HolderBook

The managers who beat the market most often

121 of 6,062 filers beat the market in at least 9 of their last 12 quarters. Consistency rather than total return, because a cumulative figure can rest on one enormous quarter and a hit rate cannot.

121
Clear 9 of 12
2.0%
Of those measured
46.4%
How often they beat it next, out of sample
41.1%
How often everyone else did

Read those last two cards before anything else on this page. We tested whether this list predicts anything: managers selected on their first eight quarters went on to beat the market in 46.4% of the following four, against 41.1% for all filers over the same stretch. That is a real edge of about five points. It is also 1.7 standard errors, which makes it suggestive rather than established, and even these managers beat the market fewer than half the time. This is not a list of people who win. It is a list of people who lose slightly less often.

Two further things this cannot see. Survivorship: a fund that failed stopped filing, so every window here contains only managers who still exist, which flatters the whole group. Chance: with thousands of filers, some clear this bar on luck alone. At a per-quarter rate of 0.372, roughly two in five of the managers below are here by coincidence. Which two in five is not knowable.

The managers

Download these managers as CSV

ManagerQuarters beaten 3y book3y market Difference
Blue Grotto Capital, LLC12/12+199.4%+68.5%+131.0%
FengHe Fund Management Pte. Ltd.11/12+623.4%+68.5%+554.9%
Helikon Investments Ltd11/12+240.4%+68.5%+172.0%
Duquesne Family Office LLC11/12+203.3%+68.5%+134.9%
O'Keefe Stevens Advisory, Inc.11/12+141.4%+68.5%+72.9%
COBALT CAPITAL MANAGEMENT, INC.11/12+137.5%+68.5%+69.0%
Caligan Partners LP10/12+598.9%+68.5%+530.5%
WT Asset Management Ltd10/12+463.1%+68.5%+394.7%
Analog Century Management LP10/12+460.5%+68.5%+392.0%
KEYWISE CAPITAL MANAGEMENT (HK) Ltd10/12+312.6%+68.5%+244.1%
Atalan Capital Partners, LP10/12+185.9%+68.5%+117.5%
Blue Whale Capital LLP10/12+181.0%+68.5%+112.6%
IMC-Chicago, LLC10/12+167.7%+68.5%+99.3%
Flat Footed LLC10/12+155.9%+68.5%+87.5%
SG Capital Management LLC10/12+152.1%+68.5%+83.6%
Spark Investment Management LLC10/12+132.3%+68.5%+63.8%
Schear Investment Advisers, LLC10/12+128.9%+68.5%+60.4%
Freemont Management S.A.10/12+125.5%+68.5%+57.0%
CHAPIN DAVIS, INC.10/12+115.7%+68.5%+47.2%
Quadrature Capital Ltd10/12+114.7%+68.5%+46.2%
Financial Sense Advisors, Inc.10/12+110.3%+68.5%+41.9%
CCM INVESTMENT ADVISERS LLC10/12+105.1%+68.5%+36.6%
Sanders Capital, LLC10/12+104.6%+68.5%+36.2%
Trevian Wealth Management LLC10/12+102.4%+68.5%+33.9%
ADELL HARRIMAN & CARPENTER INC10/12+98.8%+68.5%+30.3%
PROFUND ADVISORS LLC10/12+96.0%+68.5%+27.6%
FARLEY CAPITAL L.P.10/12+91.3%+68.5%+22.8%
Phoenix Financial Ltd.10/12+91.3%+68.5%+22.8%
PETREDIS INVESTMENT ADVISORS LLC10/12+87.8%+68.5%+19.4%
Ulland Investment Advisors, LLC10/12+85.1%+68.5%+16.6%
Assenagon Asset Management S.A.10/12+81.3%+68.5%+12.8%
GENDELL JEFFREY L9/12+577.4%+68.5%+508.9%
SPRUCE HOUSE INVESTMENT MANAGEMENT LLC9/12+544.0%+68.5%+475.6%
PLUSTICK MANAGEMENT LLC9/12+539.5%+68.5%+471.0%
Whale Rock Capital Management LLC9/12+328.8%+68.5%+260.3%
REDWOOD CAPITAL MANAGEMENT, LLC9/12+319.7%+68.5%+251.3%
Steadview Capital Management LLC9/12+303.3%+68.5%+234.8%
ONCE CAPITAL MANAGEMENT, LLC9/12+288.7%+68.5%+220.3%
Slate Path Capital LP9/12+272.4%+68.5%+203.9%
Kohlberg Kravis Roberts & Co. L.P.9/12+262.9%+68.5%+194.4%
Aisling Capital Management LP9/12+254.5%+68.5%+186.1%
Shannon River Fund Management LLC9/12+237.3%+68.5%+168.9%
HIMENSION CAPITAL (SINGAPORE) PTE. LTD.9/12+232.7%+68.5%+164.2%
Jericho Capital Asset Management L.P.9/12+228.6%+68.5%+160.2%
