When we launched the
AR Hedge Fund Report
Card last fall, Bridgewater Associates was a clear cut
winner in the eyes of hedge fund investors-landing in the top
ranks of nearly all six categories examined in the survey.
Following a year plagued by significant losses and the Madoff
scandal, investors were eager to voice their opinions of the
hedge funds they were invested in.
Bridgewater took the number one spot in the inaugural Hedge
Fund Report Card due to high marks in some of the areas of
biggest concern for investors, including liquidity terms,
transparency and independent oversight. Tudor Investment Corp
and Paulson & Co. came in second, trailing by less than a
Now, a year later, and absent the massive redemptions and
losses that infuriated investors at the end of 2008, the big
question is whether investors' views have changed-and whether
some of the funds have changed significantly in areas where
they ranked poorly.
Beginning in May, AR
began soliciting investors' input on the top 50 firms in the
AR Billion Dollar
Club. With voting well underway, AR has once again begun
looking at how the industry's largest hedge funds stack up
against one another in the categories of alignment of
interests; independent oversight; alpha generation;
transparency; infrastructure and liquidity terms, and the
importance investors ascribe to each of these categories.
If you have yet to vote in this year's AR Hedge Fund Report Card
and are interested in weighing in on the industry's largest
firms, please take a few minutes to fill out this year's ballot and email your response
to Britt Erica