16 Richest Hedge Fund Managers in the World

Published on November 26, 2023 at 6:44 am by Sheryar Siddiq in Hedge Funds, News

In this article, we discuss the 16 richest hedge fund managers in the world and their top stock picks. If you want to see more hedge fund managers, check out 5 Richest Hedge Fund Managers in the World.

The global hedge fund industry experienced a tumultuous year, navigating through market fluctuations driven by the conflicts in Eastern Europe and Gaza, surging inflation, and the implementation of interest rate hikes. In such an environment, hedge fund managers still managed to amass billions of dollars in personal earnings. While the market downturn led many long-short and long-only managers to incur losses, with some performing worse than the S&P 500 index’s decline, it proved to be a prosperous year for multistrategy, macro, trend-following, and fixed-income managers. Collectively, the 20 wealthiest hedge fund billionaires on Forbes’ 2023 World’s Billionaires list now hold a combined net worth of $245 billion, marking a $4 billion increase from the previous year. However, the individual returns of these managers have exhibited significant variations.

During the second quarter of 2023, global hedge funds collectively amassed a fund totaling $3.6 billion, resulting in a positive net inflow of $12.64 billion in the first half of the year, according to data from HFR. As of June 2023, the total assets managed by hedge funds reached $3.95 trillion, marking a 1.8% increase from March 2023. This growth was largely driven by the second-quarter performance of hedge funds, which experienced an average increase of 2.15%, contributing to a 3.4% rise in the first half of the year. Overall, hedge funds across the industry are making big moves.

Ken Griffin’s hedge fund enterprise Citadel Investment Group, for instance, achieved an estimated $16 billion in net gains for investors last year—marking the highest amount ever tracked by LCH Investments in its annual ranking of the world’s leading hedge fund managers. This brought Citadel’s net gains since its inception to an unprecedented $65 billion. Citadel’s specialized funds focusing on fixed income and equities also recorded impressive gains of 32.6% and 21.4%, respectively. The hedge fund, relocated by Griffin from Chicago to Miami in 2022, generated net trading revenue of $28.7 billion in 2022, including fees, equivalent to the capital markets revenue of banking giant JPMorgan. With a cumulative net return of 118% since 2020, Citadel significantly outperformed the S&P 500, which gained 25% over the same period.

As such, investors commonly adopt the strategy of mirroring the stock choices of renowned hedge funds, often finding common holdings such as Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and Bank of America Corporation (NYSE:BAC).

Richest Hedge Fund Managers in the World

Our Methodology

For our list of the 16 richest hedge fund managers in the world, we made use of Forbes’ The Richest Hedge Fund Managers 2023 list as the basis for our rankings. These money managers, ranked according to their net worth, lead some of the premier hedge funds across the globe. We also highlighted their top stock picks based on 13F portfolios as of the end of the third quarter of 2023.

16. Bruce Kovner

Net Worth: $6.6 billion

Bruce Kovner, an accomplished American hedge fund manager, stands as one of the most successful traders in recent decades. As the founder of Caxton Associates, he has amassed billionaire status and is the proprietor of the Kovner Foundation, one of the largest private foundations in the United States. Kovner’s exceptional trading skills have earned him recognition, and he is featured in Jack Schwager’s book “Market Wizards” as one of the greatest traders of all time. Bruce Kovner’s net worth is estimated to be approximately $6.6 billion, according to Forbes. Apart from his charitable activities managed by the Kovner Foundation, the chairman of CAM Capital focuses on investments in private assets. At the end of September 2023, Teck Resources Ltd (USA) (NYSE:TCK) was the largest holding in Caxton Associates’ portfolio, with 1.03 million shares worth $44.69 million.

Like Alphabet Inc. (NASDAQ:GOOG), Amazon.com, Inc. (NASDAQ:AMZN), and Bank of America Corporation (NYSE:BAC), Teck Resources Ltd (USA) (NYSE:TCK) is one of the top stock picks of the richest hedge fund managers.

15. George Soros

Net Worth: $6.7 billion

George Soros stands as one of the most accomplished investors in history. Managing the Soros Fund Management, his portfolio is valued at approximately $7 billion as of Q3 2023. According to Forbes, Soros has an estimated net worth of $6.7 billion, having donated over $32 billion to philanthropic causes. He previously oversaw the Quantum Fund, achieving an impressive average annual return of 30% over a 30-year span from 1970 to 2000. Notably, Soros gained widespread recognition for earning a $1 billion profit in a single day in 1992 through the strategic short selling of the British pound, thus earning him the name, “the Man Who Broke the Bank of England”. George Soros’ top holding as of Q3 2023 is Horizon Therapeutics Public Limited Company (NASDAQ:HZNP), with the billionaire owning more than 3.28 million shares worth $380.5 million, representing 5.4% of the total 13F portfolio.

