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HEDGE FUND ALERT: April 17, 2013, 5 Marine View Plaza, Suite 400, Hoboken NJ 07030. 201-659-1700

Top 200 Hedge Fund Managers Based on gross assets of hedge funds run by SEC-registered management firms. Excludes separate accounts and other vehicles.

Gross AUM of Funds Investment Professionals 1Q-13 1Q-12 Chg. 1Q-13 1Q-12 Chg. Manager Strategy ($Mil.) ($Mil.) (%) (#) (#) (#) 1 Millennium Management, New York Diverse $198,196.0 $119,000.1 66.6 810 570 +240 2 Bridgewater Associates, Westport, Conn. Diverse 139,306.8 103,840.3 34.2 384 358 +26 3 Citadel, Chicago Diverse 107,580.3 119,139.7 -9.7 760 591 +169 4 BTG Pactual Asset Management, New York Global macro 78,867.9 93,900.0 -16.0 31 21 +10 5 SAC Capital, Stamford, Conn. Equity 75,449.8 69,244.3 9.0 400 400 0 6 Pine River Capital, Minnetonka, Minn. Diverse 74,486.8 36,362.0 104.8 119 70 +49 7 D.E. Shaw, New York Diverse 67,200.0 53,295.0 26.1 307 287 +20 8 Pimco, Newport Beach, Calif. Debt 66,076.7 70,622.8 -6.4 576 475 +101 9 Cargill, Hopkins, Minn. Diverse 63,574.6 64,584.8 -1.6 165 165 0 10 Goldman Sachs, New York Diverse 58,244.7 58,939.1 -1.2 1,175 738 +437 11 Blackstone, New York Diverse 53,763.1 51,651.2 4.1 243 206 +37 12 AQR Capital, Greenwich, Conn. Diverse 49,505.2 43,280.5 14.4 126 102 +24 13 Fortress Investment, New York Diverse 40,083.2 27,754.2 44.4 236 214 +22 14 BlueCrest Capital, Guernsey Diverse 39,730.9 57,110.8 -30.4 15 Wellington Management, Boston Diverse 38,514.3 37,565.3 2.5 435 432 +3 16 Moore Capital, New York Global macro 38,041.9 28,700.2 32.5 184 208 -24 17 Two Sigma Investments, New York Diverse 36,687.2 22,627.9 62.1 373 288 +85 18 Oaktree Capital, Los Angeles Debt 35,865.6 6,562.8 446.5 230 214 +16 19 Och-Ziff Capital, New York Diverse 35,066.2 31,661.1 10.8 137 133 +4 20 Cerberus Capital, New York Debt 34,158.2 34,413.5 -0.7 132 127 +5 21 BlackRock, New York Diverse 32,696.4 39,261.2 -16.7 835 700 +135 22 Paulson & Co., New York Diverse 32,557.1 38,461.1 -15.4 53 50 +3 23 Elliott Management, New York Diverse 32,047.5 29,762.0 7.7 139 123 +16 24 Adage Capital, Boston Equity 28,967.9 24,492.6 18.3 35 33 +2 25 Legg Mason, Baltimore Diverse 28,752.5 19,738.2 45.7 266 268 -2 26 Viking Global, Greenwich, Conn. Equity 28,494.2 22,097.9 28.9 30 31 -1 27 Centerbridge Partners, New York Debt 28,389.8 16,481.1 72.3 55 46 +9 28 Bain Capital, Boston Diverse 28,389.5 21,936.0 29.4 118 121 -3 29 Baupost Group, Boston Diverse 28,085.7 23,752.8 18.2 51 65 -14 30 Lone Pine Capital, Greenwich, Conn. Equity 27,466.5 23,911.8 14.9 17 15 +2 31 J.P. Morgan, New York Diverse 26,541.9 25,738.1 3.1 847 754 +93 32 Apollo Capital, New York Debt 25,501.9 3,827.5 566.3 253 201 +52 33 Grosvenor Capital, Chicago Fund of funds 24,398.5 13,408.1 82.0 45 40 +5 34 MKP Capital, New York Diverse 24,001.8 11,661.0 105.8 32 28 +4 35 Farallon Capital, San Francisco Diverse 23,103.4 22,852.8 1.1 57 55 +2

RANKINGS

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April 17, 2013 Hedge Fund ALERT 2

