Fund database methodology

Updated: 3/14/2026
Subject to change because I cannot make up my damn mind.

Hedge funds

AUM: because hedge funds only report regulatory AUM, which includes leverage, it's not disclosed in our fund database.

Style

I classify funds into value, growth, event-driven, activist, healthcare (mainly biotech/biopharma), low-net/market-neutral, Tiger lineage, and contrarian.

Low-net means a long/short hedge fund keeps net market exposure relatively low, so ideally the portfolio is less sensitive to overall market moves and more dependent on stock selection (alpha). Market-neutral goes a step further and targets near-zero market exposure. Multi-manager platforms typically run low-net portfolios.

When I started the database, I didn’t know how to label funds that are flexible across styles (for example, Ricky Sandler’s Eminence Capital). I originally called them “agnostic.” I now think “contrarian” is the better label — funds that are open to both growth and value ideas, or run long GoodCo/ short BadCo type portfolios.

Some hedge funds invest long-only. I still label them as hedge funds because the founders often came from hedge funds and tend to trade portfolios more actively than traditional long-only PMs.

Tiger lineage

I don’t know the exact criteria for what counts as a Tiger grandcub because some funds are founded by people who worked for a Tiger Cub hedge fund but are not considered a "Tiger Grandcub" hedge fund.

To avoid confusion, I use a simpler rule: if a founder worked at a fund started by someone who worked at Tiger Management or a Tiger Cub hedge fund, I classify the fund as Tiger lineage. (To add to the confusion, there are also funds that are “Tiger seed.” In those cases, the founder didn’t necessarily work at a Tiger Cub, but Julian Robertson provided seed capital before he stopped backing start-up funds.)

Key people alma mater

I list the more well-known schools first for sorting purposes. But you can always search your school in the search box and see what shows up.

Lineage

I only list hedge funds or notable long-onlys to help you trace a fund’s investment style.

Unless the founder had a significant role at a multi-manager (for example Holocene or Freestone Grove), I usually don’t list multi-managers as lineage.

Too many founders today have spent time at pod shops, so it’s less useful as a signal.

Sector specialty

I no longer list sector specialty under “style.”

Some firms invest across multiple sectors, so it’s more useful for you to search the sector directly and see all funds that invest there — even if they aren’t dedicated healthcare, TMT/consumer, real estate, industrial, or financials funds.

Long-onlys

AUM information will be updated by April of each year as funds file their annual disclose which should include updated AUM information.

For long-only firms, I classify them as value, growth, or diversified.

Diversified means the firm offers multiple strategies — for example value, growth, income, or ESG funds. All mega long-onlys (eg. Fidelity, Wellington, Capital Group, T Rowe) fall into this category.

I used to have a category called “GARP / wide moat.” But too many people argued with me about whether a firm is really wide moat or not, and I don’t want to fight that fight anymore. If relevant, I’ve left “wide moat” or “GARP” in the fund descriptions. You can just search those keywords to filter them.