These are the 20 biggest hedge funds in the world

19: Global Opportunities LLC has $21.04 billion in assets and is based in the US.

Global Opportunities is a fund investing in the debt and equity of private and public companies worldwide.

18: Capstone Volatility Master (Cayman) Limited has $21.57 billion in assets and is based in the US.

This hedge fund is managed by Capstone Investment Advisors. The fund invests in shares and uses quantitative analysis to make its investments, which exploits mathematical patterns in markets.

17: Pine River Fixed Income Master Fund Ltd. has $22.48 billion in assets and is based in the US.

This fund primarily invests in government bonds, and sub-investment grade corporate and structured credit.

16: Surveyor Capital Ltd. has $25.2 billion in assets and is based in the US.

Surveyor Capital is run by Citadel, one of the biggest and most succesful fund managers in the world. Surveyor invests in global shares.

15: Field Street Master Fund Ltd. has $27.48 billion and is based in the US.

Field Street usses a macro strategy and was founded in 2007.

14: Elliot International L.P. has $29.94 billion in assets and is based in the US.

The fund is managed by the Elliott Management Corporation and invests distressed companies, which are either in bankruptcy or in the midst of corporate restructuring.

13: BTG Pactual Global Emerging Markets and Macro Master Fund LP has $30.21 billion in assets and is based in the US.

This fund is run by BTG Pactua invests corporate and government debt with a focus on Europe, Middle East, and Africa and Latin America.

12: Element Capital Master Fund Limited has $33.69 billion in assets and is based in the US.

11: Pine River Liquid Rates Master Fund Ltd. has $35.05 billion in assets and is based in the US.

10: Bridgewater Pure Alpha Trading Company II Ltd. has $36.12 billion in assets and is based in the US.

Bridgewater Associates was founded in 1975 by Ray Dalio out of a two-bedroom apartment. The Connectiut-based firm now employs 1,500 people and uses macroeconomic strategies.

9: Citadel Global Equities Master Fund Ltd has $37.46 billion in assets and is based in the US.

Citadel is a Chicago headquartered hedge fund manager, founded by billionaire Kenneth Griffin in 1990.

8: All Weather Portfolio Trading LLC has $38.66 billion in assets and is based in the US.

7: Global Opportunities Offshore Ltd. has $39.89 billion in assets and is based in the US.

6: Adage Capital Partners L.P. has $48.19 billion in assets and is based in the US.

Adage Capital Management was founded in 2001 and is based in Boston, Massachusetts. It trades in shares an uses so-called fundamental analysis to work out what a company should really be worth.

5: Bluecrest Capital International Master Fund Limited has $50.19 billion in assets and is based in the UK.

BlueCrest Capital Management was founded in 2000 and invests in share markets and debt markets in the US and UK.

4: Brevan Howard Master Fund Limited has $60.25 billion in assets and is based in the UK.

Brevan Howard was co-founded in 2002 by five fixed-income traders from Credit Suisse and its grown to more than 430 people worldwide.

3: Black River Firv Opportunity Master Fund Ltd. has $63.05 billion in assets and is based in the US.

Black River is a global asset management firm formed in 2003. It's a subsidiary of Cargill, one of the world’s biggest food, agricultural and industrial products companies.

2: Citadel Global Fixed Income Master Fund Ltd. has $80.06 billion in assets and is based in the US.

Citadel founder Griffin started trading in 1987 from his Harvard University dorm room, with $265,000 raised from friends and family.

1: Millenium Partners L.P. has $181.48 billion in assets and is based in the US.

Millenium was founded in 1989 by Israel Englander and Ronald Shear with $35 million and now has more than 1,750 employees. The firm uses a range of strategies including quantitative analysis.