Q1 2026 Hedge Fund Monitor — Key Findings
In Q1 2026, hedge fund gross notional exposure and net leverage ratios indicated changing risk profiles. Our latest data fetch shows changes across size, leverage, and liquidity.
Key findings this quarter:
- 1Gross notional exposure shifted according to the latest OFR data.
- 2Portfolio liquidity conditions reflect recent market shifts.
- 3Leverage ratios highlight reliance on borrowed capital.
What moved most this quarter
Qualifying Hedge Funds
Significant quarter-over-quarter change based on OFR Form PF data.
Qualifying Hedge Funds
Significant quarter-over-quarter change based on OFR Form PF data.
Qualifying Hedge Funds
Significant quarter-over-quarter change based on OFR Form PF data.
Industry Size
Qualifying Hedge Funds: net assets (U.S. dollars)
The Qualifying Hedge Funds: net assets (U.S. dollars) changed by 1.72% to 4918000000000.
Leverage
Qualifying Hedge Funds: gross notional exposure (U.S. dollars)
The Qualifying Hedge Funds: gross notional exposure (U.S. dollars) changed by 7.89% to 42235000000000.
Top 10 largest funds: leverage (equal-weighted average ratio)
The Top 10 largest funds: leverage (equal-weighted average ratio) changed by -0.78% to 23.722.
Liquidity
Qualifying Hedge Funds: portfolio liquidity 0-1 day (percent of total)
The Qualifying Hedge Funds: portfolio liquidity 0-1 day (percent of total) changed by 9.21% to 40.3.
Counterparty Risk
Qualifying Hedge Funds: prime brokerage borrowing (U.S. dollars)
The Qualifying Hedge Funds: prime brokerage borrowing (U.S. dollars) changed by -1.17% to 3221000000000.
Complexity
Qualifying Hedge Funds: level 3 assets as a share of gross assets (percent)
The Qualifying Hedge Funds: level 3 assets as a share of gross assets (percent) changed by -7.75% to 13.1.
Complete Metric Changes
| Metric | Prior Q | Current Q | Change |
|---|---|---|---|
| Qualifying Hedge Funds: net assets (U.S. dollars) | 4,835,000,000,000 | 4,918,000,000,000 | +1.72% |
| Qualifying Hedge Funds: gross notional exposure (U.S. dollars) | 39,145,000,000,000 | 42,235,000,000,000 | +7.89% |
| Top 10 largest funds: leverage (equal-weighted average ratio) | 23.909 | 23.722 | -0.78% |
| Qualifying Hedge Funds: portfolio liquidity 0-1 day (percent of total) | 36.9 | 40.3 | +9.21% |
| Qualifying Hedge Funds: prime brokerage borrowing (U.S. dollars) | 3,259,000,000,000 | 3,221,000,000,000 | -1.17% |
| Qualifying Hedge Funds: level 3 assets as a share of gross assets (percent) | 14.2 | 13.1 | -7.75% |
Methodology & Source Notes
Data is sourced from the OFR Form PF aggregated releases. Comparisons are made quarter-over-quarter. All financial values are estimates based on aggregated filings and subject to reporting lags.
Data Provider: U.S. Office of Financial Research Hedge Fund Monitor. We fetch the latest publicly available aggregated data releases representing SEC Form PF submissions.
Reported values can be subject to revision by the OFR in subsequent quarters. We update historical tables to reflect these revisions where available. This analysis is provided for informational and educational purposes only and does not constitute investment advice.
The next OFR release is coming soon.
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Previous Reports
Q4 2025 Hedge Fund Industry Data
Qualifying Hedge Fund NAV stabilized with a 1.5% bounce to close 2025 at $5.580 trillion.
Q3 2025 Hedge Fund Industry Data
Qualifying Hedge Fund NAV suffered a severe 3.8% contraction, falling to $5.500 trillion.
Q2 2025 Hedge Fund Industry Data
Qualifying Hedge Fund NAV grew 2.4% breaking the $5.700 trillion plane at $5.720 trillion.