It's certainly plausible that the few best funds are outliers in terms of return. And I'm sure they attract a lot of capital in the sense that a lot of people w

It's certainly plausible that the few best funds are outliers in terms of return. And I'm sure they attract a lot of capital in the sense that a lot of people want to invest in them, but that doesn't mean they allow it. As far as I can tell, the top 5 hedge funds by AUM have around 10% of the whole sector's capital. In comparison, the top 5 tech companies in the S&P500 have market caps summing to around 10% of the whole index (not just the tech sector).