Hillhouse has achieved investment returns of up to 52% annualized from inception until 2012, even in spite of a 37% drop in 2008, making Hillhouse among the most profitable funds of its size in the world, and the leading fund in Asia[8][19][20] In 2014, returns had reportedly dropped to over 40%.[21] Owing to its low profile but high performance, founder Lei Zhang and Hillhouse have been likened to Stephen Mandel and Lone Pine Capital.[8]