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The largest hedge funds in the world

A handful of names manage hundreds of billions and move global markets. Here are the industry's giants, their styles and what makes them unique. AUM figures are rounded public estimates and change over time.

01 Bridgewater AssociatesThe world's largest by assets (over $100 billion). Founded by Ray Dalio in 1975: systematic macro and "radical transparency".
02 Millennium ManagementOver $60 billion, thousands of traders in independent "pods": Izzy Englander's multi-strategy machine, consistent returns for decades.
03 CitadelThe most profitable in history by gains generated: Ken Griffin's creature has returned more profit to clients than any other fund.
04 D.E. ShawThe quant pioneer founded in 1988: algorithms and scientific research, a nursery of future founders (alumni include Jeff Bezos).
05 Two SigmaPure data science: 1,700 employees, mostly engineers and researchers. The hedge fund that calls itself a tech company.
06 Renaissance TechnologiesJim Simons' legendary firm: Medallion (closed to outsiders) remains the most incredible track record ever documented.
07 Elliott ManagementThe most feared activist: Paul Singer and campaigns that bent companies and even sovereign nations (the Argentina case).
08 Pershing SquareBill Ackman and his 8–12 concentrated positions: the manifesto fund of transparent activism, listed in Amsterdam.

Hedge fund AUM shifts every quarter with performance and flows: precise rankings vary by source and moment. What matters here are the orders of magnitude and the stories.