In principle yes but in practice it's very difficult to postulate an accurate null hypothesis sampling distribution from which trades are drawn. In a roulette

In principle yes but in practice it's very difficult to postulate an accurate null hypothesis sampling distribution from which trades are drawn. In a roulette game, each outcome is drawn from the same, well understood distribution, so we can easily calculate the probability that a sequence of outcomes is observed when the null hypothesis distribution applies. In trading this is much harder, given the null hypothesis distribution is unknown and hard to estimate, and trades aren't i.i.d. since regimes come and go and therefore the luck of a specific style can be autocorrelated over a number of years. Trades are also correlated in the cross section through betas. I'm going to go ahead and say that it's an impossible task if we're dealing with 10-20 year timeframes and the fund had a low frequency style. It's just way too easy to be lucky over a course of multiple years. All you really need is 1 lucky call combined with index tracking on the remaining capital to outperform ("overweight AMZN").