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 | Elemental Capital Partners LLC ★2 | Fundamental diversified | +88.2% | +73.4% | $0.2B | 12 | 2/4 |
| 2 | BIT Capital GmbH ★2 | Fundamental diversified | +59.0% | +44.2% | $1.8B | 76 | 5/9 |
| 3 | G2 Investment Partners Management LLC ★2 | Fundamental diversified | +53.5% | +38.7% | $0.4B | 71 | 4/9 |
| 4 | DCF Advisers, LLC ★2 | Fundamental diversified | +51.4% | +36.6% | $0.3B | 72 | 5/9 |
| 5 | Oakum Bay Capital LLC ★2 | Fundamental diversified | +51.4% | +36.6% | $0.2B | 87 | 2/2 |
| 6 | UHLMANN PRICE SECURITIES, LLC ★2 | Fundamental diversified | +51.2% | +36.4% | $1.5B | 253 | 3/7 |
| 7 | Oak Grove Capital LLC ★2 | Fundamental diversified | +47.5% | +32.7% | $0.6B | 82 | 6/9 |
| 8 | HERALD INVESTMENT MANAGEMENT Ltd ★2 | Fundamental diversified | +45.5% | +30.6% | $0.7B | 97 | 6/9 |
| 9 | Alight Capital Management LP ★2 | Fundamental diversified | +42.1% | +27.3% | $0.3B | 56 | 4/9 |
| 10 | Maytus Capital Management, LLC ★2 | Fundamental diversified | +40.0% | +25.2% | $0.6B | 62 | 7/9 |
| 11 | THAMES CAPITAL MANAGEMENT LLC ★2 | Fundamental diversified | +39.3% | +24.4% | $0.6B | 43 | 6/9 |
| 12 | Divisadero Street Capital Management, LP ★2 | Fundamental diversified | +39.2% | +24.4% | $2.1B | 115 | 4/9 |
| 13 | SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC ★2 | Fundamental diversified | +38.4% | +23.6% | $2.2B | 66 | 8/9 |
| 14 | AWM Investment Company, Inc. ★2 | Fundamental diversified | +36.5% | +21.7% | $0.9B | 98 | 6/9 |
| 15 | Zweig-DiMenna Associates LLC ★2 | Fundamental diversified | +35.9% | +21.1% | $0.7B | 59 | 6/9 |
| 16 | Slate Path Capital LP ★2 | Fundamental diversified | +35.6% | +20.8% | $6.7B | 44 | 8/9 |
| 17 | SORA INVESTORS LLC ★2 | Fundamental diversified | +35.6% | +20.8% | $1.1B | 77 | 6/9 |
| 18 | BERKSHIRE CAPITAL HOLDINGS INC ★2 | Fundamental diversified | +35.5% | +20.7% | $0.3B | 114 | 5/9 |
| 19 | Sphera Management Technology Funds Ltd ★2 | Fundamental diversified | +34.6% | +19.8% | $0.2B | 54 | 3/6 |
| 20 | Park West Asset Management LLC ★2 | Fundamental diversified | +34.6% | +19.8% | $1.1B | 48 | 4/9 |
| 21 | PERKINS CAPITAL MANAGEMENT INC ★2 | Fundamental diversified | +33.5% | +18.7% | $0.1B | 86 | 6/9 |
| 22 | Silverberg Bernstein Capital Management LLC ★2 | Fundamental diversified | +33.4% | +18.6% | $0.2B | 68 | 6/9 |
| 23 | HIMENSION CAPITAL (SINGAPORE) PTE. LTD. ★2 | Fundamental diversified | +33.4% | +18.6% | $1.3B | 135 | 7/9 |
| 24 | Vienna Powszechne Towarzystwo Emerytalne S.A. Vienna Insurance Group ★2 | Fundamental diversified | +33.3% | +18.4% | $0.3B | 28 | 4/9 |
