赢家

    阿尔伯特•弗莱德博格

    弗里德贝格全球宏观对冲基金

    涨幅54%

    阿尔伯特•弗莱德博格似乎和如今的对冲基金经理形象压根挨不上边——他今年65岁，工作在多伦多的小办公室里，而不是在康涅狄格州的格林威治或曼哈顿中城。但实际上，他从事交易大宗商品的历史可追溯至20世纪70年代初。自从2001年自设全球宏观基金（Global Macro Fund）以来，他的平均年回报率为19%。今年，弗莱德博格押注火爆的巴西、印度股市将下跌，欧洲银行股的跌幅会超过工业股以及通胀保值的美国国债将继续上涨（目前他仍持有相关交易）。他当前的投资主题是一个可怕的前景：如果欧洲不能同心协力，欧洲将迎来大范围的信贷危机，引发全球性经济衰退，他认为出现这种局面的概率超过50%。

    蔡斯•柯尔曼

    老虎环球基金

    涨幅40%

    柯尔曼的合伙人们由于秘密投资科技股，被人们戏称为“刺客”。这位现年36岁、面对媒体仍显羞涩的年轻人因投资Facebook和商务社交网站LinkedIn早期股权而赢得普遍赞誉。2011年，老虎环球基金（Tiger Global）还因为大量持有苹果公司（Apple）和俄罗斯互联网公司Yandex的股票而获益。

    约翰•萨勒

    JAT 资本

    涨幅31%

    今年热钱涌入JAT资本（JAT Capital），致使其资产规模扩大了两倍至30亿美元左右。萨勒曾担任银行业分析师，2007年创立了JAT资本公司。他由于卖空中国互联网公司以及做多Priceline.com、Wynn Resorts等旅行类股而获得巨额回报。

WINNERS

    Albert Friedberg

    Friedberg Global Macro

    Up 54%

    Albert Friedberg hardly conjures up the modern-day hedge fund manager -- he's 65 and works from small offices in Toronto, not Greenwich, Conn., or Midtown Manhattan. But he's been trading commodities dating back to the early 1970s, and since opening his Global Macro Fund in 2001, he has posted 19% average annual returns. This year Friedberg wagered that hot stock markets in Brazil and India would fall, European banks would crash harder than industrial stocks, and inflation-protected U.S. Treasuries would continue their rise (a trade he's continuing to ride). His current investment thesis is a scary proposition: Europe is headed for a massive credit implosion, after which the world falls into a global depression. If Europe can't get its act together, he puts those odds at more than 50%.

    Chase Coleman

    Tiger Global

    Up 40%

    Coleman's partners are affectionately known as "assassins" for their stealthy tech investments. Early stakes in Facebook and LinkedIn (LNKD) won praise for the press-shy 36-year-old, and in 2011, Tiger Global benefited from huge positions in Apple (AAPL) and Russian tech company Yandex (YNDX).

    John Thaler

    JAT Capital

    Up 31%

    Hot money poured into JAT Capital this year, tripling its assets to some $3 billion. Thaler, a former bank analyst who founded JAT in 2007, posted huge returns with short positions in Chinese Internet companies and by going long on travel stocks like Priceline.com (PCLN) and Wynn Resorts (WYNN).

输家    

    约翰•保尔森

    保尔森优势累加基金

    跌幅47%

    保尔森几年前由于卖空次贷支持证券而赚了几十亿美元，但今年，他旗下最大的基金却遇到了麻烦。他押注的美国经济复苏并未出现，所持花旗集团（Citigroup）、美国银行（Bank of America）和美国太阳信托银行（SunTrust Banks）等股票走势惨淡。不过，保尔森依旧乐观，他告诉投资者们股价仍然称得上便宜，而且到2012年底经济形势就会好转。

    克里斯宾•奥德

    Odey European Inc Euro基金

    跌幅22%

    它是伦敦最大的对冲基金之一，今年却遭遇有史以来最惨痛的一年。由于预期中的复苏并未出现，克里斯宾•奥德掌舵的这支基金遭到欧洲银行股重创；奥德曾与鲁伯特•默多克的大女儿结婚。

    迈克尔•辛兹

    CQS Directional Opportunities

    跌幅20%

    今夏欧洲银行业的股票和债券遭到抛售，给亿万富翁迈克尔•辛兹的这支旗舰基金造成了巨大冲击。

    注：所有回报率数据均截至2011年9月30日。资料来源：咨询公司轩尼斯集团（Hennessee Group）及彭博社（Bloomberg）

LOSERS

    John Paulson

    Paulson Advantage Plus

    Down 47%

    A few years after earning billions shorting subprime-backed securities, Paulson's largest fund is in the dumps. His bet on a U.S. recovery was off, dooming stakes in Citigroup (C), Bank of America (BAC), and SunTrust Banks (STI). Still, Paulson remains upbeat, telling investors that stocks remain cheap and that the economy will improve by the end of 2012.

    Crispin Odey

    Odey European Inc Euro

    Down 22%

    One of London's biggest hedge funds had one of its worst years on record. Led by Crispin Odey, who was once married to Rupert Murdoch's oldest daughter, the fund was burned by European banks anticipating a recovery that never came.

    Michael Hintze

    CQS Directional Opportunities

    Down 20%

    This summer's selloff in European bank stocks and bonds hammered the flagship fund at billionaire Michael Hintze's London firm.

    Note: All returns through 9/30/11. Sources: Hennessee Group, Bloomberg