Top 10 US Hedge Funds by Assets Under Management

Elliott Management manages more than $75 billion in assets, built on event-driven activism that targets restructuring wins across energy and industrials. Its strategy centers on corporate engagement, and its concentrated, high-conviction positions can carry outsized risk when a single bet moves against the fund. Even so, the firm's long-term record of value creation remains strong.

Citadel is widely regarded as the most profitable hedge fund in history, having posted roughly $90 billion in lifetime net gains. It manages roughly $70 billion in assets with more than 3,100 employees, prized for its operational efficiency. Citadel Securities, its market-making arm, is among the largest and most technologically sophisticated players in the business.

Renaissance Technologies boasts the legendary Medallion Fund, which has generated more than $100 billion in lifetime trading gains—reserved exclusively for current and former employees since the 1990s. Built on a pure quantitative approach rooted in math and physics, the firm has a track record spanning more than three decades. Medallion remains closed to outsiders, and its separate public funds carry their own, smaller capacity limits.

D.E. Shaw is a quiet quant giant with roughly $65 billion in assets under management, built on a distinctive quantamental approach that blends systematic and fundamental research developed over more than three decades. The firm continues to explore new discretionary strategies alongside its algorithmic core, a balance that remains a key strength for investors seeking innovation.

Two Sigma operates as a technology company that does finance, managing roughly $70 billion in assets with AI and machine learning at its core. Its offerings span long/short equity, merger arbitrage, and volatility trading, built on deep expertise in liquid instruments. Like much of the quant industry, it has had to navigate growing competition and crowded strategies in recent years. The complexity demands deep understanding, making Two Sigma best suited to tech-forward institutions.

By late 2025, Point72's AUM reached roughly $41.5 billion, run through numerous independent investment teams and more than 3,000 employees. The firm emerged from SAC Capital, which paid $1.8 billion to settle insider trading charges in 2013; under Steve Cohen, Point72 has since built a reputation for disciplined risk management.

Founded by David Tepper in 1993, Appaloosa Management excels in distressed debt and other concentrated, high-conviction bets, with tens of billions in assets under management. Its single-manager structure concentrates decision-making in Tepper himself, making it best suited to accredited investors comfortable with high-conviction plays tied to one person's judgment.