investor Profiles on these Investors, click below:
HRG Group (Harbinger Capital Partners)
Icahn Associates (Carl Icahn)
Marcato Capital Management
Millennium Management
Renaissance Technologies Corporation
Related People: Peter Brown; Robert L. Mercer; Alexander J. Denner; Brett Icahn; Carl Icahn; David Nolan; Israel Izzy Englander; Jim Simons; Jonathan Larkin*;; Keith A. Meister*; Michael Gelband; Omar Asali (CEO); Peter Jenson (COO); Philip Falcone*; Richard “Mick” McGuire
Related Entities: Marcato II, L.P.; Marcato International Ltd.; Harbert Management Corporation*; Harbinger Capital Credit Distressed BlueLine Fund; Harbinger Capital Partners Master Fund; Harbinger Capital Partners Special Situations Fund LP; High River Limited Partnership; HRG Capital; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP; Marcato, L.P.; Medallion; Millennium International Fund; Millennium Management LLC; Millennium Partners; Millennium Partners LP; Millennium U.S.A.; Nova; Renaissance Institutional Equities Funds; Renaissance Institutional Management LLC; Renaissance Technologies LLC; Rentec
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News; Top Hedge Fund Portfolio Reports

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