Can anybody provide a comprehensive ranking of fixed income hedge funds. Other than PIMCO, who are the other major players. How do they compare to equity funds. TIA
| +39 | How much modeling do experienced HF analysts/PMs actually do? | 16 | 4h |
| +22 | Buy Side Credit - Seats / Guide | 8 | 1d |
| +18 | Hedge Fund Pivot | 7 | 6h |
| +18 | London buy side | 3 | 14h |
| +11 | Mid-career shift to buy side with niche background | 3 | 4d |
| +10 | Wfh / work remotely at MMs or SMs? | 6 | 4h |
| +4 | Atlantic Wolf Capital Closing? | 7 | 42m |
| +3 | How old is too old? | 3 | 2d |
| 0 | Walleye Capital | 1 | 2d |
| 0 | Hedge funds | 1 | 4d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Bump, was also wondering
1) Since when was PIMCO a hedge fund? When I worked with them doing their SEC reporting, there never once was any mention of this idea of "hedge fund". Just way too many different fixed income funds and associated filings.
2) If you want to find the AUM of different shops jump on EDGAR and start looking through 13F's. There's plenty of lists out there of fixed income shops to look up as well. Not to mention your friend, the search bar, here on WSO.
3) As for fixed income vs equities - you're on your own there champ. Are you talking about working in one of these shops, or investing there?
PIMCO has indeed moved in to Hedge, PE and other Alts. Major move in to CMRE with a portfolio of over 100B.
If that's what it takes to count as moving into hedge, then the term has no real specificity to me anymore. Because it now means Vanguard, Invesco, Ameriprise, Fidelity, The Hartford, AllState, and on and on are no longer just brokerages, let alone fund products, but are now in the hedge space. Not to mention REITs/MLPs/BDCs like CBRE, InlandWestern, CNL, KKR, etc are all now in the HF space too.
They are. Not sure about the brokerages comment but many of the scaled AM shops have moved into (not away from core, just additive) Alts, REITS, Hedge, PE, Private Credit to diversify their core. Firms like Blackrock, PIMCO, Blackstone, KKR do lots of things.
I remember fifteen years ago when SMAs and Alts were something new at the AMs and an almost tectonic shift sized change. And that was before the AMs (and brokerages) had their own SMA products in Alts/PE/Structured credit, etc. Blackrock, Blackstone, KKR, et all were always in the structured fixed income and RE space with their BDCs/REITs/PE Alts. I guess it's just an age thing of looking back on how things used to be vs where it is now.
Don't get me wrong, I know why they launched the SMA products (to skirt the accredited investor regulations).
Sure they have some 'alt' product offerings including hedge funds and private capital funds but their bread and butter is still LO FI AM
Very true. Just be aware they are building a concerted effort in Alts as we speak. Recently took over 100B in CRE, bought a RE ALT, are hiring new alt analysts (even out of UG which they have not done before). This will become a meaningful part of there business and they are well suited for it as they know how to find alpha. Much of this will be in the Alt Credit space (so still FI).
Big move into BDC / Alts as well via interval type funds, Direct lending, etc. Less liquid portfolio to allow for alpha hunting. Takes a deep bench to find the targets.
PGIM
For L/S credit Sculptor and Diameter come to mind
Not a hedge fund but RiverNorth is best in class in the FI CEF space
what's CEF stand for?
closed ended fund - so an investment corp that raises traditional primary equity and debt capital markets money to invest. can be listed on an exchange like any other company. similar to ETFs but not the same mechanics.
Double line?
How would you compare them to TCW
Chatham, Brigade, Bracebridge
Have heard some interesting stories about chatham...
Aut et reprehenderit delectus et incidunt. Et quia et doloribus porro. Neque dignissimos incidunt quia voluptas repudiandae consectetur aliquid aperiam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...