ValueAct Capital Management up $2 Billion, remains largest California hedge fund

August 2nd, 2015
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The latest list of the Top Hedge Funds from California has been released, revealing California’s biggest hedge funds increased assets 5% over the quarter and now total nearly $98 billion in combined equity assets. The list is once again led by ValueAct Capital Management, a GARP investor based out of San Francisco.

This quarter’s list welcomes two new entrants to the top 10: Ivory Investment Management (#7, previously #12) and Parallax Volatility Partners (#10, previously unranked). Ivory saw equity assets increase $800 million over the quarter to break into the top 10. Ivory, which was founded in 1998 by Curtis Macnguyen, has an interesting history after becoming part of FrontPoint Partners in 2003 only to split in 2006 and now operates independently.

Parallax Volatility Partners is the quarter’s biggest surprise after not simply making the list but also breaking into the top 10. Parallax is run by Chief Executive Officer Will Bartlett and employs an equity volatility relative value strategy that incorporates multiple trading strategies being utilized opportunistically. The process identifies trading opportunities by options flow analysis that is supported by qualitative and quantitative evaluation. Parallax was founded in 1996.

Twenty-two of the funds on the Top California Hedge Fund List, including ValueAct and Farallon, are headquartered in downtown San Francisco, with an additional twelve funds being located in the greater Bay Area. Down the coast, eleven of the top hedge funds call Los Angeles home, while only four of the top funds are located in the San Diego area.

Thirty-four hedge funds on the Top 50 California Hedge Fund list saw their equity assets increase over the first quarter. Leading the top gainers were ValueAct (+$2B), Canyon Capital Advisors (+$720M) and FPR Partners (+$586M). Interestingly, three of the top 5 funds recorded a decline in assets, including SPO Advisory Group (#2), which dropped by $228 million.

Not surprisingly, twelve sector focused hedge fund managers made the rankings, with their assets accounting for 16% of the list’s overall assets. The sector funds on the list predominantly focus on the Technology, Media, Telecom, Biotech and Healthcare industries.

Hedge Tracker releases a series of top hedge fund lists on a quarterly basis. To view the Top California Hedge Fund list in its entirety, please visit the Top Hedge Fund List ranking portal.
For Detailed Investor Profiles on these Investors, click below:
Farallon Capital Management
Ivory Investment Management
ValueAct Capital Management
Related People: ; Andrew J.M. Spokes; Curtis Macnguyen; David Kim; Dr. Thomas Roberts Jr.; Edward Chung; Jeffrey W. Ubben; John Warren; Ravi Paidipaty; Thomas Steyer*; William Seybold
Related Entities: Blum Capital Partners*; Farallon Capital Institutional Partners; Farallon Capital Partners; Farallon Credit Opportunity; Farallon Special Situations; FKG Capital; Hellman & Friedman; Ivory Capital; Ivory Flagship; Ivory Long-Term; Ivory Opportunity; Noonday Global Management; ValueAct AllCap International LP; ValueAct Capital International; ValueAct Capital LLC; ValueAct Holdings GP LLC
Related Article Tags: Investment Management, Fund Manager and General Financial News


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