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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