 | |
| Company type | Limited Partnership |
|---|---|
| Industry | Hedge funds [1] |
| Founded | June 15, 1998 [2] [1] |
| Headquarters | , |
| AUM | US$10,000,000,000 (2010) [3] |
| Website | www |
Highfields Capital Management LP is a hedge fund founded in 1998 which had assets of $12.1 billion in 2018. [4] [5] The annualized net returns during the firm's first 20 years were more than 10%. [6]
Richard Grubman and Jonathon Jacobson met at an investment lunch in New York City in the early ‘90s and started a friendship. In 1998, they opened Highfields Capital Management LP together in Boston, Massachusetts. [7]
Highfields has invested in publicly traded equities and private companies like Harry & David, Michaels, Genworth Financial, Microsoft [8] and SLM Corporation; [9] and other investments including reinsurance sidecars. Grubman and Jacobson gained attention and a large payoff when they bet against Enron before the 2001 bankruptcy. [10] In February 2012, Highfields called for management change at CoreLogic, [11] in which it had a 7.65% stake. [12]
In 2010, Highfields was listed as having $10 billion of assets on January 1, 2010, 30th in The Hedge Fund Journal Top 50, up from $9.3 billion on July 1, 2009 and up from a 38th-place ranking in 2008. [3]
In 2013, Highfields returned $2 billion to clients. As Jacobson wrote to investors, "we would rather be slightly smaller and generate better [returns]." [13]
In October of 2018, Highfields announced in a letter that they would return all outside capital [14] and would convert into a family office. [15] In a third quarter letter to investors, Jacobson wrote, “Done correctly, money management is an all-consuming, 24/7 pursuit… After three-and-a-half decades of sitting in front of a screen, I realized I am ready for a change." [16]
Over the 20 years between 1998 and 2018, Highfields only lost money in two years: 2002 and 2008. [10]
Richard Grubman and Jonathon Jacobson co-founded Highfields Capital Management LP in 1998. [3]
Grubman retired in August 2010; Jacobson remains a principal of the firm. [17]
Jacobson is an undergraduate alumnus of Wharton School in finance and has an MBA from Harvard Business School. [12] After working as an options trader and at Merrill Lynch and Lehman Brothers, he joined Harvard Management Company in 1990. [18] In 1998 Jacobson left HMC to co-found Highfields with a third of the fund's initial $1.5 billion under management coming from HMC. [12] Bloomberg reported in 2011 that HMC no longer invested with Highfields. [19]
The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries. The IFC is a member of the World Bank Group and is headquartered in Washington, D.C. in the United States.
D. E. Shaw & Co., L.P. is a multinational investment management firm founded in 1988 by David E. Shaw and based in New York City. The company is known for developing complicated mathematical models and sophisticated computer programs to exploit anomalies in the financial market. As of June 1, 2021, D. E. Shaw manages $55 billion in AUM, $35 billion of which are alternative investments and the remaining $20 billion long-oriented investments.
The Harvard University endowment, valued at $49.444 billion as of June 30, 2022, is the largest academic endowment in the world. Its value increased by over 10 billion dollars in fiscal year 2021, ending the year with its largest sum in history. Along with Harvard's pension assets, working capital, and non-cash gifts, the endowment is managed by Harvard Management Company, Inc. (HMC), a Harvard-owned investment management company.
Point72 Asset Management, is an American hedge fund. It was founded in 2014 by Steve Cohen, after his previous company S.A.C. Capital Advisors pleaded guilty to insider trading charges.
Tiger Management Corp., also known as "The Tiger Fund", is an American hedge fund and family office founded by Julian Robertson. The fund began investing in 1980 and closed in March 2000/01. It continues to operate today in direct public equity investments and seeding new investment funds.
Citadel LLC is an American multinational hedge fund and financial services company. Founded in 1990 by Ken Griffin, it has more than $62 billion in assets under management as of December 2022. The company has over 2,600 employees, with corporate headquarters in Miami, Florida, and offices throughout North America, Asia, and Europe. Founder, CEO and Co-CIO Griffin owns approximately 85% of the firm. As of December 2022, Citadel is the most successful hedge fund of all time, posting $65.9 billion in net gains since inception in 1990.
Wellington Management Company is a private, independent investment management firm with client assets under management totaling over US$1 trillion based in Boston, Massachusetts, United States.
