Is he a genius?

What do you think and feel when you see an audited public small US equity fund (not a personal account, with market value around $1million) slightly beats the SP 500 in most of the 1y 3y 5y 10y annualized returns?

Do you think the PM can get better returns given resources? He did it on free internet stuff, no Bloomberg, analyst access, industry conferences, etc.

How to test him?

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