Which hedge funds are performing best?

Any manager with more than $100 million in U.S. equities must file Form 13F within 45 days of each quarter-end, listing their long positions in U.S.-listed stocks and options. It does not show short positions, non-U.S. holdings, bonds, cash or private investments, and it is at least 45 days stale on the day it appears. Every figure on this page inherits those limits.

For each quarter-to-quarter leg we weight every disclosed position by its value at the start of the leg and measure the change in each holding’s price to the end of the leg. Legs are chained to produce a trailing-twelve-month figure, with the current leg marked to live prices. The full method is on the methodology page.

A portfolio under $100 million of disclosed value, or with fewer than four positions, produces a number too noisy to publish, so it is suppressed. A manager whose filings we cannot yet match to a filer ID shows no data at all.

Situational Awareness LP ranks first at +87.9%, with 26 disclosed positions worth $20.24B at the latest filing. The detail card lists the largest holdings; the manager page shows every position and each quarter’s changes.

A ten-position book and a five-thousand-position book can post the same return for entirely different reasons. The position count on each card is there to be read alongside the percentage — a concentrated manager’s figure says something about their picks; a diversified giant’s says something about the market.

Our angle: each manager card shows the holdings where company insiders have also been buying on the open market in the last 90 days. When a fund holds a stock and its own executives are buying, two independent groups with different information are reaching the same conclusion.

Funds report returns to investors net of fees, including shorts, hedges, leverage and non-U.S. positions. None of that is public. The figure here is a transparent proxy built from public filings — useful for comparing the disclosed long books across managers, not for judging the fund.

Positions update as new 13Fs are filed each quarter; the performance figure is re-marked to live prices nightly. This article is rebuilt the day after each 45-day filing window closes.