Latest Insights & Data
Analysis and commentary on the U.S. hedge fund industry, driven by live data from the Office of Financial Research.
Research
The Ultimate Hedge Fund Statistics Guide (2026)
A massive, constantly updated compendium of over 50 institutional data points covering AUM growth, leverage multiples, and fee structures.
The 100x Club: Analyzing the Extreme Leverage of Relative Value Hedge Funds
A data-viz heavy deep dive into the Repo market, showing exactly how Treasury Basis trades are financed using extreme leverage.
The Shadow Banking Black Box: Cleared vs Uncleared Derivatives
Exposing the systemic risk shifting away from central clearinghouses back into bilateral OTC swaps.
Who Holds the Bag? The G-SIB Prime Broker Exposure Map
Visualizing the extreme concentration of hedge fund borrowing across the top 5 dealer banks.
The Great Hedge Fund Liquidity Mismatch Report
Comparing investor redemption terms (liabilities) versus portfolio liquidity (assets) across all 9 hedge fund strategies.
The Death of the 2-and-20 Model: Pass-Through Fees by the Numbers
A statistical breakdown of how Multi-Strategy Pod Shops are reshaping compensation structures with pass-through expenses.
Crisis Alpha Quantified: How Managed Futures Performed During Global Crashes
A historical charting of CTA performance during the 2008, 2020, and 2022 market shocks.
Hedge Fund Stress Test Results: What Happens if the Market Drops 20%?
An infographic-heavy analysis of mandatory Form PF stress test data, simulating the exact carnage of an equity crash.
Retail vs Wall Street: The True Scale of High-Frequency Trading (HFT)
Data showing the exact percentage of algorithmic volume executed by hedge funds, visualized against retail trading volume.
The Hedge Fund Graveyard: A Statistical Analysis of Why Funds Fail
Using liquidity and drawdown limit data to mathematically map the most common causes of fund liquidation.
Strategy Profiles
Multi-Strategy Fund Data Profile: The Rise of the Pod Shop
Analyze the massive influx of institutional capital into Multi-Strategy platforms, their unique pass-through fee structures, and how they utilize extreme centralization to manage risk.
Event-Driven Strategy Data Profile: Arbitraging Corporate Actions
Explore the risk and leverage dynamics of Event-Driven hedge funds, specializing in merger arbitrage, distressed debt, and activist campaigns.
Relative Value Strategy Data Profile: The Kings of Leverage
Discover why Relative Value hedge funds dominate the industry in Gross Asset Value (GAV) through massive repo financing and fixed-income arbitrage.
Managed Futures (CTA) Strategy Data Profile: The Crisis Risk Offsets
Analyze the unique liquidity profile and systematic trend-following models of Managed Futures strategies, and why they act as the ultimate crisis risk offset.
Fund of Funds Strategy Data Profile: The Consolidation Era
Understand the shrinking footprint of the traditional Fund of Funds model as institutional allocators move towards direct investments and multi-strategy platforms.
Data Hubs
Hedge Fund Size and AUM Data: The Industry Pillar
The authoritative hub for understanding the total scale of the U.S. hedge fund industry, tracking Net Asset Value (NAV) and Gross Asset Value (GAV) trends across all SEC Form PF filings.
Hedge Fund Leverage Data: Systemic Multipliers
The central hub for tracking hedge fund leverage multiples, synthetic derivative exposures, and prime brokerage borrowing trends across the U.S. financial system.
Counterparty Risk Data: Tracking Prime Broker Exposure
Analyze the massive, interconnected web of prime broker credit exposures and derivative clearinghouse liabilities that bind hedge funds to the global banking system.
Hedge Fund Liquidity Risk Data: The Mismatch Threat
Explore the critical mismatch between portfolio liquidity and investor redemption terms that has triggered some of the most catastrophic hedge fund failures in history.
Hedge Fund Complexity Data: Derivatives and High-Frequency Trading
Delve into the OFR's metrics for hedge fund complexity, focusing on algorithmic trading volume, OTC derivative utilization, and central clearing.
Hedge Fund Risk Management Data: Value at Risk (VaR)
Analyze the institutional risk management frameworks utilized by top-tier hedge funds, focusing on Value at Risk (VaR) reporting and portfolio stress testing.
Methodology
SEC Form PF Data Explained: What Hedge Funds Report and Why
An exhaustive institutional overview of SEC Form PF. Understand the rigorous reporting mandates, AUM thresholds, 72-hour current reporting triggers, and how regulators monitor systemic risk.
Fed SCOOS Survey Methodology vs SEC Form PF: What's the Difference?
Understand the critical differences between the Federal Reserve's Senior Credit Officer Opinion Survey (SCOOS) and SEC Form PF, and how the OFR merges them for systemic risk analysis.
Hedge Fund Strategy Comparison: Leverage, Liquidity, and Risk Side-by-Side
The ultimate quantitative comparison of the 9 SEC Form PF hedge fund strategies. Analyze how Macro, Equity, and Relative Value funds differ in their structural deployment of leverage and liquidity.
