Which funds beat the market?
Implied long-book return vs S&P 500, computed from 13F positions priced quarterly. Latest quarter: Q1 2026. Minimum $100M book, 10+ positions, 80%+ price coverage.
| # | Fund | Type | Return | Alpha vs SPY | Book | Positions | Quarters beat |
|---|---|---|---|---|---|---|---|
| 1 | Central Asset Investments & Management Holdings (HK) Ltd ★2 | Fundamental concentrated | +113.9% | +99.1% | $0.1B | 21 | 5/9 |
| 2 | Elemental Capital Partners LLC ★2 | Fundamental diversified | +88.2% | +73.4% | $0.2B | 12 | 2/4 |
| 3 | Anther Capital Ltd ★3 | Fundamental concentrated | +86.5% | +71.7% | $3.8B | 31 | 1/1 |
| 4 | Tensor Edge Capital, LLC ★3 | Fundamental concentrated | +85.7% | +70.9% | $0.6B | 17 | 2/2 |
| 5 | Ma Investment Partnership, LP ★3 | Fundamental concentrated | +83.1% | +68.3% | $0.2B | 10 | 2/2 |
| 6 | Step Capital Management Pte. Ltd. ★3 | Fundamental concentrated | +82.4% | +67.6% | $0.3B | 27 | 2/2 |
| 7 | Situational Awareness LP ★2 | Fundamental concentrated | +75.5% | +60.7% | $3.9B | 26 | 4/6 |
| 8 | Situational Awareness Partners LP ★3 | Fundamental concentrated | +75.5% | +60.7% | $3.9B | 26 | 1/1 |
| 9 | Owl Creek Asset Management, L.P. ★2 | Fundamental concentrated | +74.5% | +59.7% | $0.5B | 21 | 4/9 |
| 10 | Trivest Advisors Ltd ★2 | Fundamental concentrated | +73.7% | +58.9% | $1.4B | 29 | 5/9 |
| 11 | AIGH Capital Management LLC ★2 | Fundamental concentrated | +73.1% | +58.2% | $0.5B | 40 | 6/9 |
| 12 | Blue Water Life Science Advisors, LP ★3 | Fundamental concentrated | +73.0% | +58.2% | $0.1B | 10 | 7/9 |
| 13 | FINDELL CAPITAL MANAGEMENT LLC ★2 | Fundamental concentrated | +72.4% | +57.6% | $0.3B | 17 | 5/9 |
| 14 | Buckley Capital Advisors, LLC ★3 | Fundamental concentrated | +68.3% | +53.5% | $0.1B | 14 | 1/2 |
| 15 | Napean Trading & Investment Co (Singapore) PTE Ltd ★3 | Fundamental concentrated | +66.5% | +51.6% | $0.2B | 16 | 5/9 |
| 16 | PKO BP BANKOWY Universal Pension Society JSC ★3 | Fundamental concentrated | +66.3% | +51.5% | $0.2B | 13 | 6/6 |
| 17 | KCM Capital Inc ★3 | Fundamental concentrated | +62.4% | +47.5% | $0.5B | 31 | 2/2 |
| 18 | Atreides Management, LP ★2 | Fundamental concentrated | +61.3% | +46.5% | $4.1B | 51 | 5/9 |
| 19 | E20 Capital Ltd ★2 | Fundamental concentrated | +61.2% | +46.4% | $1.1B | 22 | 2/2 |
| 20 | UG Investment Advisers Ltd. ★3 | Fundamental concentrated | +61.2% | +46.4% | $0.1B | 12 | 5/9 |
| 21 | Merck & Co., Inc. ★3 | Fundamental concentrated | +59.0% | +44.2% | $0.3B | 14 | 4/6 |
| 22 | BIT Capital GmbH ★2 | Fundamental diversified | +59.0% | +44.2% | $1.8B | 76 | 5/9 |
| 23 | Maytree Asset Management Ltd ★2 | Fundamental concentrated | +58.3% | +43.4% | $0.1B | 20 | 4/9 |
