Size matters, but does performance? Large activist funds ;)
Elliott,, Starboard, ValueAct. All have billions under management, and run pretty lean (to the best of my knowledge). Let's take Elliott for example: what like $70+bn in AUM, and put up ~13% last year (good given their size, but not top notch long-short good). I never really understood what makes a seat at Elliott so coveted. They're a huge fund, but the returns are OKAY, and sure I guess there are a few number of investment professionals (if that's even true). But the Elliott analysts and PMs are smart, and are capable of working at better performing and higher paying shops. What can a PM or analyst at Elliott rake in during a "good" 13% year? I feel like that number is no where near what that same PM/analyst could rake in at a tiger cub. Elliott turnover is really low from what I hear, which says something I guess, but I'm still confused. IDK, just my 2 cents.