Big may not always be better, but for investors in 18 of the world’s largest hedge fund managers whose flagship funds have made money this year, it has proved safer. True, some of the gains by the largest managers have been meagre – Cerberus International and Millennium International Fund made just 0.1% to September 30 – and those losing money far outnumber those making it.

However, an investor document seen by Financial News shows some groups, such as BlueCrest Capital Management and Paulson, made at least 15% on their flagships to September 30.