A resurgent stock market has led the world’s biggest hedge funds to post record profits for 2023.
The 20 biggest hedge funds made $67 billion U.S. in investor profits last year, up from $65 billion U.S. in 2021 during the stock market’s pandemic rally, according to data from LCH Investments.
Overall, the hedge fund industry recorded gains of $218 billion U.S. after fees last year, an all-time high.
Among the best performing hedge funds were Christopher Hohn’s TCI, Ken Griffin’s Citadel, and Andreas Halvorsen’s Viking.
TCI, the top hedge fund in 2023, recorded investor profits of $12.9 billion U.S. and ended last year up 33%, beating the benchmark S&P 500′s 24% gain.
TCI’s largest stock positions include Alphabet (GOOG/GOOGL), Canadian National Railway (CNI), and General Electric (GE).
Citadel, which ranked second, made $8.1 billion U.S. in profits last year after posting a record $16 billion U.S. profit in 2022.
Hedge funds typically manage the money of private investors and take positions in higher risk assets than mutual funds.