| 25 | JACKSON SQUARE CAPITAL, LLC ★2 | Fundamental diversified | +33.2% | +18.4% | $0.5B | 129 | 6/9 |
| 26 | GENDELL JEFFREY L ★2 | Fundamental diversified | +32.7% | +17.9% | $7.3B | 101 | 5/9 |
| 27 | Ewing Morris & Co. Investment Partners Ltd. ★2 | Fundamental diversified | +32.5% | +17.7% | $0.2B | 86 | 4/9 |
| 28 | DAFNA Capital Management LLC ★2 | Fundamental diversified | +32.3% | +17.5% | $0.4B | 82 | 5/9 |
| 29 | KELLY LAWRENCE W & ASSOCIATES INC/CA ★2 | Fundamental diversified | +31.4% | +16.6% | $0.4B | 124 | 2/9 |
| 30 | WIT Partners Advisory Pte. Ltd. ★2 | Fundamental diversified | +31.2% | +16.4% | $0.3B | 16 | 4/9 |
| 31 | GLENVIEW CAPITAL MANAGEMENT, LLC ★2 | Fundamental diversified | +30.9% | +16.0% | $3.7B | 41 | 5/9 |
| 32 | PVG ASSET MANAGEMENT CORP ★2 | Fundamental diversified | +30.8% | +16.0% | $0.2B | 121 | 2/8 |
| 33 | Meros Investment Management, LP ★2 | Fundamental diversified | +30.8% | +15.9% | $0.2B | 52 | 3/9 |
| 34 | Deep Track Capital, LP ★2 | Fundamental diversified | +30.5% | +15.7% | $4.8B | 62 | 4/9 |
| 35 | PRIMECAP MANAGEMENT CO/CA/ ★2 | Long only active | +30.5% | +15.6% | $127.0B | 320 | 6/9 |
| 36 | DISCOVERY CAPITAL MANAGEMENT, LLC / CT ★2 | Fundamental diversified | +30.0% | +15.2% | $1.9B | 77 | 6/9 |
| 37 | Benchmark Investment Advisors LLC ★2 | Fundamental diversified | +29.9% | +15.1% | $0.2B | 76 | 4/7 |
| 38 | PARADIGM CAPITAL MANAGEMENT INC/NY ★2 | Fundamental diversified | +29.5% | +14.7% | $2.6B | 112 | 6/9 |
| 39 | Boussard & Gavaudan Investment Management LLP ★2 | Fundamental diversified | +29.4% | +14.6% | $1.0B | 84 | 5/9 |
| 40 | KTF INVESTMENTS, LLC ★2 | Fundamental diversified | +28.9% | +14.1% | $0.6B | 91 | 2/2 |
| 41 | Western Financial Corp/CA ★2 | Fundamental diversified | +28.9% | +14.1% | $0.3B | 127 | 5/9 |
| 42 | Summa Corp. ★2 | Fundamental diversified | +28.8% | +13.9% | $0.2B | 83 | 5/9 |
| 43 | Schear Investment Advisers, LLC ★2 | Fundamental diversified | +28.6% | +13.8% | $0.2B | 77 | 7/9 |
| 44 | KRS Capital Management, LLC ★2 | Fundamental diversified | +28.5% | +13.7% | $0.2B | 115 | 6/9 |
| 45 | ZEVENBERGEN CAPITAL INVESTMENTS LLC ★2 | Fundamental diversified | +28.2% | +13.4% | $3.5B | 110 | 4/9 |
| 46 | 4D Advisors, LLC ★2 | Fundamental diversified | +27.8% | +13.0% | $0.2B | 34 | 4/6 |
| 47 | KP Management LLC ★2 | Fundamental diversified | +27.7% | +12.9% | $0.3B | 61 | 6/9 |
| 48 | Torrey Growth & Income Advisors ★2 | Fundamental diversified | +27.7% | +12.9% | $0.2B | 110 | 1/3 |
| 49 | Siren, L.L.C. ★2 | Fundamental diversified | +27.5% | +12.7% | $3.6B | 100 | 5/7 |
