The document lists the top 50 performing hedge funds from 2016 with over $1 billion in assets. It ranks the funds based on their net returns in 2016 and also provides 3-year annualized returns and strategies. The top performing fund was Mudrick Distressed Opportunity with a 38.7% return in 2016 focusing on event-driven distressed investing.

1. 2016’sTop-PerformingFunds
With$1BillionorMoreinAssets
RANKINGS
Rank Fund Manager(s) Assets($B)
2016
Return(%)
2015
Return(%)
3-YrAnnualized
Return(%)
Management
Company Strategy
1 Mudrick Distressed
Opportunity
Jason Mudrick 1.5 38.7 -25.9 6.1 Mudrick Capital
Management
Event-driven
distressed
2 PH&N Absolute Return Hanif Mamdani 1.2 33.5 -2.3 12.4 RBC Global Asset
Management
Multistrategy
3 ECF Value Jeffrey Gates, Dax
Vlassis, Justin
Boisseau
1.7 31.0 -19.8 1.2 Gates Capital
Management
Event-driven
distressed
4 CQS Directional
Opportunities
Michael Hintze 2.8 30.4 -8.0 7.4 CQS Investment
Management
Multistrategy
5 Quantedge Global Team managed 1.1 26.8 -18.3 10.4 Quantedge Capital Macro systematic
6 Astenbeck Commodities II Andrew Hall 1.4 26.4 -35.8 -3.7 Astenbeck Capital
Management
Commodity
energy
7 ZP Energy Stuart Zimmer 1.0 25.5 -8.7 NA Zimmer Partners Long-short equity
energy
8 Contrarian Capital I Jon Bauer, Janice
Stanton, Bill Raine
2.3 25.4 -7.9 5.1 Contrarian Capital
Management
Event-driven
distressed
9 Impala Master Robert Bishop 1.4 25.1 -6.5 8.0 Impala Asset
Management
Long-short equity
10 Autonomy Global Macro Robert Gibbins 3.5 24.9 3.0 10.8 Autonomy Capital Macro
11 Brigade Leveraged Capital
Structures
Don Morgan 2.6 23.1 -10.7 3.4 Brigade Capital
Management
Fixed-income
diversified
12 Brigade Credit II Don Morgan 2.3 22.9 -9.9 3.6 Brigade Capital
Management
Fixed-income
directional
13 MTP Energy Eric Scheyer, Adam
Daley
2.4 22.8 -21.3 -1.5 Magnetar Capital Event-driven
14 Saba Capital Master Boaz Weinstein 1.2 22.7 3.4 4.2 Saba Capital
Management
Fixed-income
relative value
15 Andurand Commodities Pierre Andurand 1.7 22.2 4.1 22.2 Andurand Capital Commodity
16 Strategic Value
Restructuring
Victor Khosla 1.6 21.6 -5.1 4.7 Strategic Value
Partners
Event-driven
distressed
17 Renaissance Institutional
Equities
Peter Brown, Bob
Mercer
1.5 21.5 17.4 17.8 Renaissance
Technologies
Long-biased
equity
18 Davidson Kempner
Distressed Opportunities
International Cayman
Anthony Yoseloff,
Avi Friedman, Conor
Bastable
1.4 21.1 -6.2 5.6 Davidson Kempner
Capital Management
Event-driven
distressed
19 Rokos Global Macro
Master
Chris Rokos 4.5 20.1 NA NA Rokos Capital
Management
Macro
20 Element Capital Jeffrey Talpins 9.0 19.4 22.7 15.0 Element Capital
Management
Macro
21 Black Diamond Thematic Richard Maraviglia,
Matt Barkoff
1.4 19.0 -5.9 8.6 Carlson Capital Long-short equity
22 Oz Credit Opportunities
Master
Jimmy Levin 1.8 18.2 -5.2 6.9 Och-Ziff Capital
Management
Fixed-income
directional
23 Marathon Special
Opportunity
Louis Hanover 1.3 17.8 -11.9 0.02 Marathon Asset
Management
Event-driven
distressed
24 Kayne Anderson MLP J.C. Frey 1.1 17.4 -33.9 -6.4 Kayne Anderson
Capital Advisors
Long-short equity
energy
Bloomberg's rankings of the top-performing hedge funds are based on funds' net returns for 2016. The data was com-
piled from information supplied by fund companies, investors and fund databases. Because hedge-fund returns can be
difficult to obtain, our lists are not all-inclusive. All returns are for full-year 2016; fund assets are through Dec. 31, 2016.
