The Top Ten Hedge Funds of 2015

Novus

Stan Altshuller

Research

29 Pages

Novus profiles the hedge funds that sidestepped 2015’s brutal backdrop through concentrated positioning, sector expertise, and unusually strong stock selection. Several managers generated returns above 20% while broader hedge fund benchmarks stayed near flat, challenging the idea that active management had lost its edge.

Key Takeaways

Concentrated Bets Worked: Hillhouse allocated nearly 60% of its portfolio to JD.com, helping generate 1,350 bps of contribution from position sizing in 2015.
Biotech Dominated Returns: Baker Brothers produced a simulated 48.4% gain on more than $12 billion of reported market value, aided by multiple biotech acquisition winners.
Liquidity Stayed Important: Whale Rock managed over $1 billion across 36 positions while maintaining a 100% liquid portfolio during one of technology’s most volatile years.
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