G.O.A.T Money Managers

Updated in March 2024

A biography on Jim Simons revealed the legendary but secretive returns of the Medallion Fund which was closed to the outside world since 1993. This rare insight allowed us to prepare a greatest-of-all-time (G.O.A.T) money manager list. To make the cut, we estimate each Manager must meet these criteria:

• 10 year minimum track record of managing third party monies.

• Consistently above US$1 billion in AUM.

• Invest largely in financial assets such as equities, bonds, commodities, currencies (non private equity).

Key observations:

• The top six best-performing managers began their ventures between the 1970s and 1990s, aligning with buoyant periods for both equity and bond markets. However, all of them ceased operations or closed their doors to outside investors by 2000.

• Maintaining an average return of around 20% post-2000 is uncommon. For example, Berkshire Hathaway (#7) has seen its average return drop to approximately 9% post-2000, despite boasting an impressive inception-to-date record of 20%.

• Only Quantedge (#9) and Citadel (#8) have consistently achieved close to a 20% annual return post-2000. However, Citadel’s flagship fund is closed and returning capital to investors. Tiger Global (#10) previously maintained a 19% annualised return until a 55% loss in 2022 reduced it to 14%.

Over time, we increased our exposure to Multi-Strategy hedge funds by adding Millennium (#11), Point72, which the successor of SAC (#3), WorldQuant, Brevan Howard, Eisler and Hudson Bay in order to improve the consistency of our multi-period returns. While our initial investment in Quantedge (#9) continues to yield positive results, we aim to identify and allocate to more top-performing G.O.A.T managers to maintain our high annualised target return over the long term.

Best regards,

Stega Investment Team

Note: The original shortlist of Managers was from a November 2019 Wall Street Journal article titled “The making of the world’s greatest investor” which had Medallion, Quantum, SAC, Magellan, Berkshire Hathaway and Pure Alpha only. We added Tiger, Steinhardt, Quantedge, Millennium, CItadel and Tiger Global after verifying their returns from multiple public sources which is by no way, complete or exhaustive. Do reach out to us at ir@stegacap.com if you are keen to nominate a Manager for inclusion and the source of your findings. As an Investment Office, we may prioritise Managers that are still open to further investments.