Alpha Travel
When a fund manager moves between funds in the same category, does the alpha move with them? We compare each fund's benchmark-adjusted return over the 2 years before vs the 2 years after each move. Only same-category moves within 12 months are counted.
Framework: positive Δ = fund got better · negative Δ = fund got worse · top-left = "alpha travelled with the PM". Click any dot to open the manager page.
What happened across 0 events
| New fund ↑ | New fund ↓ | |
|---|---|---|
| Old fund ↓ | 0 Alpha travelled 0% | 0 Both worsened 0% |
| Old fund ↑ | 0 Both improved 0% | 0 Reverse story 0% |
Only 0% of moves fit the "star manager" narrative — the old fund got worse and the new fund got better.
0% of old funds continue to run positive absolute alpha even after the PM leaves. Team / process / structural setup does more than the individual gets credit for.
The absolute-alpha stat is independent of the 2×2 above — a fund can go from +5% to +1% (worse change, still positive).
| Manager | Category | From | Left | To | Joined | Δ old α | Δ new α |
|---|