Raymond Thomas Dalio is an American investor and hedge fund manager, who has served as co-chief investment officer of the world's largest hedge fund, Bridgewater Associates, since 1985. He founded Bridgewater in 1975 in New York.
Farallon Capital Management, L.L.C. is an American multi-strategy hedge fund headquartered in San Francisco, California. Founded by Tom Steyer in 1986, the firm employs approximately 230 professionals in eight countries around the world.
Sculptor Capital Management is an American global diversified alternative asset management firm. They are one of the largest institutional alternative asset managers in the world.
Moore Capital Management, LP (MCM) is a global investment management firm headquartered in New York, New York. In September 2018, MCM had $10.2 billion in total assets under management.
Clarium Capital Management LLC was an American investment management and hedge fund company pursuing a global macro strategy. It was founded in San Francisco in 2002 by Peter Thiel, co-founder of PayPal and early investor in Facebook. Its assets under management grew to $8 billion in 2008, after which a series of unprofitable investments and client redemptions shrank that to about $350 million as of 2011.
Tremont Group Holdings, Inc., a Delaware corporation headquartered in Rye, New York, is a hedge fund group with a subsidiary that advised a feeder fund to Bernard Madoff's investment advisory firm in the Madoff investment scandal. This was the second-largest feeder fund to Madoff's firm due to the group having had a long professional relationship with him as Chairman of the NASD, the precursor to FINRA, and as the largest options market maker on the NASDAQ.The firm was one of the largest hedge fund consultants and advisors globally during the seminal 1990's period and pioneered a number of ground breaking products such as the CSFB Tremont Hedge Fund Index, specialized products and venues for hedge fund investment; structured products, insurance entities, new markets and jurisdictions including the first institutional fund of hedge funds in Korea and the foundation of The Bermuda Stock exchange. Prominent board members and shareholders included; Mario Gabelli of Gabelli Asset Management, Leon Cooperman of Omega Advisors and Arthur Samberg of Pequot Capital Management. Tremont was among the first investors and/or involved in the launch or restructuring of numerous legendary funds such as; S.A.C., Quantum and AQR.
Millennium Management is an investment management firm with a multistrategy hedge fund offering. In 2023, it was one of the world's largest alternative asset management firms with over $61.1 billion assets under management as of January 2024. The firm operates in America, Europe and Asia. As of 2022, Millennium had posted the fourth highest net gains of any hedge fund since its inception in 1989.
Pine River Capital Management L.P. is an asset management firm. The firm trades stocks, fixed income, derivatives and warrants. As of 2018 the company manages approximately US$7 billion across three actively managed platforms: hedge funds, managed accounts and listed investment vehicles to support a number of strategies including interest rates, mortgages, equity long/short, event-driven equity, and global convertible bond arbitrage. The company is currently managed by founder and CEO Brian Taylor and 6 partners.
Glenview Capital Management is a hedge fund founded in 2000 with approximately $7.7 billion of capital under management as of March 2019. Glenview manages capital for investors through a series of private investment funds. The firm was founded by Larry Robbins, the firm's CEO and portfolio manager, and is based in New York.
Michael Edward Platt is a British billionaire hedge fund manager. He is the co-founder and managing director of BlueCrest Capital Management, Europe's third-largest hedge-fund firm which he co-founded in 2000. He is Britain's wealthiest hedge fund manager according to the Forbes Real Time Billionaires List, with an estimated wealth of US$15.2 billion.
Element Capital Management is an American hedge fund using a global macroeconomic investment strategy, founded in 2005 by Jeffrey Talpins.
Melvin Capital Management LP was an American investment management firm based in New York City. It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather.
Visium Asset Management LP was an American multi-strategy hedge fund. It began as a healthcare-focused hedge fund, founded in 2005 by Jacob Gottlieb. Visium controlled investment funds with about $8 billion of assets under management and had 170 employees at its peak in 2016. That year, three of the company's traders were indicted by United States federal authorities for securities fraud. One of the accused employees killed himself days after he was indicted. Visium subsequently liquidated several of its funds and wound down operations.
| Investment strategy |
|  | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Trading | ||||||||||
| Related terms |
| |||||||||
| Investors | ||||||||||
| Regulatory | ||||||||||
