INVESTMENTS, AT FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2013

Investments [Abstract]

Investments, at Fair Value

Investments held and securities sold short in the consolidated funds are summarized below:

	Fair Value as of December 31,				Fair value as a percentage of investments of consolidated funds as of December 31,
Investments:	2013		2012		2013		2012
United States:
Fixed income securities:
Consumer discretionary	$	3,017,755	$	5,072,283	7.6	%	13.2	%
Consumer staples	801,959		697,300		2.0		1.8
Energy	650,336		565,151		1.6		1.5
Financials	554,115		1,013,230		1.4		2.6
Health care	600,570		658,932		1.5		1.7
Industrials	1,768,600		1,957,259		4.4		5.1
Information technology	1,130,614		908,662		2.8		2.4
Materials	1,094,476		826,008		2.7		2.2
Telecommunication services	289,046		282,101		0.7		0.7
Utilities	2,182,098		1,717,978		5.6		4.5
Total fixed income securities (cost: $12,008,435 and $13,320,475 as of December 31, 2013 and 2012, respectively)	12,089,569		13,698,904		30.3		35.7
Equity securities:
Consumer discretionary	3,164,000		3,289,347		7.9		8.6
Consumer staples	482,521		444,735		1.2		1.2
Energy	570,839		448,412		1.4		1.2
Financials	6,474,365		6,001,493		16.3		15.6
Health care	310,582		134,239		0.8		0.3
Industrials	1,840,900		1,201,156		4.6		3.1
Information technology	227,608		199,003		0.6		0.5
Materials	923,933		1,407,850		2.3		3.7
Telecommunication services	51,881		15,022		0.1		0.0
Utilities	193,984		140,037		0.5		0.4
Total equity securities (cost: $11,104,484 and $11,637,988 as of December 31, 2013 and 2012, respectively)	14,240,613		13,281,294		35.7		34.6

	Fair Value as of December 31,				Fair value as a percentage of investments of consolidated funds as of December 31,
Investments:	2013		2012		2013		2012
Europe:
Fixed income securities:
Consumer discretionary	$	1,519,530	$	1,607,822	3.8	%	4.2	%
Consumer staples	159,489		486,037		0.4		1.3
Energy	295,942		272,079		0.7		0.7
Financials	612,123		627,161		1.5		1.6
Health care	39,189		19,585		0.1		0.0
Industrials	378,797		531,770		1.0		1.4
Information technology	22,216		5,397		0.1		0.0
Materials	663,984		717,294		1.7		1.9
Telecommunication services	175,231		190,369		0.4		0.5
Utilities	18,581		28,561		0.0		0.1
Total fixed income securities (cost: $3,349,740 and $4,383,068 as of December 31, 2013 and 2012, respectively)	3,885,082		4,486,075		9.7		11.7
Equity securities:
Consumer discretionary	198,045		117,485		0.5		0.3
Consumer staples	385,595		1,336,420		1.0		3.5
Energy	129,207		91,724		0.3		0.2
Financials	2,763,198		1,553,598		6.9		4.1
Health care	13,084		—		0.0		—
Industrials	784,524		1,388		2.0		0.0
Information technology	1,341		335		0.0		0.0
Materials	249,732		374,169		0.6		1.0
Telecommunication services	1,382		—		0.0		—
Total equity securities (cost: $4,111,171 and $2,960,210 as of December 31, 2013 and 2012, respectively)	4,526,108		3,475,119		11.3		9.1
Asia and other:
Fixed income securities:
Consumer discretionary	93,087		680,273		0.2		1.8
Consumer staples	25,424		3,615		0.1		0.0
Energy	74,167		47,776		0.2		0.1
Financials	159,369		22,186		0.4		0.1
Health care	31,057		1,622		0.1		0.0
Industrials	1,247,793		290,639		3.1		0.8
Information technology	21,842		33,260		0.1		0.1
Materials	84,107		92,974		0.2		0.2
Telecommunication services	1,884		1,939		0.0		0.0
Utilities	6,808		129,474		0.0		0.3
Total fixed income securities (cost: $1,639,694 and $1,298,868 as of December 31, 2013 and 2012, respectively)	1,745,538		1,303,758		4.4		3.4

	Fair Value as of December 31,						Fair value as a percentage of investments of consolidated funds as of December 31,
Investments:	2013			2012			2013		2012
Asia and other:
Equity securities:
Consumer discretionary	$	422,731		$	99,527		1.1	%	0.3	%
Consumer staples	42,937			42,688			0.1		0.1
Energy	267,494			213,490			0.7		0.6
Financials	1,211,033			973,745			3.0		2.5
Health care	8,124			71			0.0		0.0
Industrials	1,136,934			613,020			2.9		1.6
Information technology	130,714			75,583			0.3		0.2
Materials	63,395			51,296			0.2		0.1
Telecommunication services	17,719			6,044			0.0		0.0
Utilities	123,897			52,012			0.3		0.1
Total equity securities (cost: $2,734,160 and $1,726,145 as of December 31, 2013 and 2012, respectively)	3,424,978			2,127,476			8.6		5.5
Total fixed income securities	17,720,189			19,488,737			44.4		50.8
Total equity securities	22,191,699			18,883,889			55.6		49.2
Total investments, at fair value	$	39,911,888		$	38,372,626		100.0	%	100.0	%
Securities Sold Short:
Securities sold short – equities (proceeds: $137,092 and $123,575 as of December 31, 2013 and 2012, respectively)	$	(140,251	)	$	(126,530	)

Net Gains (Losses) from Investment Activities of Consolidated Funds

The following table summarizes net gains (losses) from investment activities:

	Year Ended December 31,
	2013						2012						2011
	Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments			Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments			Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	3,649,821		$	2,152,662		$	4,421,219		$	952,478		$	2,008,111		$	(3,233,102	)
Total return, credit default and interest-rate swaps (1)	89,333			(22,619		)	66,992			33,445			80,398			(60,023		)
Foreign currency forward contracts (1)	(217,234		)	(286,336		)	85,773			(148,791		)	(307,681		)	233,816
Options and futures (1)	(17,922		)	(238		)	(13,202		)	(1,972		)	(36,693		)	(5,367		)
Total	$	3,503,998		$	1,843,469		$	4,560,782		$	835,160		$	1,744,135		$	(3,064,676	)

(1) Please see note 5 for additional information.