Onshore and offshore assets were combined for a number of funds, while figures for other funds were only for the larger
or better-performing class of the fund. "NA" denotes the fund doesn't have a full two-year or three-year history.
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2. Rank Fund Manager(s) Assets($B)
2016
Return(%)
2015
Return(%)
3-YrAnnualized
Return(%)
Management
Company Strategy
25 Pine River Liquid Rates Renos Dimitriou,
Steve Brown,
Luca Toietta, Aatu
Vainola
1.6 17.3 13.6 10.8 Pine River Capital
Management
Fixed-income
relative value
26 BFAM Asian Opportunities Benjamin Fuchs 2.1 17.2 10.5 11.5 BFAM Partners Multistrategy
27 VR Global Offshore Richard Deitz 3.5 17.0 14.7 10.2 VR Advisory Services Event-driven
distressed
28 Pimco Commodity Alpha Mihir Worah, Nic
Johnson, Greg
Sharenow, Gillian
Rutherford
1.4 16.5 10.2 12.6 Pacific Investment
Management
Multistrategy
29 LMR Alpha Rates Trading Domenico Iuliano,
Danny Mitchell
1.2 16.3 15.1 14.2 LMR Partners Fixed income
relative value
30 Varde Investment Partners Team managed 1.6 16.1 2.2 9.8 Varde Management Event-driven
distressed
31 ZP Master Utility Stuart Zimmer 2.0 16.0 3.5 13.9 Zimmer Partners Long-short equity
energy
32 Blue Harbour Active
Ownership Partners
Clifton Robbins 1.4 15.5 -4.2 5.6 Blue Harbour Group Event-driven
activist
32 Whitebox Multi-Strategy
Partners
Robert Vogel 1.9 15.5 -2.8 5.9 Whitebox Advisors Multistrategy
34 Brenham Capital John Labanowski 1.3 15.2 23.2 16.6 Brenham Capital
Management
Long-short equity
35 Dymon Asia Macro Danny Yong 3.5 15.0 -10.3 7.0 Dymon Asia Capital Macro
36 Polar Multi-Strategy Paul Sabourin 1.5 14.9 6.0 8.5 Polar Asset
Management Partners
Multistrategy
36 Wolverine Flagship Christopher Gust 1.8 14.9 0.4 4.4 Wolverine Asset
Management
Multistrategy
38 Bay Resource Partners
Offshore
Thomas Claugus 2.2 14.7 -1.1 6.3 GMT Capital Long-short equity
39 York Global Credit Income Jeanne
Manischewitz,
William Vrattos
1.1 14.6 -0.7 6.3 York Capital
Management
Event-driven
40 Pharo Gaia Guillaume
Fonkenell, Michael
Skarbinski
2.0 14.2 7.9 13.1 Pharo Global Advisors Macro
40 Theleme Patrick Degorce 2.3 14.2 -1.7 10.3 Theleme Partners Equity hedge
42 Aristeia International Anthony Frascella,
Bill Techar, Kevin
Toner, Robert Lynch
1.8 13.9 -7.2 0.8 Aristeia Capital Fixed-income
relative value
42 Owl Creek Overseas Jeffrey Altman 1.1 13.9 -2.4 0.8 Owl Creek Asset
Management
Event-driven
distressed
44 HG Vora Special
Opportunities
Parag Vora 2.4 13.7 4.8 5.8 HG Vora Capital
Management
Event-driven
45 The Children's Investment Christopher Hohn 12.8 13.5 14.4 12.0 TCI Fund Management Long-biased
equity
46 Elliott Associates Paul Singer, Jon
Pollock
10.2 13.1 2.7 7.9 Elliott Management Multistrategy
46 Wexford Spectrum Charles Davidson,
James Rubin,
Richard Shapiro
1.3 13.1 -8.1 11.8 Wexford Capital Multistrategy
48 Bridgewater Pure Alpha
Major Markets II
Ray Dalio, Bob
Prince, Greg Jensen
5.3 12.9 10.6 10.7 Bridgewater
Associates
Global macro
49 Citadel Global Fixed
Income
Team managed 1.9 12.7 3.4 5.1 Citadel Fixed-income
relative value
49 Redwood Offshore Jonathan Kolatch 2.6 12.7 -2.7 1.6 Redwood Capital
Management
Event-driven
distressed
Sources: Hedge-fund firms, databases and investors
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