14. Christopher Hohn

Net Worth: $6.7 billion

Christopher Hohn, a British billionaire and hedge fund manager, is renowned for both his philanthropic endeavors and assertive activist campaigns. In 2003, Hohn founded The Children’s Investment Fund Management (TCI). Notably, Hohn committed to donating 50 basis points of the management fee to The Children’s Investment Fund Foundation, a charitable fund he co-established with his ex-wife, Jamie Cooper-Hohn. TCI Fund Management achieved profits for 13 consecutive years until 2021. However, the fund experienced a setback in 2022, registering an 18% decline, attributed to substantial investments in Alphabet Inc. (NASDAQ:GOOG) and Microsoft Corporation (NASDAQ:MSFT). This downturn resulted from investor shifts away from growth stocks towards value and dividend-oriented plays. The majority of Hohn’s net worth is derived from TCI Fund Management. Notably, TCI was the world’s best performing hedge fund in 2019 and managed about $27.56 billion at the end of Q3 2023. The largest stock in TCI Fund Management’s Q3 2023 portfolio is General Electric Company (NYSE:GE). Regulatory filings show that Chris Hohn’s hedge fund owned 7.9 million shares of General Electric Company (NYSE:GE) at the end of September 2023 worth $4.6 billion, representing 16.7% of the portfolio of the fund.

13. David Siegel & John Overdeck

Net Worth: $6.8 billion

John Overdeck and David Siegel co-founded Two Sigma Advisors in 2001, alongside Mark Pickard, who has since retired. Prior to this venture, John Overdeck held the position of managing director at D.E. Shaw & Co., while David Siegel served as Chief Information Officer at the same firm. Notably, Siegel gained algorithmic experience during his tenure at Paul Tudor’s Tudor Investment Corp, bringing valuable expertise to Two Sigma. Over the years, Two Sigma Advisors has strategically brought on board leading mathematicians and engineers to contribute to the development and refinement of proprietary trading models. This strategic approach likely contributes to the consistent ranking of the hedge fund among the top ten over the years. As of the end of the first quarter, the hedge fund recorded a notable gain of 21.7%, significantly surpassing the 6% gain of the S&P 500 ETF (SPY). Two Sigma has established a track record of consistently outperforming the S&P 500, with its flagship fund, Two Sigma Compass Enhanced, delivering an average annual return of 16.9% since 2007, outpacing the 9.2% gain of the S&P 500. Two Sigma Advisors top holding as of Q3 2022 is Apple Inc. (NASDAQ:AAPL), with the hedge fund owning more than 59 million shares worth $8 billion, representing 6.13% of the total 13F portfolio.

12. Philippe Laffont

Net Worth: $6.9 billion

Philippe Laffont, a French-born investor, has consistently outperformed the NASDAQ Composite, surpassing its returns by more than five percentage points on average over the past two and a half decades. Managing a hedge fund with assets exceeding $70 billion, he has achieved an average annual gain of 11% since 1999. Laffont initiated his financial career by joining consulting firm McKinsey immediately after completing his post-graduate degree in Computer Science from the Massachusetts Institute of Technology. Additionally, he served as a telecommunications analyst for Julian Robertson. As of the third quarter of 2023, the equity portfolio of his fund, Coatue Management, with significant holdings in tech firms, was valued at over $19.7 billion. The largest stock in Coatue Management’s Q3 2023 portfolio is NVIDIA Corporation (NASDAQ:NVDA), with 4.5 million shares worth $1.9 billion, representing 10.02% of the total holdings.