Octahedron Capital Management L.P.9/12+224.6%+68.5%+156.1%
SOFTBANK GROUP CORP.9/12+199.2%+68.5%+130.8%
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC9/12+197.4%+68.5%+128.9%
Polar Capital Holdings Plc9/12+191.2%+68.5%+122.7%
Castle Hook Partners LP9/12+188.8%+68.5%+120.4%
Whitefort Capital Management, LP9/12+188.1%+68.5%+119.6%
Pennant Investors, LP9/12+180.1%+68.5%+111.6%
Amitell Capital Pte Ltd9/11+161.8%+51.5%+110.3%
Maytus Capital Management, LLC9/12+173.0%+68.5%+104.5%
Noked Israel Ltd9/12+166.1%+68.5%+97.7%
Lingotto Investment Management LLP9/12+164.9%+68.5%+96.5%
RV Capital AG9/12+162.9%+68.5%+94.4%
Hood River Capital Management LLC9/12+162.6%+68.5%+94.1%
NEA Management Company, LLC9/12+161.7%+68.5%+93.2%
Watchtower Advisors, LP9/12+157.4%+68.5%+88.9%
KEYSTONE INVESTORS PTE LTD9/11+132.7%+46.7%+85.9%
Ratan Capital Management LP9/12+151.2%+68.5%+82.8%
Sender Co & Partners, Inc.9/11+140.7%+59.8%+80.9%
MHR FUND MANAGEMENT LLC9/12+149.3%+68.5%+80.8%
JACKSON SQUARE CAPITAL, LLC9/12+149.3%+68.5%+80.8%
SORA INVESTORS LLC9/12+149.2%+68.5%+80.7%
Kora Management LP9/12+147.3%+68.5%+78.8%
ABRAMS BISON INVESTMENTS, LLC9/12+145.2%+68.5%+76.8%
Bornite Capital Management LP9/12+142.9%+68.5%+74.5%
CORSAIR CAPITAL MANAGEMENT, L.P.9/12+141.9%+68.5%+73.4%
Highlander Partners, L.P.9/12+136.4%+68.5%+67.9%
No Street GP LP9/12+132.4%+68.5%+64.0%
General Pension Society PZU Joint Stock Co9/12+130.5%+68.5%+62.1%
CHASE INVESTMENT COUNSEL CORP9/12+129.8%+68.5%+61.3%
KENSICO CAPITAL MANAGEMENT CORP9/12+129.2%+68.5%+60.8%
Styrax Capital, LP9/12+128.6%+68.5%+60.2%
Manatuck Hill Partners, LLC9/12+128.6%+68.5%+60.2%
Munro Partners9/12+126.0%+68.5%+57.5%
Nierenberg Investment Management Company, LLC9/12+118.5%+68.5%+50.0%
COOPERMAN LEON G9/12+109.8%+68.5%+41.3%
Altshuler Shaham Ltd9/12+108.7%+68.5%+40.2%
Yarbrough Capital, LLC9/12+104.9%+68.5%+36.4%
SAPIENT CAPITAL LLC9/10+93.1%+57.1%+36.0%
AWH Capital, L.P.9/12+103.9%+68.5%+35.4%
Wealth Management Partners, LLC9/12+101.5%+68.5%+33.1%
JAG CAPITAL MANAGEMENT, LLC9/12+101.2%+68.5%+32.7%
Darsana Capital Partners LP9/12+101.1%+68.5%+32.6%
East Coast Asset Management, LLC.9/12+99.9%+68.5%+31.5%
PHILADELPHIA TRUST CO9/12+99.7%+68.5%+31.2%
Migdal Insurance & Financial Holdings Ltd.9/12+99.7%+68.5%+31.2%
IBEX WEALTH ADVISORS9/11+105.5%+74.7%+30.8%
BRAUN STACEY ASSOCIATES INC9/12+99.0%+68.5%+30.5%
Scott & Selber, Inc.9/12+98.9%+68.5%+30.5%
Main Street Research LLC9/12+98.8%+68.5%+30.4%
Front Row Advisors LLC9/12+96.6%+68.5%+28.2%
Pacific Ridge Capital Partners, LLC9/12+92.2%+68.5%+23.7%
WINMILL & CO. INC9/12+90.4%+68.5%+21.9%
Bay Rivers Group9/12+90.4%+68.5%+21.9%
Cinctive Capital Management LP9/12+89.3%+68.5%+20.8%
Livforsakringsbolaget Skandia, Omsesidigt9/12+87.6%+68.5%+19.2%
FMR LLC9/12+85.8%+68.5%+17.4%
Mathes Company, Inc.9/12+85.8%+68.5%+17.3%
NOESIS CAPITAL MANGEMENT CORP9/12+85.3%+68.5%+16.8%
ING GROEP NV9/12+84.9%+68.5%+16.4%
GABLES CAPITAL MANAGEMENT INC.9/12+84.4%+68.5%+16.0%
MARVIN & PALMER ASSOCIATES INC9/12+83.4%+68.5%+15.0%
THOROUGHBRED FINANCIAL SERVICES, LLC9/12+82.4%+68.5%+14.0%
SEVEN MILE ADVISORY9/12+81.5%+68.5%+13.0%
RENAISSANCE TECHNOLOGIES LLC9/12+80.8%+68.5%+12.3%
Systematic Alpha Investments, LLC9/12+79.9%+68.5%+11.4%
LOS ANGELES CAPITAL MANAGEMENT LLC9/12+79.2%+68.5%+10.8%
PRELUDE CAPITAL MANAGEMENT, LLC9/12+77.9%+68.5%+9.5%
Gruss & Co., LLC9/12+77.5%+68.5%+9.0%
Blue Door Asset Management, LLC9/12+74.0%+68.5%+5.6%
Olistico Wealth, LLC9/12+72.7%+68.5%+4.2%
QRG CAPITAL MANAGEMENT, INC.9/11+78.5%+74.7%+3.9%
Kaizen Financial Strategies9/12+71.8%+68.5%+3.3%
Sound Shore Management Inc /CT/9/12+70.7%+68.5%+2.2%
National Pension Service9/12+70.6%+68.5%+2.1%
Clarity Wealth Advisors, LLC9/12+68.7%+68.5%+0.2%

