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# Fund database methodology
- URL: https://richard-toad.ghost.io/fund-database-methodology/
- Published: 2026-03-15T00:40:00.000Z
- Updated: 2026-03-29T20:02:05.000Z
- Author: Richard Toad

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

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## 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 (biotech/biopharma)**, **low-net/market-neutral (LN/MN)**, **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**](https://richard-toad.ghost.io/eminence-capital/)). I 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.

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### 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.