In its Q3 2023 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and NVIDIA Corporation (NASDAQ:NVDA) was one of them. Here is what the fund said:

“At the portfolio level, the positive fundamental trends we noticed in the second quarter continued into the third quarter as well – many of our companies are reporting stability or slight improvement in business trends. Weighted average 2023 revenue growth expectations for the portfolio were up 3.8% during the third quarter or up 0.8% if we exclude NVIDIA. We wrote at length about NVIDIA earlier this year, but it is worth mentioning that the company has continued to exceed its own projections and the Street’s most optimistic expectations. After raising its revenue and EPS guidance for 2023 by 40% and 69%, respectively, following its last quarter, NVIDIA increased it further by 26% and 35%, respectively, after reporting the most recent one. Consensus expectations now call for revenues to grow 94% this year, while earnings per share are expected to increase by 192%. You may have seen these kinds of growth rates before, but we doubt you saw them from a company generating $50 billion in revenues. The skeptics who continue to question and doubt the accelerating demand for Generative artificial intelligence forgot to tell NVIDIA about it. But we digress…back to the portfolio…profit expectations have risen even faster than revenues and were up 11% during the third quarter (or up 7.8% ex-NVIDIA) with margin expectations up 149bps (107bps ex-NVIDIA). So, broadly speaking, our companies are seeing improvement in overall business trends, which flow through to their bottom lines, driving higher margins. We are also starting to see the benefits of leaner cost structures and more disciplined capital allocation compared to two or three years ago when capital was both cheaper and more readily available.”

11. Paul Tudor Jones

Net Worth: $7.5 billion

Paul Tudor Jones stands as one of the wealthiest hedge fund investors globally. Establishing his hedge fund, Tudor Investment Corporation, in 1980, the fund has expanded significantly over the years. As of the end of the third quarter of this year, Tudor Investment’s portfolio reached a value of $9.9 billion, reflecting substantial growth of $1.6 billion compared to the previous quarter. One of his notable and well-known moves occurred in 1987 when he bet against both American and Japanese stock markets, thus earning a staggering 125% in gains after fees. The largest position of Tudor Investment Corporation as of the end of September 2023 was Activision Blizzard, Inc. (NASDAQ:ATVI), with 3.03 million shares worth $284.2 million.

Here is what Aristotle Value Equity has to say about Activision Blizzard, Inc. (NASDAQ:ATVI) in its Q2 2023 investor letter:

“Headquartered in Santa Monica, California, Activision Blizzard is one of the largest video game companies in the world. The company develops and sells games that are played by nearly 400 million monthly active users across 190 countries. Activision Blizzard is a product of the 2008 merger of Activision, the console game maker, and Blizzard Entertainment, the PC game maker. In 2015, Activision Blizzard also acquired King Digital Entertainment, the developer of mobile games. The combined entities own some of the most well‐known franchises globally, including World of Warcraft, Call of Duty and Candy Crush. Together these three franchises account for roughly 80% of Activision Blizzard’s sales.

The company has successfully navigated multiple console cycles and, in recent years, has shifted its revenue mix away from physical sales toward more recurring sources. In 2013, roughly 70% of sales came from physical games, while today ~75% of sales come from subscriptions, in‐game content and advertising across mobile devices, consoles and PCs.

In early 2022, Microsoft—a current Value Equity holding—announced its intention to acquire Activision Blizzard. Our subsequent discussions with Sony, also a current holding, furthered our understanding that access to Activision Blizzard’s gaming franchises is critical for PlayStation, Xbox and the broader videogame industry. We do not attempt to predict regulatory approval of the transaction and instead view the company as an optimal investment regardless of whether the acquisition takes place…” (Click here to see the full text)

10. David Shaw

Net Worth: $7.9 billion

A Stanford University alumnus, David E. Shaw is among the hedge fund managers who have mastered the intricacies of quant investing, consistently delivering substantial returns. Once a computer science professor at Columbia University, Shaw established his quantitative hedge fund, D.E. Shaw, in 1988. Renowned for its utilization of sophisticated mathematical modeling and algorithms, the fund currently oversees assets exceeding $95.78 billion. In 2002, Shaw transitioned away from day-to-day operations, entrusting an executive committee with the firm’s oversight. Under the D.E. Shaw hedge fund, Shaw’s two major funds, Composite and Oculus, have consistently achieved an annualized net return of 12% through their quantitative investment strategy. Oculus stands out as one of the top-performing funds, maintaining a track record of never recording a negative annual return. The hedge fund, with an overall return exceeding 10%, has surpassed industry standards, underscoring the effectiveness of its quantitative investment approach. Microsoft Corporation (NASDAQ:MSFT) is the biggest position in Shaw’s portfolio, with 7.77 million shares worth $2.45 billion.

