The Greatest Money Managers We have updated our estimates of the world s greatest money managers to 31 December 2013 and the list is attached.

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1 PRESS RELEASE GREATEST MONEY MANAGERS An update to 31 December 2013 The Greatest Money Managers We have updated our estimates of the world s greatest money managers to 31 December 2013 and the list is attached. The Quantum Endowment Fund, founded by George Soros, made the strongest gains in 2013, even though it was announced that he retired at the end of Including the gains after that date, Quantum regains the number one position of lifetime gains for investors, taking over from Ray Dalio of Bridgewater Pure Alpha. Hedge Fund managers made $192 billion of net gains in 2013 and $847 billion since inception. The top 20 managers made $55.4 billion net of fees for their investors in 2013 and outperformed the hedge fund averages by a considerable margin. Investors in equities once again best captured the opportunities in 2013 and 70% of the total gains in 2013 came from investments in equity markets. The top 20 managers have made net profits for their investors of $199 billion in the 5 years to 31 December 2013, which is far greater than the $28 billion they lost in Comment Rick Sopher, Chairman of LCH Investments NV commented on the net gains made by all single manager hedge funds: "Hedge Funds continued to generate impressive gains for their investors. In 2013, the net gains of $192 billion takes the gains that they have generated for investors after all fees since their inception to $847 billion. This is a strong result, with the best managers capitalising on strong equity markets. So far in 2014, the best managers have also been able to protect on the downside.

2 Commenting on the reason to include gains made by funds after the retirement of their founder, he said: Several firms such as Quantum Endowment have continued to perform well and made substantial gains for their investors even after the official retirement of their founder. The reasons include a culture of money-making that deeply permeates the firm, extraordinarily talented managers that stay on after the founder retires and in most cases, a continuing oversight or influence of the founder, even after they retire Commenting on the performance of the top 20 managers, he said: Achieving a top 20 position requires opportunism and capital protection. The $55.4 billion that the top managers made in 2013 and the $199 billion they have made in the past 5 years reflects their opportunism, with most of them exploiting the strong markets in equities and other assets, while the relatively limited loss of $28 billion that they incurred in 2008 reflects their approach to protecting capital in down markets. All except a few of the top 20 have very carefully controlled their asset size, and nine of them have generated more in gains for their investors than they currently have in assets under management. Basis of Preparation In this year s estimates, we have included the gains made by organisations after the official retirement of the founder. This applies in the case of Quantum Endowment Fund, Caxton Global and Farallon. Our sources are a combination of meetings and contact with the managers themselves, audited and management reports, internal estimates and other confidential sources. In most cases, the money made includes money made by the manager on his own investment in the fund. Note that our criteria for inclusion included that the manager or founder should be the lead investment manager of an open ended investment vehicle.

3 Publication sources should be described as LCH Investments NV Rick Sopher will be available on Friday 7 th February PM and Sunday 9 th February AM to discuss this report. For further information please contact: Rick Sopher Chairman, LCH Investments NV r.sopher@lcfr.co.uk or Fernanda Lewis f.lewis@lcfr.co.uk (on Sunday 9 th February, please Rick Sopher) About Leveraged Capital Holdings (LCH) LCH is the oldest fund of funds, launched in The value of one share at launch has multiplied by 156 times, representing a return of 12.2% per annum. Rick Sopher is Chairman of LCH Investments NV, the manager of LCH; he is also Managing Director of Edmond de Rothschild Capital Holdings Limited. Edmond de Rothschild Capital Holdings Limited is owned by Edmond de Rothschild (51%) and RIT Capital Partners Plc (49%).

4 THE TOP TWENTY MANAGERS STRICTLY CONFIDENTIAL The Top Twenty Hedge Fund Managers by Net Gains (after fees) Since Inception to 31 December 2013 Position (in 2012) Fund Manager(s) Strategy AUM ($bn) Net Gains ($bn) since inception Net Gains ($bn) 2013 Inception 1 (2) Quantum Endowment Fund George Soros (1) Bridgewater Pure Alpha Ray Dalio (4) Baupost Seth Klarman (3) Paulson & Co John Paulson (5) Appaloosa David Tepper (7) Lone Pine Steve Mandel (6) Brevan Howard Fund Alan Howard (8) Farallon Tom Steyer (13) Viking Andreas Halvorsen (9) Moore Capital Louis Moore Bacon (10) SAC Steve Cohen (11) Elliott Associates Paul Singer (12) Caxton Global Bruce Kovner (15) Och Ziff Master Fund Daniel Och (14) ESL Edward Lampert (16) King Street Brian Higgins, Francis Biondi (20) Highfields Jonathon Jacobson (18) Tudor Global Paul Tudor Jones (21) Millennium Israel Englander (19) Maverick Lee Ainslie TOTAL OF TOP TOTAL OF ALL MANAGERS 2, Source: LCH Investments NV estimates, evestment

5 PROFITS SINCE INCEPTION OF TOP MANAGERS Net Gains Since Inception $bn % of Total AUM $bn Top 10 managers Top 20 managers Other single manager hedge funds ,246.6 Total ,682.3 The top 20 managers include the top 10 Data at Source: LCH Investments NV estimates; evestment