Hedge-like filer

A hedge-like filer is a 13F filer that qualifies for a crowding or manager overlap ranking because its book looks like a hedge fund's, concentrated bets rather than broad diversification, regardless of whether the entity is legally structured as a hedge fund. The classification runs on two separate tracks. The first is a curated list: several dozen managers whose character is unambiguous just from their name, well-known hedge funds that don't need any further analysis. The second is a structural fallback for every filer not on that list, which infers character purely from the shape of the fund's own reported book: how many positions it holds, and how much of the total portfolio value sits concentrated in its top 10 holdings. No name-based guessing happens in the fallback path; it's a pure function of position count and concentration.

The tab labels which path produced each result, curated or structural, so a reader can tell at a glance whether a filer's classification rests on a known-name list or on the shape of its actual filing. A filer with a small number of positions and a large share of its book concentrated in the top 10 reads as structurally hedge-like even if its name gives no hint either way; a filer spreading a similar dollar amount across hundreds of positions with a thin top-10 concentration reads as diversified, whatever its name suggests. Broad-market index ETFs are excluded entirely from the ranking, not merely downweighted, since a fund whose job is to replicate an index by definition isn't expressing the kind of concentrated conviction the ranking is built to surface.

The classification describes the shape of a filer's book, not its actual strategy, risk profile, or leverage, none of which a 13F discloses. A structurally concentrated filer identified by the fallback path could be a genuine hedge fund, a family office running a concentrated equity strategy, or a smaller active manager with a high-conviction style; the classification can't distinguish between them. It's also built entirely from long equity positions disclosed on Form 13F, the same blind spot every 13F-based read carries: no shorts, no options, no non-US holdings. And the curated list, by design, only covers a few dozen well-known names; the vast majority of filers pass through the structural fallback instead, so most classifications on the tab are inferred from portfolio shape rather than confirmed by name.

A filer named on the curated list needs no further analysis; it's tagged hedge-like, curated, and enters the ranking immediately. A separate filer with no recognizable name reports 42 total positions, with 68% of total portfolio value concentrated in its top 10 holdings. That concentration pattern, few positions and a heavy top-10 share, clears the structural fallback's bar and gets tagged hedge-like, structural. A third filer reports 1,400 positions with only 9% of value in its top 10, the profile of a broadly diversified manager; it gets excluded from the ranking entirely, regardless of what its name might suggest. A large S&P 500 index ETF filer is excluded outright at the first step, before position count or concentration is even considered.