| 24 | Tairen Capital Ltd ★2 | Fundamental concentrated | +58.2% | +43.4% | $0.9B | 44 | 7/9 |
| 25 | Amanah Holdings Trust ★2 | Fundamental concentrated | +55.0% | +40.2% | $0.9B | 20 | 3/4 |
| 26 | Nextech Invest, Ltd. ★3 | Fundamental concentrated | +54.7% | +39.9% | $1.4B | 17 | 5/5 |
| 27 | SOFTBANK GROUP CORP. ★3 | Fundamental concentrated | +54.0% | +39.1% | $11.4B | 29 | 7/9 |
| 28 | Grand Alliance Asset Management Ltd ★2 | Fundamental concentrated | +53.8% | +39.0% | $0.2B | 13 | 6/9 |
| 29 | Mubadala Investment Co PJSC ★2 | Fundamental concentrated | +53.8% | +38.9% | $20.5B | 72 | 3/9 |
| 30 | M37 Management LP ★2 | Fundamental concentrated | +53.7% | +38.9% | $0.3B | 12 | 2/2 |
| 31 | G2 Investment Partners Management LLC ★2 | Fundamental diversified | +53.5% | +38.7% | $0.4B | 71 | 4/9 |
| 32 | Hel Ved Capital Management Ltd | Other | +53.3% | +38.4% | $0.6B | 52 | 6/9 |
| 33 | AI-Squared Management Ltd ★2 | Fundamental concentrated | +52.3% | +37.5% | $0.1B | 19 | 5/9 |
| 34 | OAKTOP CAPITAL MANAGEMENT II, L.P. ★3 | Fundamental concentrated | +51.8% | +37.0% | $1.3B | 14 | 6/9 |
| 35 | GLYNN CAPITAL MANAGEMENT LLC ★3 | Fundamental concentrated | +51.6% | +36.8% | $0.2B | 42 | 3/9 |
| 36 | WT Asset Management Ltd ★2 | Fundamental concentrated | +51.5% | +36.7% | $4.8B | 27 | 7/9 |
| 37 | Evergreen Quality Fund GP, Ltd. ★2 | Fundamental concentrated | +51.5% | +36.7% | $4.4B | 40 | 6/9 |
| 38 | Archon Capital Management LLC ★2 | Fundamental concentrated | +51.4% | +36.6% | $0.2B | 45 | 6/9 |
| 39 | DCF Advisers, LLC ★2 | Fundamental diversified | +51.4% | +36.6% | $0.3B | 72 | 5/9 |
| 40 | Oakum Bay Capital LLC ★2 | Fundamental diversified | +51.4% | +36.6% | $0.2B | 87 | 2/2 |
| 41 | UHLMANN PRICE SECURITIES, LLC ★2 | Fundamental diversified | +51.2% | +36.4% | $1.5B | 253 | 3/7 |
| 42 | Metavasi Capital LP ★2 | Fundamental concentrated | +50.6% | +35.8% | $0.2B | 20 | 5/9 |
| 43 | Talos Eurisko Asset Management LP ★2 | Fundamental concentrated | +50.1% | +35.3% | $0.6B | 23 | 5/6 |
| 44 | GATE CITY CAPITAL MANAGEMENT, LLC ★3 | Fundamental concentrated | +50.1% | +35.3% | $0.3B | 16 | 6/9 |
| 45 | JW Asset Management, LLC ★3 | Fundamental concentrated | +49.5% | +34.7% | $0.2B | 19 | 3/9 |
| 46 | Casdin Capital, LLC ★3 | Fundamental concentrated | +49.5% | +34.7% | $1.3B | 40 | 4/9 |
| 47 | Andar Capital Management HK Ltd ★2 | Fundamental concentrated | +49.3% | +34.5% | $0.1B | 13 | 6/9 |
| 48 | Analog Century Management LP ★3 | Fundamental concentrated | +48.5% | +33.7% | $2.1B | 25 | 7/9 |
| 49 | SYLEBRA CAPITAL LLC ★3 | Fundamental concentrated | +48.3% | +33.5% | $0.8B | 11 | 3/9 |
