How much insight do PMs have into their fund's performance relative to other funds?

I was talking to a PM at a ~$1B SM fund and they mentioned that their fund is in the top x%ile for returns. How valid is this claim? I thought most funds were very opaque on performance (excluding talking to potential LPs etc), so I was surprised that this was something they would have quantifiable metrics for. However, I wouldn't be surprised if there was a fairly large community of fund managers who disclosed their stats with each other for the sake of competition/ego, or something like that.

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Class of '29 Sep 2026 Cohort

5.00/5

Hedge Fund LinkedIn Review

“My meeting with Kevin Lee was super helpful and went well beyond what I originally expected. We met to discuss my LinkedIn profile, but the conversation also covered the hedge fund space and how I’m thinking about my career as a whole. I really appreciated being able to talk about both how I present myself professionally and the broader direction I want to take. As someone interested in hedge funds but also exploring other paths in finance, it was helpful to have a conversation that connected my profile to my actual interests and goals. Kevin gave me a lot to think about, and I left feeling clearer about my next steps. Overall, I really appreciated his time and willingness to go beyond the original purpose of our meeting.”

Class of '26 Sep 2026 Cohort

4.56/5

Hedge Fund Mock Interview

“He was very responsive and prepared for the meeting. He actually read the JD, resume, and looked up linkedin which sometimes other mentors doesn't actually go over those to prepare things beforehand. I appreciate his direct comments I think it saved time and actually helped me to know exactly where to improve. I also appreciated him admitting if he doesn't know about specific HF strategy. Only thing I'd suggest for him is probably sending actionable key takeaways after the meeting because other mentors did and that was very helpful. ”

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+21	3x SWE FAANG Intern -> Fundamental Analyst @ HF	13	1d
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+18	Want out - next steps	2	10h
+13	Fund 1 8%, fund 2 5%, when will fund implode?	6	9h
+9	CorpDev -> HF?	0	4h
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How much insight do PMs have into their fund's performance relative to other funds?

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How much insight do PMs have into their fund's performance relative to other funds?

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