Which funds beat the market?
Implied long-book return vs S&P 500, computed from 13F positions priced quarterly. Minimum $100M book, 10+ positions, 80%+ price coverage.
| # | Fund | Type | Return | Alpha vs SPY | Book | Positions | Quarters beat |
|---|
Implied return prices each fund's disclosed long positions at quarter boundaries. It ignores shorts, options, cash and intra-quarter trading — treat as an approximation of the long book, not audited performance.