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HEDGE FUNDS in CONNECTICUT Alternative Assets HEDGE FUNDS IN CONNECTICUT alternative assets. intelligent data. HEDGE FUNDS IN CONNECTICUT KEY STATS INVESTOR UNIVERSES Connecticut US 214 984 102 No. of Hedge Fund Investors 102 3,271 Number of Hedge Number of Number of Hedge Average Allocation to Hedge Funds 12.8% 14.6% Fund Managers Hedge Funds Fund Investors (As a % of AUM) Average No. of Hedge Funds in Portfolio 22-24 11-12 Average AUM $5.7bn $7.4bn Typical Investment Size $18-36mn $14-38mn Source: Preqin Hedge Fund Online LOCATION OF CONNECTICUT-BASED HEDGE FUND MANAGERS AND INVESTORS No. of Fund Managers No. of Investors 1 Greenwich 82 17 2 Stamford 51 14 3 Westport 20 3 CONNECTICUT 4 Darien 8 5 5 New Canaan 6 1 6 Norwalk 4 6 7 Wilton 5 3 Source: Preqin Hedge Fund Online 7 5 3 6 4 2 1 LARGEST CONNECTICUT-BASED HEDGE LARGEST CONNECTICUT-BASED HEDGE FUND INVESTORS FUND MANAGERS Current Allocation to Assets under Investor HF ($mn) Manager Management ($bn) Bridgewater Associates Yale University Endowment 5,615 (as at 30 September 2017) 160.4 AQR Capital Management General Electric Pension Trust 3,464 (as at 30 June 2017) 106.2 Viking Global Investors United Technologies Pension Fund 3,101 (as at 30 March 2017) 19.9 Graham Capital Management Citigroup Pension Fund 2,773 (as at 31 December 2016) 12.9 State of Connecticut Retirement Plans and Lone Pine Capital Trust Funds 1,579 (as at 30 June 2016) 12.4 Tudor Investment Corporation Hartford Financial Services Group 710 (as at 30 June 2016) 10.9 Silver Point Capital Fieldpoint Private Bank & Trust 700 (as at 30 June 2016) 7.5 Ellington Management Group W. R. Berkley Corporation 471 (as at 31 August 2017) 6.5 Hartford HealthCare Pension and Paloma Partners Management Company Endowment Fund 462 (as at 31 August 2017) 5.4 Fermat Capital Management Aetna 355 (as at 30 September 2017) 5.4 Hildene Capital Management Trinity College Endowment 345 (as at 31 August 2017) 5.4 Millburn Ridgefield Corporation 5.0 (as at 30 September 2017) Source: Preqin Hedge Fund Online 1 © Preqin Ltd. 2017 / www.preqin.com HEDGE FUNDS IN CONNECTICUT alternative assets. intelligent data. Fig. 2: Strategy Preferences of Connecticut-Based Hedge Fund Fig. 1: Connecticut-Based Hedge Fund Investors by Type Investors Fund of Hedge Funds Long/Short Equity 84% Manager Macro 45% 4% 3% Foundation Fixed Income 39% 7% 25% Public Pension Fund Long/Short Credit 36% 7% Relative Value Arbitrage 33% Family Office Risk/Merger Arbitrage 31% Endowment Plan Fixed Income Arbitrage 29% 11% Convertible Arbitrage 24% Private Sector Pension Equity Market Neutral 22% Fund 17% Long Bias Wealth Manager 16% 12% Statistical Arbitrage 13% Insurance Company Foreign Exchange 8% 16% Asset Manager 0% 20% 40% 60% 80% 100% Proportion of Investors Source: Preqin Hedge Fund Online Source: Preqin Hedge Fund Online Fig. 3: Active Connecticut-Based Hedge Funds by Top-Level Fig. 4: Performance of Connecticut-Based Hedge Funds vs. All Strategy Hedge Funds (As at August 2017) 18% Equity Strategies 16.27% 16% 7% 4% Macro Strategies 14% Connecticut- 12% 11.18% 10.57% Based Hedge Event Driven Strategies 10.01% 37% 10% 9.50% Funds 19% 8.44% Credit Strategies 8% 7.59% 7.29% 7.72% 6.77% All Hedge Net Return 6% 5.40% 5.40% Funds Relative Value Strategies 4% 6% Multi-Strategy 2% 0% 5% 11% Niche Strategies 11% 2016 Managed Futures/CTAs 2-Year 3-Year 5-Year 2017 YTD 2017 12 Months Annualized Annualized Annualized Source: Preqin Hedge Fund Online Source: Preqin Hedge Fund Online Fig. 5: Connecticut-Based Hedge Fund Launches by Year of Inception, SAMPLE RECENT LAUNCHES Q1 2000 - Q3 2017 FUND: AQR Style Premia Alternative 40 II Fund 35 INCEPTION Jan-16 DATE: 30 FIRM: AQR Capital Management 25 STRATEGY: The fund follows AQR Capital 20 Management’s $3.9bn AQR 15 Style Premia Alternative Fund No. of Funds Launched of Funds No. and employs four investment 10 styles: value, momentum, carry and defensive. 5 0 FUND: Millburn Diversified UCITS Q3 Q1 Q1 Q3 Q1 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Q3 Q1 Q3 Q1 Q3 Q1 Q3 Program 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017 INCEPTION Mar-17 Date of Inception DATE: Source: Preqin Hedge Fund Online FIRM: Millburn Ridgefield Corporation Hedge Fund Online is the leading source of intelligence on the hedge fund STRATEGY: The $242mn vehicle is a industry, incorporating all of our hedge fund data, intelligence and functionality, UCITS version of the Millburn providing you with the most comprehensive coverage of the asset class available. Diversified Program and trades a diversified portfolio For more information, please visit: www.preqin.com/hedge of more than 100 financial and commodity futures. 2 © Preqin Ltd. 2017 / www.preqin.com.
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