Size
AUM Tracking
Equity Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Equity hedge funds based on the latest SEC Form PF filings.
Macro Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Macro hedge funds based on the latest SEC Form PF filings.
Credit Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Credit hedge funds based on the latest SEC Form PF filings.
Relative Value Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Relative Value hedge funds based on the latest SEC Form PF filings.
Multi-Strategy Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Multi-Strategy hedge funds based on the latest SEC Form PF filings.
Event-Driven Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Event-Driven hedge funds based on the latest SEC Form PF filings.
Managed Futures Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Managed Futures hedge funds based on the latest SEC Form PF filings.
Fund of Funds Hedge Fund Strategy Size and AUM Trends
Track the live Net Asset Value (NAV) and Gross Asset Value (GAV) trends for Fund of Funds hedge funds based on the latest SEC Form PF filings.
Leverage Tracking
Equity Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Equity hedge funds, sourced directly from SEC Form PF data.
Macro Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Macro hedge funds, sourced directly from SEC Form PF data.
Credit Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Credit hedge funds, sourced directly from SEC Form PF data.
Relative Value Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Relative Value hedge funds, sourced directly from SEC Form PF data.
Multi-Strategy Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Multi-Strategy hedge funds, sourced directly from SEC Form PF data.
Event-Driven Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Event-Driven hedge funds, sourced directly from SEC Form PF data.
Managed Futures Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Managed Futures hedge funds, sourced directly from SEC Form PF data.
Fund of Funds Hedge Fund Leverage: Gross-to-Net Ratio Analysis
Analyze the aggregate leverage multiples and borrowing trends utilized by Fund of Funds hedge funds, sourced directly from SEC Form PF data.
General Insights
Hedge Fund Portfolio Liquidity: Assets Liquidated in 1 Day or Less
Tracking the most highly liquid tier of hedge fund assets, representing cash equivalents and heavily traded sovereign bonds.
Hedge Fund Portfolio Liquidity: Assets Liquidated in 2 to 7 Days
Tracking highly liquid exchange-traded equities and standard futures contracts held by Qualifying Hedge Funds.
Hedge Fund Portfolio Liquidity: Assets Liquidated in 8 to 30 Days
Tracking the intermediate liquidity tier, often comprising corporate bonds and less heavily traded mid-cap equities.
Hedge Fund Portfolio Liquidity: Assets Liquidated in 31 to 90 Days
Tracking less liquid assets that require significant time to unwind without causing severe market price impacts.
Hedge Fund Portfolio Liquidity: Assets Liquidated in 91 to 365 Days
Tracking highly illiquid assets, including private debt and complex over-the-counter derivatives.
Hedge Fund Portfolio Liquidity: Assets Liquidated in Greater than 1 Year
Tracking fundamentally illiquid assets locked up in bankruptcy proceedings, private equity stakes, or side pockets.
Investor Redemption Terms: Capital Available in 1 Day or Less
Tracking the volume of institutional capital that can be legally withdrawn from hedge funds immediately.
Investor Redemption Terms: Capital Available in 2 to 7 Days
Analyzing the short-term redemption liabilities facing the global alternative investment industry.
Investor Redemption Terms: Capital Available in 8 to 30 Days
Tracking standard monthly liquidity terms offered primarily by Managed Futures and Global Macro funds.
Investor Redemption Terms: Capital Available in 31 to 90 Days
Tracking standard quarterly liquidity terms, the most common redemption structure in the Equity Long/Short sector.
Investor Redemption Terms: Capital Available in 91 to 365 Days
Tracking strict annual lock-up periods utilized to protect against fire sales in less liquid strategies.
Investor Redemption Terms: Capital Locked for Greater than 1 Year
Tracking long-term capital lock-ups common in Event-Driven and distressed Credit funds.
Counterparty Exposure: Aggregate Borrowing from Top 5 Prime Brokers
Tracking the extreme concentration of systemic credit risk resting on the balance sheets of the largest G-SIBs.
Derivative Risk: Cleared vs Uncleared OTC Swaps
Monitoring the ratio of safe, centrally cleared derivatives versus highly opaque, bilateral uncleared swaps.
Systemic Plumbing: Central Clearinghouse Utilization Rates
Tracking the hedge fund industry's reliance on centralized clearinghouses like the CME to mitigate bilateral credit risk.
Systemic Shock Absorbers: Unencumbered Cash Reserves
Monitoring the total volume of free, unpledged cash held by hedge funds available to meet sudden prime broker margin calls.
Market Complexity: Algorithmic and High-Frequency Trading (HFT) Volume
Tracking the percentage of total hedge fund trading volume executed purely by systematic algorithms and HFT infrastructure.
Risk Management: Aggregate 1-Day 99% Value at Risk (VaR)
Analyzing the maximum expected daily loss calculated across the entire U.S. Qualifying Hedge Fund industry.
Stress Testing: Simulated 20% Global Equity Market Drop
Reviewing confidential Form PF stress test data detailing the projected industry fallout of a sudden 20% equity market crash.