What they hold that the weakest managers do not

Ranked by how much more often this group holds a security than the 2,124 filers who beat the market in three or fewer of their last twelve quarters. Both groups are active managers, so this is not simply specialists differing from index-huggers. Ranking instead by how many hold a security would return the largest companies in the index and tell you nothing.

SecurityConsistent holders Weakest holders Over-represented
FULC9295.4x
AMBQ10335.2x
GLUE8275.1x
TNGX10374.7x
ALM8314.5x
PUMP11434.4x
NAMS8334.2x
BBW8334.2x
CLMT8354.0x
BTDR9403.9x
APEI9403.9x
BW9423.7x
TSEM19963.5x
SNDX8413.4x
ERO8423.3x
SRRK11583.3x
TPB10533.3x
GLBE10533.3x
YMM9483.3x
BKD9483.3x
RLAY8443.2x
WOLF9513.1x
DAKT8463.0x
IMVT8473.0x
GPRE8473.0x
EGO8473.0x
TTI9533.0x
COUR9533.0x
WTTR10593.0x
NUVB9542.9x
CAMT9542.9x
BAND8482.9x
FRO9562.8x
ALNT8502.8x
HROW9572.7x
SBSW9582.7x
RYTM9582.7x
RPD8522.7x
NN8522.7x
KOS8522.7x
SIMO15982.7x
OCUL8532.6x
ABVX8542.6x
SOC8552.5x
HBM9632.5x
HTHT8562.5x
HNGE8562.5x
LION10712.5x
FUTU9642.4x
CBRS12862.4x
HUT13942.4x
SEDG12872.4x
SHLS8582.4x
HMY8582.4x
FPS11802.4x
PRLB9662.4x
UTI9672.3x
EZPW10752.3x
MSGE8602.3x
TWST11832.3x

These are positions as at Q2 2026, disclosed up to 45 days after the quarter ended and possibly changed since. A security appearing here is not a recommendation and nothing on this page is advice: it is a statement about who filed what.