| Ranked by assets reported on SEC ADV filings, in millions, as of Dec. 31, 2015. |
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| 1 | Lansdowne Partners (UK)1 | $35,826 | $35,826 | $19,645 | $19,645 |
| 2 | Discovery Capital Mgmt. | $25,503 | $25,503 | $25,503 | |
| 3 | Third Point 3 | $22,582 | $22,582 | $16,000 | $16,000 |
| 4 | Appaloosa4 | $21,245 | $21,245 | $18,659 | $18,659 |
| 5 | Coatue Management | $18,381 | $18,381 | $10,278 | $10,278 |
| 6 | Paulson & Co.4 | $19,421 | $19,421 | $19,421 | |
| 7 | Brigade Capital Mgmt. | $18,230 | $18,230 | $18,230 | |
| 8 | ValueAct Capital Mgmt. 3 | $17,474 | $17,474 | $17,474 | |
| 9 | Maverick Capital | $15,191 | $15,191 | $15,191 | |
| 10 | Gotham Asset Mgmt. | $14,973 | $14,973 | $14,973 | |
| 11 | Cheyne Capital Mgmt. (UK) | $14,815 | $14,815 | $14,815 | |
| 12 | Pershing Square Capital Mgmt. 5 | $14,760 | $14,760 | $14,760 | |
| 13 | Trian Fund Mgmt. | $13,843 | $13,843 | $12,496 | $12,496 |
| 14 | OxFORD Asset Mgmt. 2 | $12,800 | $12,800 | $4,500 | $4,500 |
| 15 | Odey Asset Mgmt. 6 | $11,988 | $11,988 | $11,988 | |
| 16 | Baker Brothers Investments7 | $11,540 | $11,540 | $11,540 | |
| 17 | Scopia Capital Mgmt. | $11,161 | $11,161 | $11,161 | |
| 18 | Caxton Associates | $11,062 | $11,062 | $11,062 | |
| 19 | Polar Capital2 | $10,861 | $10,861 | $10,430 | $10,430 |
| 20 | Convexity Capital Mgmt. | $10,547 | $10,547 | $8,200 | $8,200 |
| 21 | Varde Management | $10,174 | $10,174 | $10,174 | |
| 22 | Halcyon Capital Mgmt.4 | $9,856 | $9,695 | $9,695 | |
| 23 | Omega Advisors | $9,674 | $9,674 | $6,691 | $6,691 |
| 24 | Black Diamond Capital Mgmt. | $8,931 | $8,931 | $8,931 | |
| 25 | Laurion Capital Mgmt. | $8,774 | $8,774 | $3,375 | $3,375 |
| 26 | MSD Partners | $7,483 | $7,483 | $7,483 | |
| 27 | Mason Capital Mgmt. | $6,966 | $6,966 | $6,966 | |
| 28 | Whitebox Advisors7 | $6,681 | $6,681 | $6,681 | |
| 29 | Indus Capital Partners8 | $6,433 | $6,433 | $6,433 | |
| 30 | Partner Fund Mgmt. | $6,107 | $6,107 | $6,107 | |
| 31 | Bain Capital Public Equity | $5,955 | $5,955 | $4,394 | $4,394 |
| 32 | QVT Financial | $4,864 | $4,864 | $3,115 | $3,115 |
| 33 | Emerging Sovereign Group9 | $4,706 | $4,706 | $4,706 | |
| 34 | Starboard Value | $4,662 | $4,662 | $4,662 | |
| 35 | Premium Point Investments | $4,469 | $4,469 | $4,469 | |
| 36 | Hoplite Capital Mgmt. | $4,433 | $4,433 | $2,973 | $2,973 |
| 37 | Prologue Capital | $3,842 | $3,842 | $1,017 | $1,017 |
| 38 | P. Schoenfeld Asset Mgmt. | $3,249 | $3,249 | $2,300 | $2,300 |
| 39 | Marcato Capital Mgmt. | $2,624 | $2,624 | $2,624 | |
| 40 | Astenbeck Capital Mgmt. | $2,447 | $2,447 | $1,274 | $1,274 |
| 41 | Tremblant Capital Group | $2,432 | $2,432 | $2,432 | |
| 42 | New Mountain Vantage Advisers | $2,431 | $2,431 | $2,431 | |
| 43 | Columbus Hill Capital Mgmt. 4 | $2,128 | $2,128 | $1,777 | $1,777 |
| 44 | Teragon Financial Mgmt. | $1,939 | $1,939 | $1,939 | |
| 45 | Providence Investment Mgmt. 3 | $1,624 | $1,624 | $897 | $897 |
| 46 | Serengeti Asset Mgmt.3 | $1,540 | $1,540 | $1,540 | |
| 47 | White Elm Capital | $1,478 | $1,478 | $1,015 | $1,015 |
| 48 | Atlantic Investment Mgmt.3 | $1,302 | $1,302 | $1,302 | $1,302 |
| 49 | Mast Capital Mgmt. | $1,097 | $1,097 | $1,097 | |
| 50 | Tide Point Capital Mgmt. | $1,053 | $1,053 | $1,053 | |
| *Regulatory discretionary assets |
| Notes: 1 Data are as of April 30, 2016. 2 Data are as of March 31, 2016. 3 Data are as of Feb. 29, 2016. 4 Data are as of Jan. 1, 2016. 5 Data are as of March 1, 2016. 6 Data are as of April 5, 2016. 7 Data are as of Jan. 31, 2016. 8 Data are as of June 30, 2016. 9 Data are as of July 31, 2016. |
| Source: SEC ADV Investment Advisor Disclosure filings. ADV Part 5 provides information about the money manager, including regulatory assets, which may include leverage on hedge funds assets and non-hedge fund strategies. ADV Part 2A includes more detailed information about the firm, its strategies, fees, legal structure and assets under management. Managers are permitted to provide regulatory assets or assets under management, not including leverage in its "brochure" in Part 2A. Managers are not required to provide net assets under management. |