| 50 | Beartown Capital Management, LLC ★2 | Fundamental concentrated | +48.1% | +33.3% | $0.1B | 30 | 2/2 |
| 51 | Oak Grove Capital LLC ★2 | Fundamental diversified | +47.5% | +32.7% | $0.6B | 82 | 6/9 |
| 52 | Shannon River Fund Management LLC ★2 | Fundamental concentrated | +47.4% | +32.6% | $0.5B | 28 | 7/9 |
| 53 | Ophir Asset Management Pty Ltd ★2 | Fundamental concentrated | +47.4% | +32.5% | $0.9B | 34 | 7/9 |
| 54 | Credit Capital Investments LLC ★2 | Fundamental concentrated | +47.0% | +32.2% | $0.1B | 39 | 7/9 |
| 55 | HIGHLAND PEAK CAPITAL, LLC ★2 | Fundamental concentrated | +46.5% | +31.7% | $0.2B | 13 | 6/9 |
| 56 | Trigran Investments, Inc. ★3 | Fundamental concentrated | +46.2% | +31.4% | $0.4B | 17 | 3/9 |
| 57 | Renaissance Capital LLC ★3 | Fundamental concentrated | +46.2% | +31.4% | $0.1B | 47 | 4/9 |
| 58 | Value Aligned Research Advisors, LLC ★2 | Fundamental concentrated | +46.1% | +31.3% | $8.4B | 53 | 5/9 |
| 59 | Capelight Capital Asset Management LP ★2 | Fundamental concentrated | +45.9% | +31.1% | $0.1B | 28 | 2/2 |
| 60 | Avalon Global Asset Management LLC ★3 | Fundamental concentrated | +45.9% | +31.1% | $0.4B | 26 | 4/9 |
| 61 | Optimus Prime Fund Management Co., Ltd. ★3 | Fundamental concentrated | +45.6% | +30.8% | $1.0B | 27 | 6/9 |
| 62 | Caligan Partners LP ★3 | Fundamental concentrated | +45.6% | +30.7% | $1.4B | 24 | 5/9 |
| 63 | HERALD INVESTMENT MANAGEMENT Ltd ★2 | Fundamental diversified | +45.5% | +30.6% | $0.7B | 97 | 6/9 |
| 64 | Madison Avenue Partners, LP ★2 | Fundamental concentrated | +45.4% | +30.6% | $2.3B | 27 | 6/9 |
| 65 | Whetstone Capital Advisors, LLC ★2 | Fundamental concentrated | +45.1% | +30.3% | $0.3B | 54 | 4/9 |
| 66 | CALIFORNIA FIRST LEASING CORP ★3 | Fundamental concentrated | +45.0% | +30.2% | $0.3B | 39 | 6/9 |
| 67 | Insight Holdings Group, LLC ★3 | Fundamental concentrated | +44.8% | +30.0% | $1.4B | 28 | 3/9 |
| 68 | Estuary Capital Management LP ★2 | Fundamental concentrated | +44.0% | +29.2% | $0.6B | 22 | 4/9 |
| 69 | Tyro Capital Management LLC ★2 | Fundamental concentrated | +44.0% | +29.1% | $0.4B | 23 | 5/9 |
| 70 | FIFTHDELTA Ltd ★2 | Fundamental concentrated | +43.4% | +28.6% | $0.7B | 11 | 5/9 |
| 71 | Prescott General Partners LLC ★3 | Fundamental concentrated | +43.1% | +28.3% | $1.4B | 10 | 3/9 |
| 72 | Whale Rock Capital Management LLC ★2 | Fundamental concentrated | +42.8% | +28.0% | $7.7B | 35 | 6/9 |
| 73 | Flight Deck Capital, LP ★2 | Fundamental concentrated | +42.2% | +27.4% | $0.1B | 10 | 5/9 |
| 74 | Alight Capital Management LP ★2 | Fundamental diversified | +42.1% | +27.3% | $0.3B | 56 | 4/9 |