In its Q3 2023 investor letter, Jackson Peak Capital, an investment management firm, highlighted a few stocks and Microsoft Corporation (NASDAQ:MSFT) was one of them. Here is what the fund said:

“The Microsoft Corporation (NASDAQ:MSFT)/Activision Blizzard, Inc. (NASDAQ:ATVI) merger arbitrage came to a successful conclusion with the court denying the FTC’s preliminary injunction request. The deal subsequently received approval from the UK CMA and closed in October. The ATVI position was an example of “staying around the hoop” of a significant arb opportunity. At first, the position led to a small loss in Q2 when the UK CMA initially blocked the deal in April, but we stayed close to the case, analyzed the FTC trial and scaled up the ATVI position as it became apparent FTC had a weak case, meaning the probability of the deal going through was mispriced by the market since the companies would likely find a solution to work with the UK CMA (only global regulator who had an issue) if the FTC lost.”

9. Chase Coleman

Net Worth: $8.5 billion

Charles Payson “Chase” Coleman III is an American billionaire hedge fund manager and the creator of Tiger Global Management. He acts as the portfolio manager for both the public equity and private equity sectors. The public equity segment, involving long and long/short investment strategies, was initiated in March 2001 and follows a fundamentally focused, long-term investment strategy targeting high-quality companies positioned for robust secular growth. The private equity arm, established in 2003, has participated in numerous companies spanning over 30 countries, engaging in all funding stages from Series A to pre-IPO. The venture business, currently deploying its twelfth fund, strives to collaborate with dynamic entrepreneurs leading market-leading growth companies. According to Forbes, Coleman’s net worth stands at approximately $8.5 billion as of July 2023, ranking him as the 258th wealthiest individual globally. His fund’s biggest position at the end of Q3 was Meta Platforms, Inc. (NASDAQ:META) with a stake value of slightly over $2.67 billion.

8. Israel Englander

Net Worth: $11.5 billion

Israel (Izzy) Englander serves as the founder, CEO, and proprietor of Millennium Management, a multi-strategy hedge fund. By mid-2011, Israel Englander had expanded the firm to approximately $13 billion in assets under management, showcasing remarkable growth. Millennium achieved a 13% return in 2010 and posted around a 6% gain for 2011, surpassing many peers. Presently, Englander’s hedge fund enterprise oversees $58 billion. In 2022, its primary multi-strategy fund delivered a 12.4% return, generating $8 billion in net gains for investors. Microsoft Corporation (NASDAQ:MSFT) and NVIDIA Corporation (NASDAQ:NVDA) ranks among the biggest positions in Englander’s portfolio.

7. Michael Platt

Net Worth: $16 billion

Michael Platt is the co-founder and CEO of BlueCrest Capital Management, established in 2000 following his nearly decade-long tenure at JPMorgan. BlueCrest reached its pinnacle in 2013, ranking among the world’s largest hedge funds with over $35 billion in assets under management. In response to challenges in equities and lackluster results prompting investor withdrawals, Platt transformed the firm into a family office in 2015. This strategic shift turned out to be a game-changing decision for BlueCrest Capital Management. Since becoming a family office, the fund has delivered remarkable net returns, achieving 50% in 2016 and 54% in 2017. It has continued to thrive, consistently generating returns of at least 25% annually, including an impressive 95% net return in 2020 and 153% in 2022. At the end of September of this year, Platt’s largest stock holding, with 2.26 million shares worth $65.99 million was Criteo S.A. (NASDAQ:CRTO).

6. Carl Icahn

Net Worth: $17.5 billion

Carl Icahn, an American hedge fund manager, was referred to as a corporate raider in the 1980s, but in subsequent years, he was more frequently characterized as an activist investor. The activist investor has been a prominent figure in shaping corporate America for decades, and the shares of his main investment entity, Icahn Capital LP, experienced a modest increase in 2021. Notably, he garnered a profit of approximately $250 million by acquiring Twitter, Inc. (NYSE:TWTR) stock following Elon Musk’s announcement of a merger agreement to acquire the company. Icahn expressed his willingness to consider initiating a proxy fight if the proposed deal did not materialize. In March, he initiated a proxy battle with Illumina, Inc. (NASDAQ:ILMN), nominating three directors for the board and advocating for the DNA sequencing company to divest its $7.1 billion acquisition of healthcare firm Grail in 2021. At the end of the third quarter of 2023, Icahn’s stock portfolio was worth $41.3 million. The Icahn Enterprises L.P. (NASDAQ:IEP) is the biggest position in billionaire’s portfolio, with 350.8 million shares valued at $6.93 billion.

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