Ranked: The World's 20 Biggest Hedge Funds
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Ranked: The World’s 20 Biggest Hedge Funds



the world's biggest hedge funds

The Briefing

  • Bridgewater Associates remains the top hedge fund by assets under management (AUM)
  • Brevan Howard witnessed strong growth in AUM, moving from 26th to 19th in the ranking

Ranked: The World’s 20 Biggest Hedge Funds

Collectively, the world’s 15,000 hedge funds manage around $4.5 trillion in assets for their clients, weathering economic storms and world events to ensure returns.

This visual breaks down the world’s biggest hedge funds in terms of assets under management using data from Pensions & Investments .

The Top 20

The world’s biggest hedge fund by a mile is Ray Dalio’s Bridgewater Associates. At the time of this ranking, Bridgewater managed over $126 billion in assets for clients as wide ranging as university endowment funds, charities, and foreign country’s central banks.

Here’s a closer look at the ranking:

Rank Hedge Fund Assets (millions USD) Headquarters
#1 Bridgewater Associates $126,400 🇺🇸 U.S.
#2 Man Group $73,500 🇬🇧 UK
#3 Renaissance Technologies $57,000 🇺🇸 U.S.
#4 Millennium Management $54,968 🇺🇸 U.S.
#5 Citadel $52,970 🇺🇸 U.S.
#6 D.E. Shaw Group $47,861 🇺🇸 U.S.
#7 Two Sigma Investments/Advisers $40,969 🇺🇸 U.S.
#8 Davidson Kempner Capital Management $37,450 🇺🇸 U.S.
#9 Farallon Capital Management $37,400 🇺🇸 U.S.
#10 TCI Fund Management $36,200 🇬🇧 UK
#11 Marshall Wace $34,400 🇬🇧 UK
#12 Ruffer $31,662 🇬🇧 UK
#13 AOR Capital Management $28,200 🇺🇸 U.S.
#14 Anchorage Capital Group $27,100 🇺🇸 U.S.
#15 Baupost Group $26,300 🇺🇸 U.S.
#16 Point72 Asset Management $26,100 🇺🇸 U.S.
#17 Capula Investment Management $25,000 🇬🇧 UK
#18 Wellington Management $24,968 🇺🇸 U.S.
#19 Brevan Howard Asset Management $23,353 🇬🇧 UK
#20 PIMCO $23,054 🇺🇸 U.S.

This annual ranking uses AUM data from June 2022

Overall, 70% of hedge funds are headquartered in North America, with many of the world’s largest based in the United States, specifically.

ℹ️ Hedge funds are essentially pooled investments pulled together by the fund’s clients. The managers then utilize a variety of strategies to produce returns on investments, buying and selling assets such as stocks, commodities, real estate, bonds, and so on. The fund itself makes money by charging fees to their clients and taking a percentage of the profits earned on trading.

The Fastest Growing Hedge Funds

Many of these large hedge funds were new to the top 20 category, having moved up dramatically from the 2021 ranking. Here’s a look at some of the AUM growth rates year-over-year.

Rank Hedge Fund Growth in AUM (% Change Y-o-Y)
#1 Brevan Howard Asset Management 46.0%
#2 Citadel 40.8%
#3 PIMCO 25.3%
#4 D.E. Shaw Group 20.4%
#5 Point72 Asset Management 19.7%
#6 Bridgewater Associates 19.6%
#7 Man Group 15.9%
#8 Wellington Management 10.5%
#9 AQR Capital Management 8.0%
#10 Millennium Management 5.1%
#11 Capula Investment Management 4.6%
#12 Marshall Wace 3.9%
#13 Two Sigma Investments/Advisers 3.6%
#14 Davidson Kempner Capital Management 0.3%
#15 Renaissance Technologies -1.7%
#16 Farallon Capital Management -1.8%
#17 TCI Fund Management -9.5%
#18 Anchorage Capital Group -12.8%
#19 Baupost Group -15.2%
#20 Ruffer -

UK-based Brevan Howard jumped from 26th to 19th, witnessing a 46% increase in their assets under management.

Hedge fund growth can be uncorrelated with the broader market, and is not necessarily an indicator of the overall economy . However, analyzing the strategies used by hedge funds and their performance can often provide useful insight for investors.

Where does this data come from?

Source : The Pensions & Investments annual ranking of largest hedge funds.

Source : This ranking uses AUM data from June 2022. This visualization can be used as a consistent snapshot of the size and proportionality of hedge funds. Current AUM for each may very.