RANKINGS

Top 200 Hedge Fund Managers Gross AUM of Funds Investment Professionals

1Q-13 1Q-12 Chg. 1Q-13 1Q-12 Chg. Manager Strategy ($Mil.) ($Mil.) (%) (#) (#) (#) 36 Capula Investment, Greenwich, Conn. Debt $22,962.7 $21,000.0 9.3 7 5 +2 37 Convexity Capital, Boston Debt 22,016.0 21,969.3 0.2 21 20 +1 38 Element Capital, New York Debt 21,492.3 9,800.9 119.3 15 12 +3 39 Lighthouse Inv., Palm Beach Gardens, Fla. Fund of funds 21,466.4 19,884.2 8.0 22 22 0 40 Davidson Kempner Capital, New York Diverse 20,857.2 19,052.8 9.5 75 65 +10 41 Lansdowne Partners, London Equity 20,438.7 22,334.9 -8.5 19 20 -1 42 Marathon-London, London Diverse 20,385.2 17,245.8 18.2 10 10 0 43 Prologue Capital, Miami Debt 20,171.9 1,468.3 1,273.8 19 13 +6 44 UBS, New York Diverse 20,038.1 18,620.4 7.6 151 126 +25 45 Renaissance Technologies, New York Diverse 20,021.4 9,698.9 106.4 140 140 0 46 Discovery Capital, South Norwalk, Conn. Global macro 20,000.5 11,593.1 72.5 34 39 -5 47 King Street Capital, New York Debt 19,619.1 20,177.2 -2.8 55 52 +3 48 Eton Park Capital, New York Diverse 19,052.3 18,673.7 2.0 50 56 -6 49 Grantham Mayo Van Otterloo, Boston Diverse 17,709.9 15,585.2 13.6 100 100 0 50 Field Street Capital, New York Global macro 17,401.2 8,447.6 106.0 9 6 +3 51 Appaloosa Management, Short Hills, N.J. Equity 17,352.5 14,606.0 18.8 14 14 0 52 Highfields Capital, Boston Diverse 17,207.3 15,322.7 12.3 25 25 0 53 York Capital, New York Diverse 16,620.0 9,053.8 83.6 50 50 0 54 Comac Capital, London Debt 16,600.2 16,858.8 -1.5 14 16 -2 55 Canyon Capital, Los Angeles Debt 16,226.7 12,859.0 26.2 42 46 -4 56 Makena Capital, Menlo Park, Calif. Fund of funds 15,800.0 27 26 +1 57 Bracebridge Capital, Boston Debt 15,442.3 16,567.2 -6.8 32 28 +4 58 BlueMountain Capital, New York Debt 15,423.7 9,093.1 69.6 80 60 +20 59 Claren Road Asset Management, New York Debt 15,103.6 14,395.8 4.9 33 27 +6 60 Tudor Investment, Greenwich, Conn. Diverse 14,660.3 15,665.2 -6.4 190 185 +5 61 Permal Asset Management, New York Fund of funds 14,616.4 14,574.8 0.3 20 25 -5 62 Concordia Advisors, Bermuda Diverse 14,563.9 12,055.6 20.8 4 21 -17 63 Mariner Investment, Harrison, N.Y. Diverse 14,368.0 3,853.4 272.9 64 55 +9 64 Graham Capital, Rowayton, Conn. Managed futures 14,255.8 14,682.3 -2.9 114 116 -2 65 HBK Capital, Dallas Diverse 13,881.3 12,978.7 7.0 52 50 +2 66 Prudential, Newark, N.J. Diverse 13,584.6 9,346.8 45.3 819 758 +61 67 Maverick Capital, Dallas Equity 13,432.6 14,977.6 -10.3 8 10 -2 68 Carlson Capital, Dallas Diverse 13,267.1 12,132.7 9.4 83 82 +1 69 Pershing Square Capital, New York Equity 13,199.3 10,479.6 26.0 11 11 0 70 Anchorage Capital, New York Debt 13,161.4 13,257.1 -0.7 55 47 +8 71 Greenlight Capital, New York Diverse 12,428.2 10,363.3 19.9 15 16 -1 72 Third Point, New York Diverse 12,359.1 10,390.0 19.0 26 26 0 73 Structured Portfolio Mgmt., Stamford, Conn. Debt 11,818.2 4,436.2 166.4 11 7 +4 74 Blue Ridge Capital, New York Equity 11,805.1 11,116.3 6.2 12 12 0 75 Capstone Investment, New York Equity 11,790.6 34 20 +14 76 QVT Financial, New York Diverse 11,607.8 12,881.3 -9.9 39 42 -3 77 Caxton Associates, Princeton, N.J. Diverse 11,572.8 11,801.9 -1.9 47 44 +3 78 Taconic Capital, New York Diverse 11,519.3 13,163.6 -12.5 43 30 +13 79 Platinum Asset Management, Sydney Equity 11,467.6 12,598.3 -9.0 24 24 0 80 Avenue Capital, New York Debt 11,432.0 2,900.0 294.2 74 88 -14 81 Magnetar Financial, Evanston, Ill. Diverse 11,343.3 9,493.9 19.5 75 57 +18

