Fund rankings

A fund's return here is what its reported stock positions earned if it held each quarter-end portfolio unchanged until the next quarter end, at the median price all 13F filers reported, without dividends, fees or trading in between. It ranks the portfolios funds disclosed, not the returns their investors got. "Skill" is the luck-adjusted return over stocks of the same sector and size, per year; "Quarters ahead" counts the quarters the fund beat that benchmark. The biggest contributor is the stock that added the most points to that return, with the quarter the fund first reported it and the 13F price then. Broad winners leaves out funds with fewer than 10 positions or one stock behind more than half the return, since a single bet that paid off says little about a manager. Funds need four quarters of holdings priced at least 70% by value. When we tested it over 2024 to 2025, a fund's rank one year did not predict its rank the next (rank correlation −0.016), so a high rank is a record, not a forecast. How this works.