Top 10 US Hedge Funds by Assets Under Management

Millennium Management's $79B AUM and 18 global offices drive a pod-based structure with over 2x Citadel's workforce, enabling distributed alpha across strategies. Although Q1 2025 saw 2% losses—worse than #4 Elliott Management's event-driven resilience—its flagship fund historically cuts portfolio correlation by 40% versus single-strategy rivals. Each pod operates autonomously, limiting systemic risk, but multi-pod complexity can mask underperformance.

Man Group boasts a record $214B AUM in 2025, including $33B in credit assets—the highest total on this list, surpassing #1 Bridgewater's $125B. It attracted $17.6B in net inflows during H1 2025, yet flagship quant funds lagged: AHL Alpha fell -7.5%, Dimension -9.1%, and Evolution -12.3% through July, compared to the average hedge fund's 5.8% gain. Better for multi-strategy diversification than pure quant bets.

Elliott Management's $66B+ AUM leverages event-driven activism with a $13B+ public equity portfolio, targeting restructuring wins across energy and industrials. Its strategy outperformed #2 Millennium's 2% Q1 loss by focusing on corporate engagement, though concentrated positions—like its 8% stake in a single energy firm—carry 30% higher idiosyncratic risk than the average hedge fund. March volatility extended earlier losses, but long-term value creation remains strong.

Citadel stands as the most profitable hedge fund ever, delivering $83 billion in lifetime profits. With $69 billion in AUM and 3,200 employees, its efficiency is unmatched. Citadel Securities dominates market-making through technological superiority. In Q1 2025, the firm posted a 0.85% decline despite its systematic advantage, underperforming #6 Renaissance Technologies' 12.6% gain during the same period. High fees are typical for elite shops like this.

Renaissance Technologies boasts the legendary Medallion Fund, which generated over $100 billion in lifetime trading gains—exclusively for employees. The Institutional Equity Fund (RIEF) surged 12.6% in Q1 2025, crushing peers and outperforming #7 D.E. Shaw's Oculus Fund's 28.2% annual gain in a different timeframe. With a pure quant approach rooted in math and physics, Renaissance maintains a 30+ year track record. However, Medallion remains closed to outside investors, and public fund capacity is limited to $15 billion.

D.E. Shaw is a quiet quant giant with over $85 billion in AUM, leveraging a unique quantamental hybrid approach pioneered by 35+ years of research. Its Oculus Fund surged 28.2% in 2025, beating the S&P 500 and outperforming #8 Two Sigma Investments' 2024-2025 alpha decay. The new Cogence Fund, raising $3-5 billion, marks a pure discretionary move without algorithms. This strategy transition creates uncertainty, but the firm's balanced quant and fundamental mix remains a key strength for investors seeking innovation.

Two Sigma Investments operates as a technology company that does finance, with over $70 billion in AUM and cutting-edge AI/ML at its core. Its multi-strategy offerings include long/short equity, merger arbitrage, and volatility trading, all built on liquid instrument expertise. Strong H1 2025 inflows contrast with quant crowding and alpha decay seen in 2024-2025, the latter being slower than #5 Citadel's systematic adaptation. Strategy complexity demands deep understanding, making Two Sigma best for tech-forward institutions.

Point72 Asset Management leads with a 19% return in 2024, outperforming #1-ranked Citadel (15.1%) and #9-ranked Millennium (15%). By October 2025, its AUM reached $41.5B, powered by 190+ independent pods and 3,000+ employees. The firm integrates AI-enhanced decision-making, achieving 30% faster data analysis than the typical multi-strategy rival. Despite a $1.8B settlement from its SAC Capital origins, Steve Cohen's disciplined pod structure delivered the best 2024 performance among peers, with operational transparency that exceeds industry averages.

Appaloosa Management achieved a 26.29% return in 2025, outperforming #2-ranked Point72's 19% and surpassing the average hedge fund return by 18%. Founded by David Tepper in 1993, the firm excels in distressed debt, with a $6.9B portfolio by Q4 2025. Its recent shift to semiconductor concentration tripled Micron holdings and added Nvidia, TSM, and ASML—delivering 40% higher concentration than the typical rival. However, single-manager risk and a recent bank stock exit signal strategic evolution, making it best for accredited investors seeking high-conviction plays.