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April 17, 2013 Hedge Fund ALERT 3

RANKINGS

Top 200 Hedge Fund Managers Gross AUM of Funds Investment Professionals

1Q-13 1Q-12 Chg. 1Q-13 1Q-12 Chg. Manager Strategy ($Mil.) ($Mil.) (%) (#) (#) (#) 82 Mesirow Advanced Strategies, Chicago Fund of funds $10,991.3 $11,409.0 -3.7 43 44 -1 83 Mason Capital, New York Diverse 10,981.3 2,382.4 360.9 19 20 -1 84 Angelo, Gordon & Co., New York Diverse 10,865.1 13,377.8 -18.8 83 68 +15 85 Meritage Group, San Francisco Fund of funds 10,639.5 7,893.4 34.8 23 23 0 86 MetaCapital, New York Debt 10,555.3 7,975.8 32.3 6 5 +1 87 ValueAct Capital, San Francisco Diverse 10,521.2 6,581.8 59.9 12 10 +2 88 SPO Partners, Mill Valley, Calif. Equity 10,456.4 9,302.7 12.4 11 11 0 89 Fir Tree Partners, New York Debt 10,189.2 9,846.5 3.5 32 27 +5 90 Aurora Investment, Chicago Fund of funds 10,065.2 10,317.7 -2.4 28 30 -2 91 Winton Capital, London Managed futures 9,935.8 9,908.9 0.3 22 44 -22 92 GoldenTree Asset Management, New York Debt 9,918.2 8,747.1 13.4 32 36 -4 93 Silver Point Capital, Greenwich, Conn. Debt 9,902.4 8,324.5 19.0 41 45 -4 94 Glenview Capital, New York Equity 9,730.3 6,994.1 39.1 39 39 0 95 Vinik Asset Management, Tampa Equity 9,522.1 8,892.8 7.1 25 12 +13 96 Oxford Asset Management, U.K. Equity 9,508.0 9,508.0 0.0 34 33 +1 97 Saba Capital, New York Debt 9,499.8 8,222.2 15.5 24 20 +4 98 Natixis, Paris Diverse 9,443.0 3,747.8 152.0 391 338 +53 99 Arrowgrass Capital, New York Debt 9,374.6 5,396.7 73.7 17 17 0 100 Brigade Capital, New York Debt 9,366.0 7,900.3 18.6 38 29 +9 101 Guggenheim Partners, Santa Monica, Calif. Diverse 9,148.9 5,165.5 77.1 154 75 +79 102 Coast Asset Management, Los Angeles Diverse 9,109.3 10,952.4 -16.8 15 17 -2 103 Credit Suisse, New York Diverse 9,042.2 6,184.6 46.2 702 561 +141 104 Tiger Global Management, New York Equity 9,016.1 9,781.8 -7.8 23 23 0 105 Cevian Capital, Jersey Equity 8,843.6 24 106 Pennant Capital, Summit, N.J. Diverse 8,832.2 5,734.3 54.0 14 12 +2 107 HSBC, New York Diverse 8,676.6 154 108 Perry Capital, New York Diverse 8,658.4 10,262.7 -15.6 37 39 -2 109 Investure, Charlottesville, Va. Fund of funds 8,573.7 4,618.0 85.7 10 9 +1 110 Balyasny Asset Management, Chicago Diverse 8,390.2 3,825.6 119.3 112 88 +24 111 Boston Management and Research, Boston Diverse 8,298.4 7,517.0 10.4 190 190 0 112 Luxor Capital, New York Diverse 8,213.5 8,430.9 -2.6 17 16 +1 113 Pacific Alternative Asset Mgmt., Irvine, Calif. Fund of funds 8,158.7 8,035.7 1.5 81 78 +3 114 PDT Partners, New York Global macro 8,119.6 50 115 Wayzata Investment, Wayzata, Minn. Diverse 7,923.0 26 27 -1 116 KLS Diversified Asset Mgmt., New York Debt 7,810.5 3,185.7 145.2 22 21 +1 117 PointState Capital, New York Global macro 7,695.0 6,382.2 20.6 30 37 -7 118 Prisma Capital, New York Fund of funds 7,691.5 4,176.5 84.2 27 25 +2 119 Varde Management, Minneapolis Debt 7,690.8 6,743.4 14.0 50 54 -4 120 Marathon Asset Management, New York Debt 7,608.8 8,611.6 -11.6 59 55 +4 121 WCG Management, New York Debt 7,564.7 8,802.0 -14.1 14 9 +5 122 Gresham Investment, New York Managed futures 7,325.5 5,961.5 22.9 17 15 +2 123 Hedge Fund Research, Chicago Fund of funds 7,260.3 8,161.1 -11.0 3 3 0 124 Reservoir Capital, New York Other 7,075.3 7,667.0 -7.7 17 17 0 125 Coatue Management, New York Equity 6,953.0 7,171.3 -3.0 21 15 +6 126 Senator Investment, New York Diverse 6,936.8 5,019.7 38.2 12 12 0 127 QFR Capital, New York Equity 6,935.1 4,953.3 40.0 26 20 +6

