The world’s 20 best-performing hedge fund corporations delivered a record-breaking $115.8 billion in internet features for shoppers final 12 months, as {industry} titans together with Citadel, Millennium and Bridgewater Associates as soon as once more outgunned smaller rivals. The landmark haul helped propel the broader $5.2 trillion {industry} to its biggest-ever annual greenback acquire, at a collective $543 billion, in response to this 12 months’s annual “20 Nice Cash Managers” rating, printed on Monday by Edmond de Rothschild Capital Holdings. TCI, Sir Christopher Hohn’s $77.1 billion activist fund, delivered $18.9 billion for buyers in 2025 — the 12 months’s largest take, and the highest-ever greenback acquire by a single supervisor. Citadel, the $65.9 billion fund supervisor led by billionaire Ken Griffin, was named essentially the most profitable hedge fund agency of all time for the fourth 12 months in a row. The multi-strategy big has now delivered $90.4 billion value of features after charges for its buyers since launching in 1990 — together with a $7.4 billion rise final 12 months. D.E. Shaw, the $72.4 billion quantitative funding powerhouse that makes use of statistical algorithms and different computer-driven methods to commerce markets, claimed second spot. Since its 1988 launch, the agency has delivered $79.9 billion in internet features for shoppers, after including $12.7 billion in 2025. The analysis, printed yearly since 2012, scores the world’s 20 best-performing hedge fund corporations by all-time internet features since inception. The {industry} energy rating additionally charts corporations’ annual returns for 2025 and their present belongings below administration. Collectively, the highest 20 managers’ net-of-fees acquire of $115.8 billion final 12 months was over $20 billion greater than the $93.7 billion they generated in 2024. Measurement issues Whereas the {industry} as an entire posted its strongest annual return since 2009, the information reinforces the benefit of scale. Regardless of accounting for simply 16.6% of whole world hedge fund belongings, these 20 corporations produced over 39% of all industry-wide features in 2025, underlining how the biggest corporations proceed to dominate efficiency and income. The weighted common return of the highest 20 managers reached 15.7% in 2025, comfortably forward of the broader {industry}’s 12.6% acquire, as measured by Hedge Fund Analysis’s Fund Weighted Composite Index. “A mix of report excessive belongings below administration, sturdy fairness and bond markets, and sizeable macro buying and selling alternatives all contributed to this sturdy efficiency,” mentioned Rick Sopher, senior advisor at Edmond de Rothschild. Bridgewater Associates and Millennium traded positions on this 12 months’s rankings, taking third and fourth place, respectively. Bridgewater climbed to 3rd due to a $15.6 billion acquire in 2025 — greater than double Millennium’s annual acquire — lifting its all-time internet features to $79.1 billion. Based by Ray Dalio in 1975, Bridgewater presently manages $76.9 billion in belongings. Multi-manager pioneer Millennium slipped one spot to fourth. However the agency, based by Israel “Izzy” Englander in 1989, is now ranked the world’s largest hedge fund agency by belongings, with $85 billion below administration. The corporate — whose mannequin is constructed round a so-called “pod store” strategy, comprising dozens of semi-autonomous portfolio managers and buying and selling groups working numerous funding methods — has generated $73.4 billion in internet features since inception. It added $7.9 billion final 12 months. ‘Shrewd enterprise intuition’ In the meantime, London-headquartered TCI ranked fifth, up from 14 th place in simply three years. The agency led a cluster of U.Okay. managers that additionally included Brevan Howard Asset Administration, the macro buying and selling agency co-founded by Alan Howard, in addition to Egerton Capital and Marshall Wace. “The features made by TCI proceed to be fairly exceptional; over the previous three years TCI has made $40 billion internet of charges for buyers,” mentioned Sopher. Elliott Administration, the activist hedge fund launched by Paul Singer in 1977, made $5.7 billion final 12 months, bringing its whole belongings to $80 billion. Its all-time acquire of $59.5 billion since launch helped it safe sixth place. In whole, the highest 20 hedge fund corporations have now generated $926.5 billion in internet features for buyers since inception. The broader hedge fund {industry}’s cumulative internet acquire has climbed to $2.37 trillion, boosted by 2025’s landmark $543 billion advance, in response to the estimates. “Remarkably, there have been no new entries into the highest 20, and comparatively little motion among the many leaders, reflecting maybe the persistence and dominance of the highest corporations,” Sopher mentioned. “A lot of the prime 20 are run by managers with a shrewd enterprise intuition who’ve confirmed over many years that they will make cash for buyers.”
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