Here’s how much money the world’s biggest hedge funds made in a record-breaking 2025

January 19, 2026

TL;DR

The world's 20 best-performing hedge fund firms delivered a record $115.8 billion in net gains for clients last year.
TCI, Sir Christopher Hohn's activist fund, delivered $18.9 billion in 2025, the highest single-manager gain ever.
Citadel was named the most successful hedge fund firm for the fourth consecutive year, with total net gains of $90.4 billion.
D.E. Shaw claimed second spot with $12.7 billion in gains last year and $79.9 billion since inception.
The top 20 managers' combined gains of $115.8 billion last year exceeded 2024's $93.7 billion.
The top 20 firms, representing 16.6% of global assets, produced over 39% of industry-wide gains.
Bridgewater Associates and Millennium ranked third and fourth respectively, with Bridgewater gaining $15.6 billion last year.
Millennium is now the world's largest hedge fund by assets, managing $85 billion.
Elliott Management made $5.7 billion last year, bringing its total assets to $80 billion.
The top 20 firms have generated $926.5 billion in net gains since inception.
The persistence and dominance of top firms are reflected in the lack of new entries and minimal movement in the top 20 rankings.

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