| 50 | SUVRETTA CAPITAL MANAGEMENT, LLC ★2 | Fundamental diversified | +27.4% | +12.6% | $3.7B | 88 | 4/9 |
| 51 | PFM Health Sciences, LP ★2 | Fundamental diversified | +27.4% | +12.6% | $0.9B | 76 | 3/9 |
| 52 | Soleus Capital Management, L.P. ★2 | Fundamental diversified | +27.3% | +12.5% | $2.5B | 93 | 5/9 |
| 53 | BRAIDWELL LP ★2 | Fundamental diversified | +27.3% | +12.4% | $2.6B | 82 | 5/9 |
| 54 | Bastion Asset Management Inc. ★2 | Fundamental diversified | +27.0% | +12.2% | $0.3B | 65 | 4/6 |
| 55 | Employees Provident Fund Board ★2 | Fundamental diversified | +26.2% | +11.4% | $13.2B | 70 | 3/9 |
| 56 | FARALLON CAPITAL MANAGEMENT LLC ★2 | Fundamental diversified | +26.2% | +11.4% | $15.3B | 167 | 4/9 |
| 57 | HAWK RIDGE CAPITAL MANAGEMENT LP ★2 | Fundamental diversified | +26.2% | +11.4% | $2.7B | 47 | 2/9 |
| 58 | MAVERICK CAPITAL LTD ★2 | Fundamental diversified | +25.7% | +10.9% | $8.6B | 239 | 6/9 |
| 59 | Potomac Capital Management, Inc. ★2 | Fundamental diversified | +25.7% | +10.9% | $0.1B | 63 | 1/2 |
| 60 | Oasis Management Co Ltd. ★2 | Fundamental diversified | +25.5% | +10.7% | $0.7B | 98 | 7/9 |
| 61 | Stanley Capital Management, LLC ★2 | Fundamental diversified | +25.5% | +10.7% | $0.6B | 40 | 2/9 |
| 62 | SG Capital Management LLC ★2 | Fundamental diversified | +25.4% | +10.6% | $1.2B | 79 | 7/9 |
| 63 | DARA CAPITAL US, INC. ★2 | Fundamental diversified | +25.4% | +10.6% | $0.1B | 119 | 1/2 |
| 64 | NZS Capital, LLC ★2 | Fundamental diversified | +25.4% | +10.6% | $3.0B | 58 | 2/9 |
| 65 | ARS Investment Partners, LLC ★2 | Fundamental diversified | +25.2% | +10.4% | $1.9B | 182 | 5/9 |
| 66 | ARK Investment Management LLC ★2 | Long only active | +25.2% | +10.4% | $12.9B | 181 | 5/9 |
| 67 | Harvey Partners, LLC ★2 | Fundamental diversified | +25.2% | +10.3% | $1.2B | 45 | 4/9 |
| 68 | Rock Springs Capital Management LP ★2 | Fundamental diversified | +24.9% | +10.1% | $1.7B | 100 | 4/9 |
| 69 | INTERCAPITAL, LLC ★2 | Fundamental diversified | +24.8% | +10.0% | $0.2B | 66 | 1/2 |
| 70 | Investors Towarzystwo Funduszy Inwestycyjnych Spolka Akcyjna ★2 | Fundamental diversified | +24.6% | +9.8% | $0.2B | 191 | 3/9 |
| 71 | Steamboat Capital Partners, LLC ★2 | Fundamental diversified | +24.6% | +9.8% | $0.4B | 56 | 5/9 |
| 72 | Nishkama Capital, LLC ★2 | Fundamental diversified | +24.6% | +9.8% | $0.7B | 39 | 5/9 |
| 73 | Kerrisdale Advisers, LLC ★2 | Fundamental diversified | +24.5% | +9.7% | $0.3B | 112 | 6/9 |
| 74 | REINHART PARTNERS, LLC. ★2 | Fundamental diversified | +24.5% | +9.7% | $3.5B | 70 | 3/9 |
| 75 | CM Management, LLC ★2 | Fundamental diversified | +24.3% | +9.5% | $0.1B | 71 | 4/9 |
