(qlmbusinessnews.com Tues, 23rd Jan, 2024) London, UK —
Record £53bn Profits Soar for Top Hedge Funds in 2023.
In a financial triumph, the top 20 hedge funds, including TCI, Citadel, Viking, and Pershing Square, marked a historic achievement by generating a staggering £53 billion in profits for investors in 2023. The industry's collective profits reached an impressive £218 billion, surpassing the previous record of £65 billion set in 2021.
Leading the pack was TCI Fund Management, helmed by British billionaire Chris Hohn, who secured the top spot by raking in £12.9 billion for clients. Citadel, founded by US billionaire Ken Griffin, closely followed with £8.1 billion in profits.
Compiled by research company LCH since 2012, the list evaluates the most successful money managers in the £4 trillion hedge fund industry based on absolute dollar profits generated for investors, excluding fees.
Despite overseeing less than one-fifth of the industry's assets, the top 20 firms accounted for approximately one-third of the overall £218 billion gains for clients. Over the past three years, these elite hedge fund managers have contributed 83% of the industry's gains.
According to Rick Sopher, Chair of LCH, these managers have consistently outperformed, showcasing their ability to navigate adverse conditions and capitalize on favorable market conditions.
The robust performance of the stock market extended into the new year, with the S&P 500 index reaching an all-time high, driven by the strength of tech stocks.
TCI, concluding the previous year with a 33% gain, holds major holdings in Alphabet, Visa, and General Electric. Other notable hedge funds such as Viking, led by Andreas Halvorsen, which made £6 billion, and Bill Ackman's Pershing Square, rejoining the top 20 with £3.5 billion in profits, played significant roles in this financial feat.
Noteworthy is the inclusion of TCI and Pershing Square as the newest funds on the list, while Citadel, founded by Griffin in 1990 in Chicago, continues its enduring legacy.
The research revealed that the top 20 managers have cumulatively generated £755.4 billion in profits since their inception, exceeding the £655.5 billion in assets under their management.
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