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Mapped: Legal Sports Betting Totals by State

In 2022, legal sports betting in the U.S. totaled over $93 billion. Which states saw the most and least wagers? (Sponsored post)



U.S. map with states colored according to the growth in house prices from Q1 1991 to Q1 2022. Utah had the highest growth.

The Briefing

  • Legal sports betting reached over $93 billion in the U.S. in 2022.
  • New York State had the most wagers, with a total of $16.3 billion.

Legal Sports Betting Totals by State

Which states are driving the legal sports betting market, and which have not yet become major players? The answer is fueled by each state’s legalization status, population, and other factors.

In this graphic from Roundhill Investments , we show a breakdown of legal sports betting by state.

A State View of Legal Sports Betting

In 2022, sports betting was live in 31 states plus Washington, D.C. Betting activity is highly concentrated, with the top five states accounting for 57% of the total reported legal wagers.

State/District Legal Sports Wagers in 2022
New York $16.3B
New Jersey $10.9B
Illinois $9.8B
Nevada $8.7B
Pennsylvania $7.3B
Arizona $5.5B
Colorado $5.2B
Virginia $4.9B
Michigan $4.8B
Indiana $4.5B
Tennessee $3.9B
Iowa $2.3B
Louisiana $2.3B
Connecticut $1.5B
Maryland $981M
New Hampshire $892M
Kansas $719M
West Virginia $569M
Rhode Island $533M
Mississippi $532M
Oregon $498M
Washington D.C. $216M
Arkansas $185M
Wyoming $145M
Delaware $82M
Montana $51M
South Dakota $7M
New Mexico Legal, no data
North Carolina Legal, no data
North Dakota Legal, no data
Washington State Legal, no data
Wisconsin Legal, no data
Massachusetts Legal, became operational in 2023
Ohio Legal, became operational in 2023
Florida Legal, not yet operational
Maine Legal, not yet operational
Nebraska Legal, not yet operational
Alabama Not legal
Alaska Not legal
California Not legal
Georgia Not legal
Hawaii Not legal
Idaho Not legal
Kentucky Not legal
Minnesota Not legal
Missouri Not legal
Oklahoma Not legal
South Carolina Not legal
Texas Not legal
Utah Not legal
Vermont Not legal

New York State had the most legal sports betting, largely because it was the most populous state to allow online sports wagers so far. Notably, 1.2 million accounts were created in the first 10 days of legalization. New York also has multiple teams across all four major sports—football, basketball, baseball and hockey—which boosts local interest.

New Jersey took the second spot. The state challenged the federal ban against legal sports betting, winning their case in 2018. New Jersey has since rapidly established itself as a sports betting hub, thanks to its established gaming regulations, prime location near New York City and Philadelphia, and strong gaming and tech infrastructure.

Illinois had the third highest annual total, and beat its prior state record with $1 billion in wagers in October alone. One key factor was a change to the registration process in 2022, which allowed residents to sign up online rather than in-person at a casino. Not only that, the state is home to some popular teams including the Chicago Bulls, who have the third-largest social media following of any NBA team.

Smaller, and Not Yet Legal, Markets

South Dakota had the lowest legal sports betting of the states with reported totals. The state only allows in-person betting in the city of Deadwood and at tribal casinos, with the latter not reporting the total bets they receive. Online sports betting is not yet legal in the state unless the bettor is physically at a Deadwood casino.

Montana had the second smallest total bets. The state has a small population and no major league professional sports teams. Not only that, sports betting in the state is government-run rather than a competitive market. Like South Dakota, online bets can only be placed when the bettor is physically present at a retailer.

Notably, the most populous states of California, Texas, and Florida do not yet have legal and/or operational sports betting. Together, the three states represent 27% of the total U.S. population. Sports betting was initially legal in Florida but has been paused due to ongoing legal proceedings.

Expanding Geographic Reach

Legal sports betting has expanded significantly since the federal ban was lifted in 2018. However, 17 states have not yet legalized sports betting in any form, and some states could see growth from allowing online betting.

As more states proceed with legalization, the consumer base is likely to continue expanding. This creates a revenue opportunity for sportsbook operators. In fact, Goldman Sachs estimates that the total revenue opportunity could grow from $900 million in 2021 to $39 billion by 2033.

Looking for exposure to the growing sports betting industry? Explore Roundhill’s sports betting ETF, $BETZ .

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