| 75 | Roubaix Capital, LLC | Other | +41.9% | +27.1% | $0.2B | 43 | 7/9 |
| 76 | LIGHT STREET CAPITAL MANAGEMENT, LLC ★2 | Fundamental concentrated | +41.5% | +26.7% | $0.5B | 23 | 6/9 |
| 77 | DEEPWATER ASSET MANAGEMENT, LLC ★3 | Fundamental concentrated | +41.3% | +26.5% | $0.2B | 39 | 3/9 |
| 78 | Dedeker Financial LLC | Wealth advisor | +41.3% | +26.5% | $0.1B | 49 | 2/2 |
| 79 | Opaleye Management Inc. ★2 | Fundamental concentrated | +40.7% | +25.9% | $0.8B | 54 | 5/9 |
| 80 | Worthington Financial Partners, LLC | Other | +40.6% | +25.8% | $0.1B | 105 | 2/2 |
| 81 | 325 CAPITAL LLC ★3 | Fundamental concentrated | +40.6% | +25.8% | $0.3B | 12 | 6/9 |
| 82 | Maytus Capital Management, LLC ★2 | Fundamental diversified | +40.0% | +25.2% | $0.6B | 62 | 7/9 |
| 83 | CYPRESS POINT INVESTMENT MANAGEMENT LP ★3 | Fundamental concentrated | +39.9% | +25.0% | $0.4B | 32 | 1/2 |
| 84 | Spear Advisors LLC ★2 | Fundamental concentrated | +39.8% | +25.0% | $0.1B | 26 | 2/2 |
| 85 | PEREGRINE INVESTMENT MANAGEMENT INC ★3 | Fundamental concentrated | +39.7% | +24.9% | $0.1B | 20 | 4/6 |
| 86 | NANO CAP NEW MILLENNIUM GROWTH FUND L P | Other | +39.3% | +24.4% | $0.1B | 145 | 1/2 |
| 87 | THAMES CAPITAL MANAGEMENT LLC ★2 | Fundamental diversified | +39.3% | +24.4% | $0.6B | 43 | 6/9 |
| 88 | Divisadero Street Capital Management, LP ★2 | Fundamental diversified | +39.2% | +24.4% | $2.1B | 115 | 4/9 |
| 89 | Kultura Capital Management LP ★2 | Fundamental concentrated | +39.1% | +24.3% | $0.1B | 25 | 1/2 |
| 90 | Persistent Asset Partners Ltd | Quant stat arb | +38.8% | +24.0% | $0.3B | 238 | 5/6 |
| 91 | First Light Asset Management, LLC ★3 | Fundamental concentrated | +38.8% | +24.0% | $1.1B | 35 | 4/9 |
| 92 | CADIAN CAPITAL MANAGEMENT, LP ★2 | Fundamental concentrated | +38.5% | +23.7% | $0.8B | 23 | 3/9 |
| 93 | SCOGGIN MANAGEMENT LP ★2 | Fundamental concentrated | +38.4% | +23.6% | $0.3B | 30 | 6/9 |
| 94 | SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC ★2 | Fundamental diversified | +38.4% | +23.6% | $2.2B | 66 | 8/9 |
| 95 | Runnymede Capital Advisors, Inc. | Quant stat arb | +38.3% | +23.4% | $0.1B | 75 | 4/6 |
| 96 | Alta Park Capital, LP ★2 | Fundamental concentrated | +38.2% | +23.4% | $0.6B | 24 | 6/9 |
| 97 | MAPLELANE CAPITAL, LLC ★2 | Fundamental concentrated | +38.2% | +23.4% | $1.2B | 35 | 3/9 |
| 98 | Gem Investment Advisors, LLC ★3 | Fundamental concentrated | +37.9% | +23.1% | $0.1B | 34 | 2/2 |
| 99 | S SQUARED TECHNOLOGY, LLC ★3 | Fundamental concentrated | +37.9% | +23.1% | $0.3B | 35 | 6/9 |
| 100 | a16z Capital Management, L.L.C. ★3 | Fundamental concentrated | +37.8% | +23.0% | $1.3B | 16 | 5/9 |
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.