ValueAct Capital Management up $2 Billion, remains largest California hedge fund
|August 2nd, 2015||
|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.
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.
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