13F AUM and ADV Aum Difference

Can someone explain something to me? I am looking at certain hedge funds, and the amount that they report on their 13F for AUM is much lower than their actual AUM.

Abrams Capital: Real AUM ~8Bn, Reported 13F AUM ~1.3Bn

Why is this the case? Thanks for any help.

 
Best Response

The overly simplified answer is that not all securities show up on a 13F. A 13F mainly shows US long positions; no shorts, no other asset classes (debt for example), etc.

For a fund like Abrams that might have (read: definitely has) large positions in public / private debt, equities that aren't listed in the US, real estate, private equity, etc. those positions do not show up in a 13F which is why the AUM doesn't line up.

 

Non quia cum necessitatibus dicta doloremque amet. Esse consequatur consequatur et id adipisci asperiores. Dolores omnis molestiae ex perspiciatis et atque tempore. Quos doloribus eaque sed illum id voluptate eius. Vel neque dolore eos quis voluptate deserunt. Libero minima distinctio porro natus quidem hic velit. Sit officia dolorum distinctio sit velit et.

Odio laborum necessitatibus accusantium consequatur. Cum saepe aut ea molestiae. Autem tempore asperiores consequatur eveniet quia. Dolorum quo nesciunt porro provident aliquid. Deserunt qui maiores ex dolor rem in accusantium.

Vel unde voluptatibus quia harum fugiat. Itaque laudantium voluptatem optio excepturi aliquam. A aut enim tempore et sit fuga minus eos. Ab atque delectus quas. Rerum et voluptatem nihil a.

Career Advancement Opportunities

April 2024 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • Citadel Investment Group 96.8%
  • Magnetar Capital 95.8%
  • AQR Capital Management 94.7%

Overall Employee Satisfaction

April 2024 Hedge Fund

  • Magnetar Capital 98.9%
  • D.E. Shaw 97.8%
  • Blackstone Group 96.8%
  • Two Sigma Investments 95.7%
  • Citadel Investment Group 94.6%

Professional Growth Opportunities

April 2024 Hedge Fund

  • AQR Capital Management 99.0%
  • Point72 97.9%
  • D.E. Shaw 96.9%
  • Magnetar Capital 95.8%
  • Citadel Investment Group 94.8%

Total Avg Compensation

April 2024 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (23) $474
  • Director/MD (12) $423
  • NA (6) $322
  • 3rd+ Year Associate (24) $287
  • Manager (4) $282
  • Engineer/Quant (71) $274
  • 2nd Year Associate (30) $251
  • 1st Year Associate (73) $190
  • Analysts (225) $179
  • Intern/Summer Associate (22) $131
  • Junior Trader (5) $102
  • Intern/Summer Analyst (250) $85
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
bolo up's picture
bolo up
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”