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April 17, 2013 Hedge Fund ALERT 4

RANKINGS

Top 200 Hedge Fund Managers Gross AUM of Funds Investment Professionals

1Q-13 1Q-12 Chg. 1Q-13 1Q-12 Chg. Manager Strategy ($Mil.) ($Mil.) (%) (#) (#) (#) 128 Steadfast Capital, New York Equity $6,723.7 $5,704.8 17.9 16 14 +2 129 Stevens Capital, Radnor, Pa. Managed futures 6,698.9 5,991.1 11.8 35 35 0 130 Arden Asset Management, New York Fund of funds 6,662.6 6,468.9 3.0 20 20 0 131 GMT Capital, Atlanta Equity 6,534.3 5,301.1 23.3 15 16 -1 132 EnTrust Partners, New York Fund of funds 6,526.1 6,554.1 -0.4 29 26 +3 133 Emerging Sovereign Group, New York Diverse 6,497.5 5,648.9 15.0 20 16 +4 134 Visium Asset Management, New York Diverse 6,400.8 5,329.6 20.1 60 53 +7 135 Eminence Capital, New York Equity 6,394.0 4,868.7 31.3 19 21 -2 136 Scout Capital, New York Equity 6,378.0 5,205.2 22.5 15 12 +3 137 Abrams Capital, Boston Equity 6,321.1 5,757.5 9.8 7 8 -1 138 Wexford Capital, Greenwich, Conn. Diverse 6,223.0 4,591.4 35.5 40 40 0 139 Trust Asset Management, Portland, Maine Diverse 6,208.7 4,100.3 51.4 1 1 0 140 MSDC Management, New York Diverse 6,173.0 3,694.2 67.1 28 14 +14 141 Common Sense Investment, Portland, Ore. Fund of funds 6,131.6 6,499.1 -5.7 7 9 -2 142 Monarch, New York Debt 6,071.5 5,593.4 8.5 18 16 +2 143 NWI Management, New York Global macro 6,035.2 4,357.8 38.5 9 8 +1 144 Citigroup, New York Diverse 5,981.3 10,701.4 -44.1 83 158 -75 145 ESL Investments, Bay Harbor, Fla. Equity 5,967.0 7,670.0 -22.2 2 13 -11 146 Fore Research and Management, New York Debt 5,960.9 3,268.2 82.4 18 15 +3 147 Redwood Capital, Englewood Cliffs, N.J. Debt 5,888.5 3,867.0 52.3 9 9 0 148 Kensico Capital, Greenwich, Conn. Equity 5,811.5 5,164.9 12.5 14 11 +3 149 Halcyon Group, New York Diverse 5,801.8 1,856.0 212.6 33 55 -22 150 Silver Creek Capital, Seattle Diverse 5,800.2 6,165.6 -5.9 6 5 +1 151 Wolverine Asset Management, Chicago Diverse 5,786.8 5,786.8 0.0 20 18 +2 152 Morgan Stanley, New York Fund of funds 5,646.1 3,810.4 48.2 257 236 +21 153 Samlyn Capital, New York Equity 5,550.2 5,150.4 7.8 17 17 0 154 Perella Weinberg, New York Equity 5,531.6 5,757.8 -3.9 20 20 0 155 Whitebox Advisors, Minneapolis Diverse 5,504.5 5,205.8 5.7 35 26 +9 156 Trian Fund Management, New York Equity 5,472.7 3,425.9 59.7 14 14 0 157 Joho Capital, New York Equity 5,386.2 4,693.4 14.8 16 14 +2 158 Polar Capital, London Diverse 5,267.8 3,306.3 59.3 44 38 +6 159 Ellington Mgmt., Old Greenwich, Conn. Diverse 5,260.8 3,383.3 55.5 44 39 +5 160 Alphadyne Asset Management, New York Diverse 5,248.2 9,407.5 -44.2 13 10 +3 161 TPG-Axon Management, New York Equity 5,234.6 7,692.7 -32.0 27 27 0 162 K2 Advisors, Stamford, Conn. Fund of funds 5,223.0 7,224.0 -27.7 40 40 0 163 Omega Advisors, New York Equity 5,113.4 3,227.9 58.4 18 15 +3 164 EMF Financial, New York Debt 4,971.6 9,157.5 -45.7 7 7 0 165 Bayview Asset Mgmt., Coral Gables, Fla. Debt 4,963.9 3,754.0 32.2 60 130 -70 166 Fauchier Partners, Guernsey Fund of funds 4,947.9 5,264.1 -6.0 2 3 -1 167 Scopia Fund Management, New York Equity 4,907.3 3,938.1 24.6 14 10 +4 168 Nephila Capital, Bermuda Other 4,812.5 3,281.6 46.6 12 12 0 169 One William Street Capital, New York Debt 4,785.7 3,557.0 34.5 27 25 +2 170 Indus Capital, New York Equity 4,777.8 4,985.6 -4.2 25 21 +4 171 A.R.T. Advisors, New York Equity 4,770.3 4,570.6 4.4 16 14 +2 172 Owl Creek Asset Management, New York Equity 4,717.5 7,131.0 -33.8 19 26 -7 173 Crestline Management, Fort Worth, Texas Fund of funds 4,686.9 3,842.4 22.0 28 33 -5

