Top Hedge Funds Are Hiding and It’s Warping Return Data | Jon Caplis of PivotalPath

This Other People’s Money episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHMax Learn more about the VanEck Fabless Semiconductor ETF (SMHX): http://vaneck.com/SMHXMax Jon Caplis, CEO and founder at PivotalPath joins Other People’s Money to discuss how underreporting of data by the top tier of hedge funds is skewing the data that institutional investors use to make allocation decisions, resulting in undeservedly poor perception of the asset class, and significant underinvestment from institutional investors relying on allocation models. He argues that the top firms’ absence from most data sets has dragged industry wide return metrics down by approximately 400 basis points annually. Caplis also discusses how PivotalPath is combatting this data issue, the performance of hedge funds in 2025, and the mistakes many hedge funds make in communicating with institutional LPs that make up PivotalPath’s client base. Learn more about PivotalPath at https://www.pivotalpath.com/ Follow Max on X: https://x.com/maxwiethe Follow Other People’s Money on: Apple Podcast https://bit.ly/4e7QJ1M Spotify https://bit.ly/3Yhaazi YouTube https://bit.ly/3C63VXR X https://x.com/opmpod An investment in the VanEck Semiconductor ETF (SMH) and VanEck Fabless Semiconductor ETF (SMHX) may be subject to risks which include, among others, risks related to investing in the semiconductor industry, special risk considerations of investing in Taiwanese issuers, equity securities, small-, medium and large-capitalization companies, foreign securities, emerging market issuers, foreign currency, depositary receipts, issuer-specific changes, market, operational, index tracking, authorized participant concentration, new fund, no guarantee of active trading market, trading issues, passive management, fund shares trading, premium/discount and liquidity of fund shares, non-diversified, and index-related concentration risks, all of which may adversely affect the Fund. Small, medium and large-capitalization companies may be subject to elevated risks. Emerging market issuers and foreign securities may be subject to securities markets, political and economic, investment and repatriation restrictions, different rules and regulations, less publicly available financial information, foreign currency and exchange rates, operational and settlement, and corporate and securities laws risks. Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of a Fund carefully before investing. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing. © Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation