Who beat the market

What each manager's disclosed book did over Q2 2026, against what the market did over the same two quarter ends. Ranked by the difference, because in a quarter the market rose 14.8% a list ordered by raw return is a list of who owned semiconductors.

+14.8%

The market, Q2 2026

8,087

Books measured

1,882

Beat the market

23%

Of those measured

This is not fund performance. A 13F shows long US equity positions only, so shorts, bonds, foreign listings, private holdings and cash are invisible. What is measured is the change in value of the positions a manager disclosed, had they been left untouched. A market-neutral fund's disclosed longs can rise sharply in a quarter its actual fund lost money.

Only managers reporting at least $500.0M across 15 or more priced positions appear, because a small concentrated book can post an enormous quarter on one holding. Priced is how much of the disclosed book we could value; a return computed over 70% of a book is a weaker claim than one over 99%.

The hundred that beat it by most

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Manager	Book	vs market	Size	Positions	Priced
Anther Capital Ltd	+126.9%	+112.1%	$3.8B	31	100%
Tensor Edge Capital, LLC	+112.4%	+97.6%	$581.8M	17	100%
Trivest Advisors Ltd	+106.1%	+91.3%	$1.4B	29	100%
E20 Capital Ltd	+92.5%	+77.7%	$1.1B	22	100%
Amanah Holdings Trust	+88.3%	+73.5%	$922.8M	20	102%
UHLMANN PRICE SECURITIES, LLC	+86.9%	+72.1%	$1.4B	253	95%
WT Asset Management Ltd	+83.7%	+68.9%	$4.8B	27	100%
KCM Capital Inc	+79.8%	+64.9%	$506.5M	29	95%
Mubadala Investment Co PJSC	+79.6%	+64.8%	$20.5B	72	100%
Tairen Capital Ltd	+78.0%	+63.1%	$924.3M	44	100%
Hel Ved Capital Management Ltd	+77.6%	+62.8%	$578.1M	52	74%
Atreides Management, LP	+75.3%	+60.5%	$4.1B	51	98%
Owl Creek Asset Management, L.P.	+72.3%	+57.4%	$516.5M	20	96%
Talos Eurisko Asset Management LP	+72.0%	+57.2%	$585.3M	23	100%
BIT Capital GmbH	+70.6%	+55.7%	$1.8B	75	86%
SOFTBANK GROUP CORP.	+68.6%	+53.8%	$11.4B	29	100%
Analog Century Management LP	+67.3%	+52.5%	$2.1B	25	100%
Evergreen Quality Fund GP, Ltd.	+65.4%	+50.6%	$4.4B	40	100%
Shannon River Fund Management LLC	+62.7%	+47.8%	$524.1M	28	100%
HERALD INVESTMENT MANAGEMENT Ltd	+61.1%	+46.3%	$715.7M	94	100%
Whale Rock Capital Management LLC	+60.3%	+45.5%	$7.7B	35	100%
THAMES CAPITAL MANAGEMENT LLC	+57.4%	+42.5%	$557.9M	43	100%
Madison Avenue Partners, LP	+57.1%	+42.3%	$2.3B	27	100%
Ophir Asset Management Pty Ltd	+55.9%	+41.1%	$858.7M	34	100%
Nextech Invest Ltd.	+54.9%	+40.1%	$1.4B	17	100%
NEEDHAM INVESTMENT MANAGEMENT LLC	+53.9%	+39.1%	$2.0B	176	100%
Tyro Capital Management LLC	+52.2%	+37.4%	$790.0M	23	85%
Apis Capital Advisors, LLC	+51.7%	+36.9%	$630.0M	52	97%
SUMMIT PARTNERS PUBLIC ASSET MANAGEMENT, LLC	+51.2%	+36.4%	$2.2B	66	78%
Estuary Capital Management LP	+51.2%	+36.4%	$597.7M	22	100%
Alta Park Capital, LP	+51.0%	+36.1%	$621.9M	24	100%
SORA INVESTORS LLC	+48.3%	+33.5%	$1.1B	77	100%
AWM Investment Company, Inc.	+47.7%	+32.9%	$893.6M	95	99%
FengHe Fund Management Pte. Ltd.	+47.6%	+32.8%	$723.6M	31	100%
GENDELL JEFFREY L	+47.3%	+32.5%	$7.3B	100	100%
Maytus Capital Management, LLC	+47.3%	+32.5%	$561.9M	62	100%
Polar Capital Holdings Plc	+47.1%	+32.3%	$22.8B	221	81%
Casdin Capital, LLC	+47.1%	+32.3%	$1.3B	40	100%
Zweig-DiMenna Associates LLC	+46.7%	+31.9%	$713.0M	59	100%
Insight Holdings Group, LLC	+45.8%	+31.0%	$1.2B	27	88%
APPALOOSA LP	+45.5%	+30.7%	$5.9B	31	100%
HIMENSION CAPITAL (SINGAPORE) PTE. LTD.	+45.3%	+30.5%	$1.3B	134	100%
Ascentis Wealth Management, LLC	+45.1%	+30.3%	$506.4M	646	100%
PARADIGM CAPITAL MANAGEMENT INC/NY	+44.1%	+29.3%	$2.6B	111	100%
WS MANAGEMENT LLLP	+43.9%	+29.1%	$764.5M	35	71%
Rovida Investment Management Ltd	+43.8%	+28.9%	$797.7M	17	100%
Caligan Partners LP	+43.7%	+28.9%	$1.4B	24	98%
Maple Rock Capital Partners Inc.	+43.0%	+28.2%	$3.1B	44	100%
ARDSLEY ADVISORY PARTNERS LP	+42.7%	+27.8%	$655.0M	116	90%
Granahan Investment Management, LLC	+42.6%	+27.7%	$2.1B	148	100%
Nationale-Nederlanden Powszechne Towarzystwo Emerytalne S.A.	+42.4%	+27.5%	$1.2B	51	100%
Virtus Wealth Solutions LLC	+42.0%	+27.2%	$525.3M	54	100%
Rafferty Asset Management, LLC	+41.9%	+27.1%	$24.6B	1,045	100%
Slate Path Capital LP	+40.9%	+26.1%	$6.7B	44	100%
Optiver Holding B.V.	+40.9%	+26.1%	$2.6B	1,728	98%
OSSIAM	+40.5%	+25.7%	$5.7B	386	99%
Opaleye Management Inc.	+40.5%	+25.6%	$738.8M	52	97%
Park West Asset Management LLC	+40.4%	+25.6%	$1.1B	48	97%
Optimus Prime Fund Management Co., Ltd.	+40.4%	+25.6%	$1.0B	27	100%
NEXT CENTURY GROWTH INVESTORS LLC	+40.1%	+25.3%	$1.4B	112	100%
UNICOM Systems, Inc.	+39.8%	+25.0%	$975.8M	32	100%
Spartan Wealth Advisory Services LLC	+39.4%	+24.5%	$1.1B	309	100%
Clear Street Group Inc.	+38.9%	+24.1%	$17.8B	922	72%
DISCOVERY CAPITAL MANAGEMENT, LLC / CT	+38.4%	+23.6%	$1.9B	77	100%
Defiance ETFs, LLC	+38.4%	+23.6%	$6.9B	363	100%
EMERALD ADVISERS, LLC	+38.4%	+23.5%	$3.1B	246	99%
Clearline Capital LP	+38.1%	+23.3%	$1.3B	104	100%
EMERALD MUTUAL FUND ADVISERS TRUST	+37.9%	+23.1%	$2.0B	197	99%
Spectrum Financial Alliance Ltd LLC	+37.9%	+23.1%	$514.7M	29	99%
GF FUND MANAGEMENT CO. LTD.	+37.2%	+22.4%	$6.0B	616	100%
CROSSLINK CAPITAL INC	+37.0%	+22.2%	$1.0B	21	100%
Blue Whale Capital LLP	+36.5%	+21.7%	$2.1B	26	100%
Divisadero Street Capital Management, LP	+36.5%	+21.6%	$2.1B	115	100%
CastleKnight Management LP	+36.2%	+21.3%	$2.1B	371	68%
PRIMECAP MANAGEMENT CO/CA/	+36.0%	+21.2%	$127.0B	318	100%
Wedbush Fund Advisers, LLC	+36.0%	+21.2%	$863.4M	77	100%
Polymer Capital Management (HK) LTD	+35.8%	+21.0%	$713.5M	147	62%
ACK Asset Management LLC	+35.8%	+20.9%	$774.3M	19	97%
Castle Hook Partners LP	+35.5%	+20.7%	$4.9B	44	100%
First Light Asset Management, LLC	+35.5%	+20.6%	$1.1B	34	94%
Diversify Advisory Services, LLC	+35.4%	+20.6%	$561.3M	209	86%
Boxer Capital Management, LLC	+35.4%	+20.6%	$726.4M	50	95%
Nishkama Capital, LLC	+35.0%	+20.2%	$702.9M	39	85%
Artemis Wealth Advisors, LLC	+34.9%	+20.1%	$621.1M	44	94%
Pertento Partners LLP	+34.6%	+19.8%	$942.4M	15	100%
LANSDOWNE PARTNERS (UK) LLP	+34.6%	+19.8%	$1.9B	22	100%
OBERWEIS ASSET MANAGEMENT INC/	+34.4%	+19.6%	$3.4B	179	100%
CACTI ASSET MANAGEMENT LLC	+34.4%	+19.6%	$1.5B	74	94%
CloudAlpha Capital Management Limited/Hong Kong	+34.4%	+19.5%	$909.5M	37	61%
KKM Financial LLC	+34.3%	+19.5%	$568.4M	165	101%
KTF INVESTMENTS, LLC	+34.2%	+19.4%	$584.2M	91	100%
Penserra Capital Management LLC	+34.1%	+19.2%	$8.5B	1,073	100%
Venrock Adviser, LLC	+34.1%	+19.2%	$2.5B	32	95%
Lynx1 Capital Management LP	+33.9%	+19.1%	$632.7M	23	100%
TPG GP A, LLC	+33.7%	+18.8%	$3.2B	52	88%
SYCOMORE ASSET MANAGEMENT	+33.4%	+18.5%	$742.8M	71	104%
Oasis Management Co Ltd.	+33.1%	+18.3%	$727.9M	73	76%
Jericho Capital Asset Management L.P.	+33.1%	+18.2%	$6.8B	23	100%
Tower Research Capital LLC (TRC)	+33.1%	+18.2%	$3.8B	4,911	100%
INFINITUM ASSET MANAGEMENT, LLC	+32.9%	+18.1%	$799.1M	21	100%

The hundred that trailed by most

The same measure, the other end. Trailing a rising market is not the same as losing money, and several of these books rose while the market rose faster.

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Manager	Book	vs market	Size	Positions	Priced
HSG Holding Ltd	-22.5%	-37.4%	$1.6B	18	97%
Goehring & Rozencwajg Associates, LLC	-17.8%	-32.6%	$1.9B	43	100%
Condire Management, LP	-17.8%	-32.6%	$1.0B	19	100%
Sourcerock Group LLC	-15.6%	-30.4%	$2.4B	39	96%
Avenir Tech Ltd	-14.8%	-29.6%	$784.0M	20	99%
SPROTT INC.	-13.9%	-28.7%	$3.3B	227	100%
Euro Pacific Asset Management, LLC	-12.9%	-27.7%	$1.1B	96	106%
Palo Duro Investment Partners, LP	-11.0%	-25.8%	$514.6M	29	100%
ADAMS NATURAL RESOURCES FUND, INC.	-10.1%	-25.0%	$862.6M	54	100%
Caledonia (Private) Investments Pty Ltd	-9.2%	-24.1%	$3.4B	15	98%
FERNBRIDGE CAPITAL MANAGEMENT LP	-8.6%	-23.5%	$1.6B	17	100%
Liberty Mutual Group Asset Management Inc.	-8.6%	-23.4%	$1.2B	26	100%
L1 Capital Pty Ltd	-8.4%	-23.2%	$2.3B	20	89%
Gemsstock Ltd.	-8.2%	-23.0%	$949.7M	28	100%
Ninety One SA (Pty) Ltd	-8.1%	-23.0%	$2.4B	96	101%
Galaxy Digital Inc.	-8.0%	-22.8%	$611.6M	51	94%
GCM Grosvenor Holdings, LLC	-7.9%	-22.8%	$901.2M	22	100%
CoreCommodity Management, LLC	-7.0%	-21.9%	$535.5M	119	100%
Ninepoint Partners LP	-6.8%	-21.6%	$846.1M	147	100%
Bracebridge Capital, LLC	-6.6%	-21.4%	$554.1M	27	100%
Sagefield Capital LP	-6.5%	-21.3%	$1.3B	99	93%
Woodbridge Co Ltd	-6.5%	-21.3%	$27.8B	46	100%
AEGIS FINANCIAL CORP	-6.4%	-21.2%	$581.2M	37	100%
HHLR ADVISORS, LTD.	-6.2%	-21.0%	$1.6B	36	98%
Bleichroeder LP	-6.1%	-20.9%	$573.4M	77	99%
HORIZON KINETICS ASSET MANAGEMENT LLC	-5.9%	-20.8%	$9.2B	337	99%
Krane Funds Advisors LLC	-5.8%	-20.6%	$2.3B	172	93%
Carlyle Group Inc.	-5.6%	-20.5%	$10.6B	20	100%
Helikon Investments Ltd	-5.4%	-20.2%	$2.6B	17	100%
Tandem Investment Advisors, Inc.	-5.1%	-20.0%	$1.9B	80	94%
Bollard Group LLC	-4.8%	-19.6%	$3.3B	299	100%
SPX Gestao de Recursos Ltda	-4.6%	-19.4%	$1.2B	66	100%
TT International Asset Management LTD	-4.4%	-19.3%	$916.0M	48	100%
Alpha Wave Global, LP	-4.2%	-19.0%	$790.5M	20	100%
LARCH CAPITAL PARTNERS LLC	-4.1%	-18.9%	$689.7M	53	100%
Advent International, L.P.	-3.9%	-18.7%	$4.2B	30	100%
Barton Investment Management	-3.6%	-18.4%	$797.3M	54	100%
Recurrent Investment Advisors LLC	-3.5%	-18.4%	$1.7B	67	100%
Stack Financial Management, Inc	-3.4%	-18.3%	$1.4B	52	100%
GUARDCAP ASSET MANAGEMENT Ltd	-3.1%	-17.9%	$1.7B	27	100%
SIR Capital Management, L.P.	-2.9%	-17.7%	$1.1B	88	100%
CAISSE DES DEPOTS ET CONSIGNATIONS	-2.7%	-17.5%	$6.0B	217	99%
GQG Partners LLC	-2.6%	-17.4%	$63.1B	81	100%
ROBOTTI ROBERT	-2.5%	-17.3%	$641.2M	58	100%
Merewether Investment Management, LP	-2.4%	-17.2%	$5.2B	79	100%
Emerald Advisors, LLC	-2.3%	-17.1%	$805.3M	117	100%
Old West Investment Management, LLC	-2.1%	-16.9%	$922.6M	123	100%
Lingotto Investment Management LLP	-1.9%	-16.8%	$5.0B	34	99%
ALTRINSIC GLOBAL ADVISORS LLC	-1.9%	-16.7%	$2.8B	43	100%
Oxbow Advisors, LLC	-1.9%	-16.7%	$1.2B	245	100%
Elliott Investment Management L.P.	-1.8%	-16.7%	$15.9B	17	100%
St. James Investment Company, LLC	-1.5%	-16.3%	$638.4M	22	100%
Ruffer LLP	-1.5%	-16.3%	$2.4B	175	100%
KAYNE ANDERSON CAPITAL ADVISORS LP	-1.3%	-16.1%	$5.2B	48	100%
Fourth Sail Capital LP	-1.1%	-15.9%	$592.1M	24	97%
Energy Income Partners, LLC	-1.1%	-15.9%	$6.2B	87	100%
New World Advisors LLC	-1.0%	-15.8%	$568.8M	83	100%
Perseverance Asset Management International	-0.9%	-15.7%	$909.0M	21	100%
YACKTMAN ASSET MANAGEMENT LP	-0.8%	-15.7%	$7.5B	76	100%
Cheviot Value Management, LLC	-0.8%	-15.6%	$995.6M	420	100%
Aquamarine Financial (Cayman) Ltd	-0.8%	-15.6%	$1.3B	15	97%
America First Investment Advisors, LLC	-0.8%	-15.6%	$536.5M	41	100%
Adams Asset Advisors, LLC	-0.8%	-15.6%	$890.9M	87	100%
FOUNDATION RESOURCE MANAGEMENT INC	-0.7%	-15.5%	$888.5M	55	100%
Scharf Investments, LLC	-0.5%	-15.3%	$3.3B	69	101%
Gallagher Fiduciary Advisors, LLC	-0.4%	-15.3%	$2.5B	312	100%
Black Creek Investment Management Inc.	-0.4%	-15.2%	$1.9B	25	100%
RWWM, INC.	-0.3%	-15.2%	$1.4B	34	100%
AKRE CAPITAL MANAGEMENT LLC	+0.0%	-14.8%	$6.1B	19	100%
ALPS ADVISORS INC	+0.0%	-14.8%	$21.2B	1,028	100%
SYQUANT CAPITAL SAS	+0.1%	-14.7%	$593.9M	34	93%
CHICKASAW CAPITAL MANAGEMENT LLC	+0.2%	-14.6%	$2.8B	91	99%
Brookfield Corp /ON/	+0.2%	-14.6%	$74.2B	132	100%
LOUISBOURG INVESTMENTS INC.	+0.4%	-14.4%	$570.6M	215	108%
Carrera Capital Advisors	+0.5%	-14.4%	$646.0M	187	100%
59 North Capital Management, LP	+0.5%	-14.3%	$3.4B	17	100%
New Harbor Financial Group, LLC	+0.5%	-14.3%	$551.0M	53	100%
Pekin Hardy Strauss, Inc.	+0.6%	-14.3%	$950.7M	475	99%
Bramshill Investments, LLC	+0.6%	-14.2%	$1.2B	155	100%
Permanens Capital L.P.	+0.7%	-14.1%	$776.1M	88	100%
SEMPER AUGUSTUS INVESTMENTS GROUP LLC	+0.8%	-14.1%	$837.3M	44	100%
3EDGE Asset Management, LP	+0.8%	-14.1%	$2.1B	91	100%
Carrhae Capital LLP	+0.8%	-14.0%	$1.4B	21	95%
Verbena Value LP	+1.0%	-13.8%	$610.8M	26	100%
HITE Hedge Asset Management LLC	+1.0%	-13.8%	$1.7B	123	98%
MCDONALD CAPITAL INVESTORS INC/CA	+1.0%	-13.8%	$1.5B	21	100%
Vanderbilt University	+1.0%	-13.8%	$526.5M	71	100%
Independent Franchise Partners LLP	+1.0%	-13.8%	$14.3B	26	100%
HBK INVESTMENTS L P	+1.0%	-13.8%	$5.9B	185	63%
GLAZER CAPITAL, LLC	+1.1%	-13.8%	$2.9B	415	62%
RBO & CO LLC	+1.1%	-13.7%	$598.9M	56	97%
FOURPATH CAPITAL MANAGEMENT, LLC	+1.1%	-13.7%	$697.0M	217	100%
Meteora Capital, LLC	+1.1%	-13.7%	$1.1B	283	85%
TORTOISE CAPITAL ADVISORS, L.L.C.	+1.1%	-13.7%	$9.6B	90	100%
Morton Capital Management LLC/CA	+1.1%	-13.7%	$672.2M	138	100%
First Eagle Investment Management, LLC	+1.1%	-13.7%	$59.0B	418	100%
Kopernik Global Investors, LLC	+1.2%	-13.7%	$1.4B	27	100%
Foresight Group Ltd Liability Partnership	+1.3%	-13.5%	$585.1M	59	103%
YCG, LLC	+1.4%	-13.4%	$1.1B	42	100%
INFRASTRUCTURE CAPITAL ADVISORS, LLC	+1.5%	-13.4%	$1.1B	144	99%

The market is SPY over the same two quarter ends, priced the same way as everything else here: the median implied price across every filer reporting it, taken from the filings themselves rather than a licensed index feed. It is a large-cap US proxy, so a manager holding small caps or biotech will beat or trail it for reasons that have nothing to do with skill. Prices are quarter-end to quarter-end and say nothing about the path in between, or about trades opened and closed inside a quarter.