| 76 | HARTLINE INVESTMENT CORP/ ★2 | Fundamental diversified | +24.3% | +9.5% | $0.9B | 112 | 5/9 |
| 77 | Vestal Point Capital, LP ★2 | Fundamental diversified | +24.1% | +9.2% | $3.6B | 90 | 5/9 |
| 78 | Affinity Asset Advisors, LLC ★2 | Fundamental diversified | +24.0% | +9.2% | $1.7B | 92 | 5/9 |
| 79 | Quantum Private Wealth, LLC ★2 | Fundamental diversified | +24.0% | +9.2% | $0.3B | 165 | 5/9 |
| 80 | AMERICAN CAPITAL MANAGEMENT INC ★2 | Fundamental diversified | +24.0% | +9.2% | $1.9B | 75 | 3/9 |
| 81 | Meridiem Capital Partners LP ★2 | Fundamental diversified | +24.0% | +9.2% | $1.5B | 62 | 3/6 |
| 82 | Birchview Capital, LP ★2 | Fundamental diversified | +23.7% | +8.9% | $0.2B | 73 | 6/9 |
| 83 | Q Global Advisors, LLC ★2 | Fundamental diversified | +23.7% | +8.9% | $0.1B | 47 | 6/9 |
| 84 | Harber Asset Management LLC ★2 | Fundamental diversified | +23.6% | +8.7% | $0.2B | 41 | 3/9 |
| 85 | VMS Asset Management Limited ★2 | Fundamental diversified | +23.4% | +8.6% | $0.2B | 23 | 2/2 |
| 86 | DUTCH ASSET Corp ★2 | Fundamental diversified | +23.2% | +8.4% | $0.1B | 95 | 2/2 |
| 87 | Stony Point Capital LLC ★2 | Fundamental diversified | +23.2% | +8.3% | $1.2B | 31 | 4/9 |
| 88 | VEGA INVESTMENT SOLUTIONS ★2 | Fundamental diversified | +23.1% | +8.3% | $0.4B | 175 | 1/5 |
| 89 | CITY OF LONDON INVESTMENT MANAGEMENT CO LTD ★2 | Fundamental diversified | +23.1% | +8.3% | $1.4B | 94 | 7/9 |
| 90 | Cunning Capital Partners, LP ★2 | Fundamental diversified | +23.0% | +8.2% | $0.2B | 56 | 5/9 |
| 91 | SHAPIRO CAPITAL MANAGEMENT LLC ★2 | Fundamental diversified | +23.0% | +8.2% | $1.6B | 50 | 2/9 |
| 92 | BROWN CAPITAL MANAGEMENT LLC ★2 | Fundamental diversified | +22.8% | +7.9% | $0.7B | 56 | 3/9 |
| 93 | COATUE MANAGEMENT LLC ★2 | Fundamental diversified | +22.6% | +7.8% | $29.1B | 62 | 4/9 |
| 94 | Gator Capital Management, LLC ★2 | Fundamental diversified | +22.4% | +7.6% | $0.5B | 90 | 5/9 |
| 95 | JAG CAPITAL MANAGEMENT, LLC ★2 | Fundamental diversified | +22.3% | +7.5% | $0.9B | 136 | 5/9 |
| 96 | JERICHO FINANCIAL, LLP ★2 | Fundamental diversified | +22.2% | +7.3% | $0.2B | 40 | 4/6 |
| 97 | Vanguard Capital Wealth Advisors ★2 | Fundamental diversified | +22.2% | +7.3% | $0.1B | 119 | 7/9 |
| 98 | ASHFORD CAPITAL MANAGEMENT INC ★2 | Fundamental diversified | +22.1% | +7.3% | $0.8B | 99 | 5/9 |
| 99 | PERCEPTIVE ADVISORS LLC ★2 | Fundamental diversified | +22.1% | +7.3% | $5.0B | 91 | 5/9 |
| 100 | Amova Asset Management Americas, Inc. ★2 | Fundamental diversified | +22.0% | +7.2% | $7.1B | 186 | 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.