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April 17, 2013 Hedge Fund ALERT 5

RANKINGS

Top 200 Hedge Fund Managers Gross AUM of Funds Investment Professionals

1Q-13 1Q-12 Chg. 1Q-13 1Q-12 Chg. Manager Strategy ($Mil.) ($Mil.) (%) (#) (#) (#) 174 Peak6 Advisors, Chicago Diverse $4,629.8 $4,237.1 9.3 34 23 +11 175 Eaton Vance Management, Boston Diverse 4,581.7 3,959.2 15.7 190 190 0 176 Water Street Capital, Jacksonville Equity 4,576.7 4,401.0 4.0 16 16 0 177 Evanston Capital, Evanston, Ill. Fund of funds 4,570.2 4,304.0 6.2 14 13 +1 178 Chilton Investment, Stamford, Conn. Equity 4,553.7 7,758.2 -41.3 25 32 -7 179 Regiment Capital, Boston Debt 4,526.3 4,394.2 3.0 14 21 -7 180 Global Endowment Management, Charlotte Diverse 4,511.3 3,568.3 26.4 17 15 +2 181 H/2 Capital Partners, Stamford, Conn. Debt 4,499.6 2,987.8 50.6 34 33 +1 182 Cadian Capital, New York Equity 4,492.2 3,794.5 18.4 9 9 0 183 Archstone, New York Fund of funds 4,480.2 4,604.7 -2.7 7 7 0 184 Ares Management, Los Angeles Diverse 4,447.9 3,352.2 32.7 136 81 +55 185 Baker Brothers Investments, New York Diverse 4,411.8 3,200.6 37.8 11 11 0 186 Beach Point Capital, Santa Monica, Calif. Debt 4,408.4 3,188.1 38.3 25 21 +4 187 Rock Creek Group, Washington Fund of funds 4,380.2 2,211.8 98.0 20 20 0 188 Deerfield Management, New York Equity 4,283.2 3,441.2 24.5 61 45 +16 189 Soroban Capital, New York Equity 4,255.8 2,984.0 42.6 9 8 +1 190 Passport Capital, San Francisco Equity 4,240.8 4,768.2 -11.1 34 34 0 191 Solus Alternative Asset Mgmt., New York Diverse 4,226.3 3,433.0 23.1 15 15 0 192 Ruane, Cunniff & Goldfarb, New York Equity 4,134.9 2,961.1 39.6 21 20 +1 193 Hutchin Hill Capital, New York Diverse 4,127.4 5,319.5 -22.4 49 47 +2 194 Capital Fund Management, Paris Managed futures 4,125.6 3,914.7 5.4 44 35 +9 195 Pharo Management, New York Other 4,089.1 3,270.3 25.0 5 5 0 196 Aurelius Capital, New York Diverse 4,085.9 3,505.8 16.5 18 16 +2 197 Brandywine Managers, Hockessin, Del. Fund of funds 4,078.1 3,315.0 23.0 10 10 0 198 Caspian Capital, New York Diverse 4,055.5 2,440.7 66.2 10 11 -1 199 Contrarian Capital, Greenwich, Conn. Debt 4,031.5 2,931.8 37.5 31 34 -3 200 DCI, San Francisco Debt 3,993.0 3,502.6 14.0 12 11 +1

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