According to a recent report by PivotAlPath, large multi-strategy hedge funds are managing larger amounts of capital and using a lot of leverage. As they invest more and more in the same stocks, the market may face more intense turmoil in the event of a shock. According to statistics from this research firm, as of the end of 2025, 10 large multi-strategy funds managed a total of 2.2 trillion US dollars, which is more than three times that of 2018. PivotAlPath did not disclose fund names. PivotAlpath estimates that the current borrowing size of the top ten funds is about six times the combined net assets of 360 billion US dollars. The six funds using the multi-trading team model had the highest leverage ratio, and their net capital was increased 8 to 14 times. PivotAlPath also found that the 10 largest institutions' US stock holdings overlapped with each other higher than the extent that their holdings of other hedge funds overlapped with each other. Compared to other funds, their return correlation with each other has also increased since 2019.

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