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Based on the most helpful WSO content, here’s what you need to know about hedge funds offering internships and full-time programs, especially smaller funds focusing on discretionary fundamental strategies in the US or UK:

Well-Known Funds with Programs:

While you mentioned Point72, Citadel, and Balyasny, other prominent funds like D.E. Shaw, Two Sigma, Millennium, and AQR Capital Management also have structured internship and full-time programs. These are great for quantitative and discretionary strategies.

Smaller Funds to Explore:

For smaller hedge funds with discretionary fundamental strategies, the key is to focus on networking and cold outreach, as many of these funds do not publicly advertise their programs. Here are some tips and potential targets: 1. Magnetar Capital: Known for its diverse strategies, including discretionary approaches. 2. Marshall Wace (UK): Offers opportunities in discretionary strategies. 3. Lansdowne Partners (UK): A smaller, well-regarded fund with a focus on fundamental strategies. 4. Third Point (US): A discretionary-focused fund that occasionally offers internships. 5. BlueMountain Capital (US): Known for its discretionary and credit strategies.

How to Find Opportunities:

  1. Cold Emailing: Many smaller funds don’t advertise internships. Research funds with discretionary strategies and reach out directly to portfolio managers or HR.
  2. Networking: Leverage LinkedIn, alumni networks, and industry events to connect with professionals at smaller funds.
  3. WSO Company Database: Use the database to identify smaller hedge funds and their hiring trends.
  4. Recruiters: Specialized finance recruiters often have insights into smaller funds hiring interns or analysts.

Additional Resources:

  • WSO Hedge Fund Industry Report: Provides insights into compensation, hours, and hiring trends.
  • Hedge Fund Prep Courses: Consider brushing up on financial modeling and valuation skills to stand out.

Smaller funds often value initiative and a strong understanding of their strategy, so tailor your outreach and applications to highlight your interest in discretionary fundamental investing. Good luck!

Sources: Undergraduate Opportunities - Credit Funds, How to get a Hedge Fund Internship, Q&A: HK IBD

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