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Hedge Fund Report Card: September 2010 (8)

August 31, 2010   Britt Erica Tunick

AR Hedge Fund Report Card (September 2010)
Cover | Overall results | Intro | Alignment | Alpha | Independent oversight | Infrastructure | Liquidity & Transparency





Adage also nabbed the top spot in alpha generation in a tie with Baupost, as both firms had perfect scores of 10. Rounding out the top three in alpha generation, Elliott ranked third with a score of 9.50, while Renaissance received the category's lowest ranking with a score of 3.80.

Ranked solely on infrastructure, Bain/Brookside leads the pack, with a score of 9.67, followed closely by Bridgewater with 9.59 and York with 9.50. TPG-Axon got the lowest score, 5.67.

The decline of the importance of independent oversight, now ranked third, is a sign that many investors tend to have a short memory when markets begin to rebound, according to investors. In that category, Bain/Brookside led the pack with a score of 9.00, followed by York with 8.80 and Fortress with 8.60.

Investors identified Cerberus as the firm with weakest independent oversight in this year's rankings, giving the firm a score of 3.38.

Methodology
To grade the top hedge funds, AR approached a large group of hedge fund investors, including pension funds, foundations and endowments, as well as funds of funds and private equity firms. All told, we solicited the opinions of 100 pension and endowment investors who collectively oversee more than $250 billion in assets. Family offices, funds of funds and private equity firms also participated. Polling was conducted by phone during the month of June and wrapped up in early July. Investors limited their voting to firms in which they were directly invested.


LIQUIDITY TERMS 
RANK FIRM Unwtd. Average
1 Bridgewater Associates 8.71
2 York Capital Management 8.33
3 Adage Capital Management 8.25
4* Renaissance Technologies 8.00
4* Canyon Capital Advisors 8.00
6* Davidson Kempner Advisers 7.80
6* Fortress Investment Group 7.80
8 King Street Capital Management 7.75
9 Bain Capital/Brookside Capital Partners 7.67
10 AQR Capital Management 7.60
11* Shumway Capital Partners 7.50
11* Taconic Capital Advisors 7.50
13 Goldman Sachs Asset Management 7.40
14 Avenue Capital Group 7.20
15 Viking Global Investors 7.17
16* BlackRock 7.00
16* GoldenTree Asset Management 7.00
16* Convexity Capital Management 7.00
16* Maverick Capital 7.00
16* Wellington Management 7.00
21 Tudor Investment Corp. 6.67
22 Och-Ziff Capital Management Group 6.58
23 Paulson & Co. 6.54
24* Angelo, Gordon & Co. 6.50
24* J.P. Morgan: J.P.Morgan Asset Management 6.50
26 Farallon Capital Management 6.40
27* Baupost Group 6.33
27* Harbinger Capital Partners 6.33
29* Anchorage Advisors 6.00
29* Moore Capital Management 6.00
29* Appaloosa Management 6.00
29* Grantham, Mayo, Van Otterloo 6.00
29* J.P. Morgan: Highbridge Capital Management 6.00
34 Elliott Management Corp. 5.75
35 Millennium Management 5.50
36 Marathon Asset Management 5.00
37 D. E. Shaw Group 4.79
38 SAC Capital Advisors 4.50
39 Eton Park Capital Management 4.29
40 TPG-Axon Capital 4.00
41 QVT Financial 3.25
42 Cerberus Capital Management 1.86
43 Citadel Investment Group 1.33


TRANSPARENCY
RANK FIRM Unwtd. Average
1 Wellington Management 8.67
2 Angelo, Gordon & Co. 8.50
3* York Capital Management 8.33
3* Canyon Capital Advisors 8.33
5* Taconic Capital Advisors 8.00
5* Bain Capital/Brookside Capital Partners 8.00
5* Harbinger Capital Partners 8.00
5* Grantham, Mayo, Van Otterloo 8.00
9 Bridgewater Associates 7.82
10 Maverick Capital 7.67
11* AQR Capital Management 7.60
11* Fortress Investment Group 7.60
13* Tudor Investment Corp. 7.50
13* GoldenTree Asset Management 7.50
15 Paulson & Co. 7.46
16 Davidson Kempner Advisers 7.40
17 King Street Capital Management 7.38
18 Och-Ziff Capital Management Group 7.25
19 Shumway Capital Partners 7.20
20 BlackRock 7.17
21* Avenue Capital Group 7.00
21* Viking Global Investors 7.00
21* J.P. Morgan: J.P.Morgan Asset Management 7.00
24 Anchorage Advisors 6.86
25 Adage Capital Management 6.75
26 Appaloosa Management 6.67
27 Baupost Group 6.33
28 Eton Park Capital Management 5.86
29 Elliott Management Corp. 5.75
30 Convexity Capital Management 5.67
31* Goldman Sachs Asset Management 5.50
31* J.P. Morgan: Highbridge Capital Management 5.50
33 Farallon Capital Management 5.40
34 Marathon Asset Management 5.33
35 Cerberus Capital Management 5.13
36 QVT Financial 5.00
37 D. E. Shaw Group 4.86
38 Millennium Management 4.75
39 SAC Capital Advisors 4.50
40 Moore Capital Management 4.43
41 Renaissance Technologies 4.40
42 TPG-Axon Capital 4.33
43 Citadel Investment Group 3.00

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