BRUCE KOVNER
Caxton Corporation

Organization

Inception

1983

Assets
      Current
      Peak

$4.5 billion
$4.5 billion

Edge

Trades what is uncorrelated to stock market; risk management

Office Location

New York, New York; Plainsboro, New Jersey

Number of People

160 to 170

Type of Organization

27 trading centers

His Role

Overseer

Investment Committee

No

Reward System

Individual performance is heavily weighted but group performance is also given some weight

Number of Investors

500 to 600

GP/Principals'
Ownership of Assets

Under 30 percent

Endowments

Not disclosed

Methodology/
Portfolio Composition

Style

Top-down; macro

Number of Positions in Portfolio

Thousands

Trades Taken

Diverse

Role of United States

Variable

Role of Technology

Variable but usually modest

Role of Private Equity

Minor

Role of Macro

30 to 60 percent (typical range)

Allocates to Other Managers

Minor on a limited basis