PivotalPath: Top 10 Multi-Strategy Hedge Funds Manage $2.2T, Triple 2018 Level

The concentration story here is less about the headline assets than about the leverage and overlapping positioning PivotalPath flags. Crowded books at this scale mean a shock in one name or theme can transmit across funds that look diversified on paper, so the risk is correlation that only shows up under stress. That matters for allocators assessing true diversification and for anyone tracking how much of the market's marginal selling sits with a handful of leveraged players. Whether leverage keeps climbing, and whether position overlap deepens, is the open question.