Analysing exposure and risk in the 30 largest hedge funds

Risk most dispersed, but most extreme, in macro funds

Analysing an asset-weighted portfolio of the 30 largest reporting hedge funds shows what market exposures, risk factors and performance expectations this institutional portfolio would create for an investor. Understanding the current market exposures, risk factors and performance expectations of these funds, especially if a crisis were to occur, offers a way to gauge the positioning of the broader hedge fund industry.

The 30 hedge funds in the analysis reported $450.51 billion in assets under