Two things I can gather from this if it happened to hold true across the hedge fund universe: 1. Large shops employ a lot of fundamental analysts and larger f

Two things I can gather from this if it happened to hold true across the hedge fund universe: 1. Large shops employ a lot of fundamental analysts and larger funds only get large through outperformance. 2. Less on the fundamental side, funds regardless of size that have automated retrieval (and likely processing of public filings) probably have a higher than average disciplined investment process which leads to outperformance.