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Bill Ackman’s Pershing Square Capital Management has joined the world’s 20 best-performing hedge funds after a bumper year for the New York asset manager, which was dropped from the list in 2015.
The New York fund, which has $17.9 billion in assets under management (AUM), will generate $3.5 billion worth of net income in 2023, with overall profits up to $18.8 billion since its founding in 2004, according to research from LCH Investments. reached the dollar.
Pershing Square’s big rally replaces Louis Bacon’s Moore Capital Management at the bottom of LCH’s list of the world’s 20 top-performing hedge funds, marking a “remarkable comeback” for the New York firm. It was praised.
The New York fund was taken off the list nine years ago after suffering a series of huge losses on investments in companies such as consumer goods company Procter & Gamble.
P.G.
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Retail chain JC Penney and multilevel marketing company Herbalife Nutrition.
HLF
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Today, Mr. Ackman’s fund has regained its place among the top 20 funds and has generated $12.3 billion worth of profits over the past three years, nearly a third of the profits it has generated since its founding in 2004. Equivalent to 2.
This puts Pershing Square back on the list of top-performing funds that generated a whopping $67 billion worth of combined net income in 2023 alone. This represents 31% of the gains made by the entire hedge fund sector last year.
| Hedge fund | parrot 1 billion dollars | $1 billion increase in 2023 | overall profit 1 billion dollars | year it started |
| citadel | 56.8 | 8.1 | 74.0 | 1990 |
| DE show | 43.8 | 4.2 | 56.1 | 1988 |
| millennium | 61.9 | 5.7 | 56.1 | 1989 |
| bridgewater | 72.5 | (2.6) | 55.8 | 1975 |
| Elliot | 62.2 | 5.5 | 47.6 | 1977 |
| soros | Not applicable | Not applicable | 43.9 | 1973 |
| TCI | 50.0 | 12.9 | 41.3 | 2004 |
| viking | 30.5 | 6.0 | 40.9 | 1999 |
| bow post | 27.4 | 3.8 | 37.0 | 1983 |
| Farallon | 40..4 | 2.6 | 35.7 | 1987 |
| lone pine | 15.9 | 4.2 | 35.6 | 1996 |
| Appaloosa | 17 | 2.7 | 35.0 | 1993 |
| SAC/Point 72 | 31.0 | 3.0 | 33.0 | 1992 |
| Ok Ji Hoo/Sculptor | 28.7 | 2.3 | 32.2 | 1994 |
| brevan howard | 35.6 | 0.4 | 28.5 | 2003 |
| Egerton | 14 | 2.3 | 23.9 | 1995 |
| davidson kempner | 37 | 1.8 | 21.0 | 1983 |
| king street | 9.5 | 0.9 | 19.5 | 1995 |
| caxton | 13.4 | (0.3) | 19.5 | 1983 |
| pershing square | 17.9 | 3.5 | 18.8 | 2004 |
For reference, the top 20 funds manage just 18.9% of all assets under management across the sector, with $6,655 billion in assets under management compared to $2.85 trillion for all remaining funds. It manages assets valued at $1 billion.
But with these huge profits, the top 20 companies accounted for 83% of all profits generated by hedge funds over the past three years.
In value terms, the top 20 have generated $775.4 billion worth of net profits since their inception, compared to $862 billion for all remaining hedge funds in the sector.
In percentage terms, the average return for the top 20 companies in 2023 was 10.5%, while the average return for the sector as a whole was 6.4%.
Sir Chris Horne’s Children’s Investment Fund Management (TCI Fund) achieved its biggest profit in 2023, generating net profits worth $12.9 billion last year, its highest net profit since its inception in 2004. The total amount reached $41.3 billion.
TCI Fund’s strong gains in 2023 helped it rise seven places in the ranking of hedge funds with the highest returns since its inception, moving it from 14th place in 2022 to 7th place on this year’s list.
Meanwhile, Ken Griffin’s Citadel LLC has earned more than any rival hedge fund in the world since its inception, with $74 billion worth of net income since its inception in 1990 and a projected $8.1 billion in 2023. It is making a profit equivalent to US dollars.
Citadel has amassed a whopping $74 billion in profits over the past 30 years, putting it in first place, ahead of second-place tied DE Shaw & Co. and Millennium Management. The companies have each generated net income worth $56.1 billion since they began operations in 1988 and 1989.
Together, these top three hedge funds accounted for nearly two-fifths (38.3 %) and net income worth $71.2 billion. .
Rick Soffer, CEO of Edmond de Rothschild, says the world’s top hedge funds have made huge profits because of their willingness to pay huge sums of money for access to top talent. He explained that this is also the result of. “It’s clear that these companies can also pay more aggressively to attract top talent,” Soffer said.
Ray Dalio’s Bridgewater Associates follows closely behind the top three, despite posting a $2.6 billion loss in 2023 and dropping from second to fourth on the LCH list. Since its founding in 1975, it has generated $55.8 billion in revenue.
Elliott Investment Management has generated net income worth $47.6 billion since its founding in 1977, and will generate net income worth $5.5 billion in 2023, moving up one spot from sixth to fifth in the rankings. .
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