Hedge funds are a huge force in the financial world but they're not always the most transparent.
Below is a list of the 20 largest hedge funds by gross assets covered by data compiler Graypools.
The figures were drawn from regulatory filings prepared by the firms themselves for the end of the second quarter this year.
Hedge funds don't lend themselves to pictures so, to stop this slideshow becoming a series of unmarked doorways and office buildings, we've gone with hedges.
20: Brevan Howard Master Fund Limited has $20.46 billion in assets and is based in Jersey.
Brevan Howard was co-founded in 2002 by five fixed-income traders from Credit Suisse and its grown to more than 430 people worldwide.
19: Moore Macro Managers Fund Ltd. has $20.91 billion assets and is based in the US.
Moore Macro Managers Fund is a hedge fund launched by Moore Capital Management, which was founded in 1989 by Louis Moore Bacon. The company is a macro investor, which means it looks at big economic and monetary themes.
18: 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.
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